Fintech Bloom Nets $6.5M In Funding From Visa,Y Combinator & GFC

July 19, 2022 | 3 minutes read

Sudanese fintech startup Bloom receives investment of $6.5M and is backed by Y Combinator.

Fintech Bloom, has raised $6.5 million in seed investment after its undisclosed pre-seed last year.  It gathered this funding in a round which included big giants like Visa, Y combinator, US based VCs Global Founders Capital (GFC), Goodwater Capital and UAE based firm VentureSouq.

CEO Ahmed Ismail talking about this latest funding told  TechCrunch

“The Visa investment is critical for companies like us for a couple of reasons. One, aligning with Visa as a partner gives you a bunch of benefits, launching products faster, marketing support and product support; and two, in addition to the investment, Visa Fintech Fast Track enables you to access these incentives in a streamlined way,”

Africa as a region has become home to fintech startups mainly because of the promotion of financial inclusion. Many startups such as Alvin and Nexta  have in this year received funding from major investors and have aimed to include people in the financial net.

Plus Africa and the Middle East’s Fintech market with the prediction to reach US $5,860.4 million at the end of this year has also caused the investors to open their wallets for fintech startups. Thus, also leading towards increased fintech app development

However, this innovative startup, Bloom founded in 2021 by Ahmed Ismail, Youcef Oudjidane, Khalid Keenan and Abdigani Diriye- offers free accounts for users to save in dollars; spend and buy in Sudanese pounds. It also has features where users can globally receive remittance free of charge, mainly where most of the Sudanese diaspora are located.

Furthermore, the fintech works with Export Development Bank, a partner bank that handles deposits. Bloom also makes revenue from interest on these deposits.

fintech startup bloom

This recent injection of funds will help Bloom execute its expansion plan across Anglo African region such as Ethiopia, Rwanda, Tanzania and Zambia. Regarding their plan the founders talking to TechCrunch said:

“Our product is live in Sudan. The plan is to scale in the country and then expand to other markets”. “We anticipate being in at least one market before the end of the year and a couple more early next year.”

Bloom is the first Sudanese startup to get admitted into global card scheme’s Fintech Fast Track Program and switched its cards from MasterCard to Visa.

The startup is also backed by  angel investors  now. Such as Dropbox co-founder; Nicolas Kopp, Arash Ferdows, footballers Blaise Matuidi and Kieran Gibbs,Nicolas Kopp, former U.S. CEO of N26,and early employees at Revolut and Tide.