UK-based fintech startup Bloom Money, founded by Nina Mohanty, was recently in news to have secured $2 million in early-stage funding to transform financial services for immigrant communities across Europe. But that’s not the whole story.
In an exclusive with Tech Funding News (TFN), Mohanty clarified that the $2 million recently reported was part of an earlier funding round. The company is now entering a new phase with the launch of a community crowdfunding campaign on Crowdcube, inviting users and supporters to invest directly in Bloom Money’s mission.
“While our earlier rounds were critical, this crowdfunding campaign goes beyond just raising capital – it’s about ownership. We’re empowering the very people we serve to become part of the solution.”
As venture capital continues its AI frenzy, this UK fintech startup for immigrants is taking a different path by turning its most loyal users into shareholders.
“Institutional investors often struggle to understand the unique financial realities immigrant communities face,” says Mohanty. “But our customers do – and they’ve shown they’re ready to back us not just as users, but as investors.”
Backed by community, built with purpose
The UK fintech aims to use the funds to enhance its core product, Bloom Circles, and to enter new financial verticals. Mohanty emphasised the significance of community backing, noting that traditional institutional investors often overlook the unique financial needs of immigrants. By opening up investment to its users, Bloom Money not only validates market demand but also fosters deeper engagement. Investor perks include an in-app investor badge, a bespoke art print by a U.S. design professor, and invitations to the company’s post-beta launch party.
Bloom Circles is a modern digital take on rotating savings and credit associations (ROSCAs), a system widely used across diaspora communities. Further, the team also teased new product verticals under development, though details remain under wraps. “Watch this space,” the founder adds with a smile.
Born in Silicon Valley to Indian and Taiwanese parents, Nina Mohanty studied at the London School of Economics and built a career across major fintech firms including Mastercard, Starling Bank, Bud, and Klarna. Her experience revealed a critical gap in products for underserved communities, inspiring her to launch Bloom Money. The platform digitises traditional savings circles like ROSCAs. Recognised by Forbes 30 Under 30 and the Startups 100 list, Mohanty is working hard towards a more inclusive, community-driven financial system.
Stay tuned to TFN for more inspiring founder stories working towards diversity and inclusion in the global tech world.
