Revenue-based lender Bloom bags £300m Series A
Fintech start-up Bloom has landed £300 million in a Series A funding round led by Credo Capital Partners and Fortress Investment Group.
The firm claims that the funding round makes it the “highest-funded” revenue-based lending business in Europe.
Founded in 2019, Bloom leverages open banking capabilities to provide capital to digital entrepreneurs. It also offers tools to help brands track their growth and financial health.
The company says its product is based on a flexible pricing and deployment model, charging customers for “only what they use” with the predictability and transparency of cost that comes with fixed fee revenue-based lending.
“Bloom doesn’t put firms in boxes, it underwrites the business based on a holistic analysis of the value being created,” says Bloom CEO James Hickson.
He adds business owners who have growing companies “should be free to use capital in the best way that suits them – no one knows their business better than the founders themselves”.
The funding will be used to scale its business in the European and US markets.