Pre-seed round helps Bloom Money grow digital finance for ethnic communites

Wednesday 2nd August, 2023

Marriott Harrison was delighted to advise UK-based fintech Bloom Money on their pre-seed fundraising round which was led by Zinal Growth and included January Ventures, Pact VC and Octopus and certain angel investors including Bérénice Magistretti and June Angelides M.B.E.

Bloom Money utilises a model known as “ROSCA” (rotating savings and credit association) which involves the informal gathering of people from within their community or social group to pool funds. CEO, Nina Mohanty, founded Bloom Money after moving to the UK as a daughter of immigrant parents and learning from first hand experience the difficulties of setting up financially as an immigrant.

Bloom Money will use the new round of funding to continue to develop its digital savings feature, through which all funds are safeguarded by an electronic money institution.

Fran Spooner was pleased to lead the MH team, expanding her focus on supporting female founders and working with companies that deliver a wider social impact.

#fintech #seed #socialimpact 

Articles by Frances Spooner