A $6.5 million seed round was raised by Bloom, a fintech company with offices in Sudan that provides a high-yield savings account and related digital banking services. This investment follows the startup’s secret pre-seed round from the previous year.
The fintech behemoth Visa, Y Combinator, the American VC firms Global Founders Capital (GFC) and Goodwater Capital, as well as the UAE-based early-stage company VentureSouq, all participated in this financing. Other investors include football players Blaise Matuidi and Kieran Gibbs, co-founder of Dropbox Arash Ferdowsi, Nicolas Kopp, former U.S. CEO of N26, and early staff members of Revolut and Tide.
One of the benefits of Bloom’s participation in the Fintech Fast Track Program of the international payment system was the investment from Visa. The first Sudanese business to be accepted into the programme, Bloom, transferred its cards from Mastercard to Visa as a result of the cooperation that was established.
“The Visa investment is critical for companies like us for a couple of reasons. One, aligning with Visa as a partner gives you a bunch of benefits, launching products faster, marketing support and product support; and two, in addition to the investment, Visa Fintech Fast Track enables you to access these incentives in a streamlined way,” CEO Ahmed Ismail told TechCrunch in an interview.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.