Bloom Money aims to build migrant-led community finance
A new financial services app is set to launch in the UK – pending authorisation from the FCA – which aims to foster a community-led approach to helping recent migrants.
Bloom Money describes itself as the app built “by migrants, for migrants”. The firm says it wants to help answer the question of how the sector can better serve those moving between nations.
“We believe that every person deserves to live a dignified and prosperous life regardless of where they come from in the world,” it writes on its website.
“We will provide the tools and environment to help our customers grow healthy financial lives so that they can pass the seeds of prosperity to their loved ones and community in turn.”
Bloom Money will offer what it calls “circles” – communities in which users can borrow, save or send out cash.
Customers can find circles based on their needs. They can search available circles by total amount, payments per month or number of months, then choose which month they wish to pay out.
These pay outs can be achieved through the connection of an existing bank account.
Bloom Money is the brainchild of Nina Mohanty, a digital strategist and marketplace development leader at fintech firms including Klarna, Bud, and Mastercard.
The app is still in the waitlist stage at time of writing, though Mohanty has mentioned on social media that a pilot trial could be underway by the end of June.