Bloom Money

Bloom Money is a financial technology startup that offers a unique money club app aimed at helping immigrant communities in the UK build and share wealth. The company operates in the financial services market, specifically targeting individuals from global communities who have settled in the UK. Bloom Money provides a platform for these individuals to create and manage ROSCAs (Rotating Savings and Credit Associations), which are traditional community-based savings schemes.

The business model of Bloom Money revolves around providing a digital solution for managing these money clubs, making it easier and safer for users to contribute and withdraw funds. The app eliminates the administrative burden typically associated with ROSCAs, allowing users to focus on their financial goals, whether it's saving for education, a wedding, a new family member, or sending money back home to loved ones.

Bloom Money makes money by charging a small fee for the services it provides through the app. This fee is justified by the convenience, security, and community-focused features that the app offers. The funds managed through Bloom Money are safeguarded by AF Payments Limited, an Electronic Money Institution, ensuring that users' money is secure, although it is not protected by the Financial Services Compensation Scheme (FSCS).

The startup's core values are safety, community, and convenience. Bloom Money aims to uphold the traditions and trust that are the foundation of any community contribution scheme, while also providing modern financial tools to help users prosper in their new home. The app is available on both major app stores, making it accessible to a wide range of users.

In summary, Bloom Money is a fintech company that provides a digital platform for managing traditional community-based savings schemes, targeting immigrant communities in the UK. It offers a convenient, secure, and community-focused way to build financial resilience and achieve personal financial goals.

Keywords: fintech, money club, ROSCA, immigrant communities, UK, savings, financial resilience, digital platform, community-focused, secure.