Bloom Secures $6.5 Million Seed Funding

Bloom Secures $6.5 Million Seed Funding

Sudan’s first YC-supported startup, Bloom, has secured a $6.5 million seed to complete its expansion plan. The company plans to expand across the Anglo-East African countries, such as Zambia, Rwanda, Tanzania, Etiopia, and Kenya.

Bloom is a Sudanese fintech company that offers a high-yielding saving service through its app.  The fintech company aims to help its users preserve wealth and save money irrespective of the depreciating value of the Sudanese currency.

The fintech, founded by Ahmed Ismail, Youcef Oudjidane, Khalid Keenan, and Abdigani Diriye, had launched in March of 202i and raised a pre-seed fund in September 2022 before it became part of YC’s Combinator Winter 2022 startup.

The seed round had contributions from its major supporter Y Combinator, Visa, VentureSouq, Goodwater Capital, footballers Kieran Gibbs, Blaise Matuidi, and a few more investors.

According to Ahmed Ismail, CEO of Bloom, the company plans to progress in its nation, then expand to other countries. “We anticipate being in at least one market before the end of the year and a couple more early next year.”
Through Bloom’s participation in the global card scheme, Visa became an investor in the round, and Bloom was already in partnership with Visa.
Ahmed stated that Visa’s investment and partnership would benefit from bloom as it aids in faster product launching, product support, and market support.

Bloom has just raised arguably one of the most significant funding in Sudan. With a population of over a 500million people and an average age of 18, East Africa is one of the fastest growing regions. Yet a few countries in this region, not excluding Sudan, face a devaluation of currency challenge, with at least 15-20% depreciation per annum.

This funding will help Bloom help more East African nations with its service, positively impacting the region’s economy.

 

Anu

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