A Sudanese-based fintech Bloom that provides customers with high-yield savings accounts and digital banking services has raised a seed fund worth $6.5 million. The funding comes after the startup raised another undisclosed amount last year.
The funding attracted participation from fintech giant Y Combinator, Visa, Globa Founders Capital (GFC) Goodwater Capital and VentureSouq. Other investors include Dropbox co-founder, angels Arash footballer Blaise Matuidi, Nicolas Kopp, and Former U.S. CEO of N26 among others.
The investment from Visa is seen as incentive for the startup’s participation in the company’s global card scheme program known as Fintech Fast Track. Bloom earned a partnership with Visa as a result. It is the first Sudanese company to the admitted into the program.
Speaking during an interview, CEO Ahmed Ismael said that the Visa investment will go a long way in transforming its operations around the world.
“We are so delighted with this investment from Visa. There are many reasons why this partnership is important to us. Working with Visa comes with a lot of benefits like faster launching of products, product and marketing support, streamlined services among others”, said Ahmed Ismael.
In March 2022, revealed that it was part of Y Combinator’s winter group. The news about the company’s inclusion was made public in March when Bloom already had over 15,000 people signed up. The number has since risen to 100,000, according to the founders.
Bloom’s founders told journalists that the seed funding will help the Dubai and Sudanese-based startup expand its operations across Anglo-East Africa regions like Kenya, Ethiopia, Rwanda, Zambia and Tanzania. There are currently a few competitors operating in the region including YC-backed Fingo, Finclusion and Koa.
“Our product is already active in Sudan. Our intention is to increase operations in the country and expand move to other markets. We expect to have launched operations in at least one market by the end of the year”
Bloom’s seed funding is so far the largest in Sudan. The country’s tech ecosystem has been termed by financial experts as passive. It is only in recent years that foreign investors have started partnering with local companies.
Dil Bole Oberoi
