Bloom Credit Raises $3.87M in Seed Funding

Bloom Credit, a NYC-based financial wellness platform for consumers and lenders to build a sound credit relationship, raised $3.87m in seed funding.

The round was led by Resolute Ventures with participation from and 500 Startups FinTech Fund, Kindred Ventures and Slow Ventures.

The company intends to use the funds to strengthen products, reach more consumers, and advance its programmatic engine for lenders.

Founded in 2017 and led by Matt Harris, co-founder and CEO, Bloom Credit enables financial institutions to improve relationships with consumers who applied for their loans but were denied due to the lender’s origination standards. The company works with the declined applicant and provides actionable credit-building insights to strengthen their credit health and financial readiness for the loan they originally requested. The applicant may also receive new loan offers and product recommendations.
Bloom Credit’s platform integrates traditional credit bureau data and alternative data sets to evaluate a consumer’s credit history and forward-looking financial goals. Through AI, machine-learning algorithms, human interventions and a digital user experience, the company provides prospective actions for consumers to take to improve their credit health before seeking new loan eligibility
Bloom Credit licenses its software-as-a-service via API to financial institutions and their partners.

The company graduated from the 500 Startups Batch 20 acceleration program.



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