UK Fintechs SuperFi And Bloom Money Conclude Seed Rounds

A UK firm called Bloom Money that provides financial services to immigrants has secured $1 million in pre-seen funding. A different UK business, SuperFi, has received $1 million in pre-seed funding for its platform for debt prevention.

The “rotating savings and credit association,” a kind of informal financial management in which members of the same community pool their funds and can make withdrawals, is being digitalized by Bloom.

The business has created a mobile application that enables users to create “Bloom Clubs,” inviting up to 10 others to join a group and contribute on a monthly basis with automated transfers from their bank accounts.

Along with January Ventures and Pact VC, Zinal Growth served as the round’s lead investor.

Nina Mohanty, CEO, writes on LinkedIn:

“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 gathered money for its platform in an effort to assist users with the rising cost of living. Force Over Mass is a participant in the round, which was spearheaded by UK seed firm Ascension and its impact fund, Fair By Design.

The service offers access to the most appropriate debt prevention tools and services after providing users with a summary of their debts and an analysis of their financial and personal circumstances.

The money will be used to start relationships with London municipalities and support authorization through the FCA’s innovation sandbox.

Co-founder of SuperFi, Tom Barltrop, 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.“