The New York-based financial wellness startup Bloom Credit announced on Thursday (Oct. 8) that it has secured $13 million in Series A funding, led by $10 million from Allegis NL.
Other investors included Resolute Ventures, Slow Ventures and Commerce Ventures. In addition, $3 million from an unannounced investment came by way of angel investors: Sheel Mohnot and Jake Gibson from Tomorrow Ventures; Jeff Cruttenden, the founder of Acorn; Jason Gardner, founder of Marqeta; Mark Goines, vice-chair of Personal Capital; and Ron Suber, the former president of Prosper.
“We are excited to partner with Bloom Credit as one of our first investments from our new fund,” said Stuart Doane of Allegis NL Capital. “The team has created a developer-friendly API to build and scale credit products. Through their core engine, Bloom Credit is leading the way in equipping companies to offer added financial service functionalities for their customers.”
Using a single API, the startup provides credit scores integrated from all three bureaus. The startup aims to develop and launch a new category of credit products and tools in a fraction of the time it takes most companies.
“It took years for Apple and Chime to launch their credit products, and very few companies can afford the time and money needed to set up all parts of a lending program,” Matt Harris, co-founder and CEO of Bloom Credit, said in a statement. “Today’s investment in Bloom Credit will go to accelerating the growth of our team to support demand for our products.”
Bloom works to provide developers with the access they need to request or submit credit bureau data in a way that can improve consumers’ creditworthiness. Technology and FinTech firms can now leverage Bloom Credit’s API to streamline that process.
“Our partnership with Bloom Credit has been a major boost for TrueAccord’s direct-to-consumer product, Engage,” said Nadav Samet, co-founder of TrueAccord and general manager of Engage. “In a matter of a few weeks, we were able to provide our consumers [with] access to their credit reports and launch new financial products. Bloom Credit offered smooth onboarding, robust APIs and an unmatched time to launch.”
In other news, Bloom Credit announced that Erin Allard is joining the firm as chief operating officer (COO). Allard was most recently vice president and head of banking operations and product at Green Dot Corporation. She also held leadership positions at The Bancorp and Carnegie Mellon University’s award-winning Red Team.
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