Bloom Money, a UK startup offering financial services to immigrants has raised £1 million in pre-seen funding. Separately, another UK startup, SuperFi, has secured $1 million in pre-seed funding for its debt prevention platform.
Bloom is aiming to digitise the informal financial management system known as 'rotating savings and credit association' which sees people from the same community pool together their money to save, with members able to make withdrawals.
The startup has built an app that lets users build 'Bloom Clubs', inviting up to 10 people to join a circle and make regular payments from their bank account, with automatic payouts.
The round was led by Zinal Growth, and joined by January Ventures and Pact VC.
In a LinkedIn post, CEO Nina Mohanty says: "We are digitising the analog, giving credit where it’s due, and honouring the complex and beautiful experience of being part of a diaspora - by modernising tradition."
Separately, SuperFi has raised funds for its platform aiming to help people with the cost-of-living crisis. The round was led by UK seed fund Ascension and its impact fund, Fair By Design, and includes Force Over Mass.
The service gives users an overview of their debts, analysing their financial and personal circumstances, and then offers access to the most suitable debt prevention tools and services.
The funding will be used to support authorisation via the FCA’s innovation sandbox and launch partnerships with London boroughs.
Tom Barltrop, co-founder, SuperFi, says: "We believe that debt management should be proactive, not reactive. Our goal is to help millions of people struggling to pay their bills and credit commitments better manage their debt before it becomes a crisis."