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Bloom Credit raises $13 mn in funding & names Erin Allard as COO

By Pavithra R

October 09, 2020

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Erin Allard, Bloom Credit COO

New York-based Bloom Credit, an API platform company helping businesses integrate with credit bureaus for access to scores, monitoring, and furnishment products has announced a $13M funding.

The funding includes a $10M led by Allegis NL, along with Slow Ventures, Resolute Ventures, and Commerce Ventures, besides previously unannounced $3mn from angel investors including Better Tomorrow Ventures’ Sheel Mohnot and Jake Gibson, Marqeta Founder Jason Gardner, Vice Chair of Personal Capital Mark Goines, Acorns Founder Jeff Cruttenden, Former President of Prosper Ron Suber.

Launching credit products is considered a disjointed experience. Many leading companies despite pervasive penetration into the consumer financial services markets still backs away from launching consumer credit products given the difficulty of building credit products like Lending or Credit Monitoring for consumer use.

“It took years for Apple and Chime to launch their credit products, and very few companies can afford the time and money needed to set up all parts of a lending program. Today’s investment in Bloom Credit will go to accelerating the growth of our team to support demand for our products,” said Matt Harris, co-founder and CEO of Bloom Credit.

Bloom Credit provides all bureau and score related products through a single API that integrates with all 3 credit bureaus. The firm is helping grow a new class of credit products and services in a fraction of the time than it has traditionally taken. Developers were looking for a solution that provides unified access to request or submit credit bureau data in a way that enables important applications which can improve consumers’ creditworthiness. Bloom Credit solves this problem by providing a solution that both technology and FinTech businesses can leverage, Bloom Credit’s API.

“Our partnership with Bloom Credit has been a major boost for TrueAccord’s direct-to-consumer product, Engage. In a matter of a few weeks we were able to provide our consumers access to their credit reports and launch new financial products. Bloom Credit offered smooth onboarding, robust APIs, and an unmatched time to launch,” said Nadav Samet, Co-Founder of TrueAccord and GM of Engage.

Bloom Credit also welcomes Erin Allard as COO. Most recently, Ms. Allard was the VP and Head of Banking Operations & Product at Green Dot Corporation, and previously held leadership positions at The Bancorp. Prior to The Bancorp, Erin worked with Carnegie Mellon University’s Red Team, a consortium focused on autonomous vehicle development in coordination with the Defense Advanced Research Projects Agency (DARPA).

“Navigating the landscape of leveraging credit data can be challenging for both new entrants and existing incumbents–something I’ve personally experienced in the past. I am thrilled to partner with Matt, the team, and our investors at this exciting time in our journey to define and build Bloom Credit’s next chapter,” said Erin Allard, Bloom Credit COO.

Founded in 2016, Bloom is on a mission to improve and transform the financial industry. The company creates advanced developer-friendly API solutions that can improve, monitor, and promote credit health to build trust between consumers and the financial institutions that serve them.

Also read: Chargebee raises $55mn, funding coincides with the global shift to subscriptions.

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