Bloom, a fintech startup helping people to save in volatile economies has raised $6.5 million in its seed funding round to expand its operations in Sudan and the East Africa region.
- The capital will be invested in widening its operations in Sudan and the East Africa region including Ethiopia, Kenya, Rwanda, Tanzania, and Zambia.
- Bloom helps users save in dollars and spend in Sudanese pounds with access to free accounts, local and foreign cards, and cost-free receipt of remittances from different countries, especially where Sudanese are based.
- Global fintech firm, Visa, invested in the round alongside Y-Combinator, Global Founders Capital, Goodwater Capital, and VentureSouq.
- Visa's investment came on the basis of Bloom's participation in the Fintech Fast Track Program, leading to a partnership and a switch of Bloom's cards from Mastercard to Visa.