Bloom Money, a UK startup focused on providing financial services to immigrants, has secured £1 million in pre-seed funding. Another UK startup, SuperFi, has also raised $1 million in pre-seed funding to support its debt prevention platform.
Bloom aims to digitize the informal financial management method known as ‘rotating savings and credit association’, where community members pool their money to save and make withdrawals. The startup has developed an app that allows users to create ‘Bloom Clubs’, inviting up to 10 people to join a group and make regular payments from their bank accounts, with automatic payouts.
This funding round was led by Zinal Growth, with participation from January Ventures and Pact VC. CEO Nina Mohanty stated in a LinkedIn post, “We are digitising the analog, giving credit where it’s due, and honouring the complex and beautiful experience of being part of a diaspora – by modernising tradition.”
Meanwhile, SuperFi has raised funds for a platform designed to assist individuals facing the cost-of-living crisis. The funding round was led by the UK seed fund Ascension, alongside its impact fund Fair By Design, and included Force Over Mass.
SuperFi’s service provides users with a comprehensive overview of their debts, considering their financial and personal situations, and connects them with appropriate debt prevention tools and services. The funding will support authorization through the FCA’s innovation sandbox and facilitate partnerships with London boroughs. Co-founder Tom Barltrop commented, “We believe that debt management should be proactive, not reactive. Our goal is to help millions of people struggling to pay their bills and credit commitments better manage their debt before it becomes a crisis.”