NEW YORK, Oct. 8, 2020 /PRNewswire/ -- Bloom Credit( www.bloomcredit.io ), an API platform company that helps businesses integrate with credit bureaus for access to scores, monitoring, and furnishment products, today announced it has raised $13M in new funding, $10M led by Allegis NL, along with Resolute Ventures, Slow Ventures, and Commerce Ventures, as well as a previously unannounced $3M from angel investors including Better Tomorrow Ventures' Sheel Mohnot and Jake Gibson, Acorns Founder Jeff Cruttenden, Marqeta Founder Jason Gardner, Vice Chair of Personal Capital Mark Goines, Former President of Prosper Ron Suber.
Launching credit products can be a disjointed experience. Despite pervasive penetration into the consumer financial services markets by companies like CashApp, others such as Square have been unable or unwilling to launch consumer credit products given the difficulty of building credit products like Lending or Credit Monitoring for consumer use.
"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," said Matt Harris, co-founder and CEO of Bloom Credit. "Today's investment in Bloom Credit will go to accelerating the growth of our team to support demand for our products."
Bloom Credit provides all bureau and score related products through a single, easy-to-use API that integrates with all three credit bureaus, helping grow a new class of credit products and services in a fraction of the time it has traditionally taken.
"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 GM of Engage. "In a matter of a few weeks we were able to provide our consumers access to their credit reports and launch new financial products. Bloom Credit offered smooth onboarding, robust APIs, and an unmatched time to launch."
Before Bloom Credit, developers did not have unified access to request or submit credit bureau data in a way that enables important applications which can improve consumers' creditworthiness. Now, technology and fintech businesses alike are able to leverage Bloom Credit's API to streamline launching these use cases.
"The financial infrastructure market has enabled the explosive growth of neobanks and other advances in deposit-related personal finance," said Dan Rosen, Founding Partner of Commerce Ventures, an early investor in infrastructure pioneers like Marqeta and MX. "By unlocking access to the credit bureau ecosystem, Bloom Credit can enable developers to build the next wave of FinTech innovation by fostering better, fairer access to credit."
"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."
Bloom Credit also welcomes Erin Allard as COO. Ms. Allard was most recently VP and Head of Banking Operations and Product at Green Dot Corporation, and previously held leadership positions at The Bancorp, where she was responsible for a number of strategic initiatives, including credit-focused program sponsorship. Prior to The Bancorp, Erin worked with Carnegie Mellon University's award-winning Red Team, a consortium focused on autonomous vehicle development in coordination with the Defense Advanced Research Projects Agency (DARPA). Erin attended the University of Pittsburgh and the University of Pennsylvania.
"Navigating the landscape of leveraging credit data can be challenging for both new entrants and existing incumbents--something I've personally experienced in the past," said Erin Allard, Bloom Credit COO. "I am thrilled to partner with Matt, the team, and our investors at this exciting time in our journey to define and build Bloom Credit's next chapter."
About Bloom CreditBloom Credit is an API platform company that helps businesses integrate with credit bureaus for access to scores, monitoring, and furnishment products. By providing all bureau and score related products through a single, easy-to-use API that integrates with all three credit bureaus, Bloom Credit allows unified access to request or submit credit bureau data in a way that enables important applications which can improve consumers' creditworthiness. Bloom Credit is based in NYC. For more information, please go to www.bloomcred.it .
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