Market Overview

Bloom Credit Raises $3.87 Million in Total Seed Investment from Resolute Ventures, Slow Ventures, Kindred Ventures and 500 Startups FinTech Fund

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Advised by noted Fintech luminaries, Bloom Credit's financial
wellness platform helps borrowers improve their credit health and helps
lenders to build and nurture customer relationships

Bloom Credit, a financial wellness platform that helps consumers and
lenders build a healthy credit relationship, today announced it has
raised a total of $3.87 million in seed investment. Resolute Ventures
led the latest investment with participation from Kindred Ventures and
Slow Ventures.

Special advisors to Bloom Credit include fintech luminaries such as Mark
Goines, Vice Chairman of Personal Capital, Matt Burton, founder of
Orchard, Eli Broverman, founder of Betterment and Shivani Siroya,
founder of Tala. Founded in 2017, Bloom Credit graduated from the 500
Startups Batch 20 acceleration program. 500 Startups has also invested
in the company through its FinTech Fund.

Bloom Credit enables financial institutions to nurture relationships
with consumers who applied for their loans but were denied due to the
lender's origination standards. Bloom Credit works with the declined
applicant and provides actionable credit-building insights to strengthen
their credit health and financial readiness for the loan they originally
requested; the applicant may also receive new loan offers and product
recommendations. Applicants on the platform typically become serviceable
in one to six months and grow their credit scores 17.3 points on average.

"We believe all consumers are inherently creditworthy but may simply
need help to earn the credit they need and deserve. And while lenders
have the capacity to lend, we also recognize they receive too many
non-qualified applicants and simply must say "No" or price at rates that
don't make sense for the customer," said Matt Harris, co-founder and CEO
of Bloom Credit. "With Bloom Credit, we see the opportunity for a new
beginning. We're working to change what can be a very negative
borrower-lender experience and seed a healthy relationship dynamic from
the start."

"Bloom Credit's application of deep data science to the credit rating
process is unlocking a massive but neglected market for lenders while
helping consumers obtain credit they actually merit. The combination of
team, technology and a demonstrated market opportunity has us thrilled
about the opportunity ahead," said Mike Hirshland, co-founder of
Resolute Ventures who led the investment.

Bloom Credit's platform integrates traditional credit bureau data and
alternative data sets to evaluate a consumer's credit history and
forward-looking financial goals. Through AI, machine-learning
algorithms, human interventions and a digital user experience, Bloom
Credit provides a turn-by-turn of prospective actions for consumers to
take to improve their credit health before seeking new loan eligibility.

"Having access to good credit is key to so much in our world, from basic
transportation to secure housing, and more. Many of us take this for
granted. While others are wrongly locked out. Inclusion will be the
essential component of next-generation financial services," said Sheel
Mohnot, Partner, 500 Startups, Fintech Fund. "We're very excited to back
Bloom Credit, as they fit squarely with our fund thesis of ‘Financial
Services for the Rest of Us.' Through data science and analytics, they
will help more consumers fully participate in the best of the credit
market, and also help financial providers to make this goal attainable."

Bloom Credit licenses its software-as-a-service via API to financial
institutions and their partners to enable them to nurture customer
relationships directly. The company receives fees from lenders for
successful graduations and product recommendations that create new loan
relationships. Bloom Credit is currently working with both loan
originators and their partners, and directly with consumers.

"We're honored to be partnering with some of the best investors and
financial and fintech luminaries in the country to help consumers and
lenders build healthier credit relationships than the status quo. With
this financing round, we'll strengthen our products, reach and help more
consumers, and advance our programmatic customer-nurturing engine for
lenders," added Harris.

About Bloom Credit

Bloom Credit is a financial wellness platform that helps consumers and
lenders to nurture and develop credit-healthy relationships. Through
deep credit analysis, AI, machine learning and human interventions,
Bloom Credit provides a digital roadmap that helps consumers build their
financial capacity and become serviceable for the loans they want,
typically within one to six months. The company also works with loan
originators and their partners to provide nurturing programs and
credit-building product recommendations for declined loan applicants.
Resolute Ventures led the company's most recent seed investment round
with participation from Kindred Ventures and Slow Ventures. Earlier
investors include 500 Startups through their Fintech
Fund
and a number of leading financial industry and fintech
luminaries. Bloom Credit graduated from 500 Startups' Batch 20
accelerator program in 2017. For more information please visit
www.bloomcred.it
.

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