New York based Bloom Credit, an API platform company that helps businesses integrate with credit bureaus for access to scores, monitoring, and furnishment products, has raised $13m in new funding.
A total of $10m was raised from Allegis NL (lead), together with Resolute Ventures, Slow Ventures and Commerce Ventures.
And $3m came from angel investors including Better Tomorrow Ventures’ Sheel Mohnot and Jake Gibson, Acorns Founder Jeff Cruttenden, Marqeta Founder Jason Gardner, Vice Chair of Personal Capital Mark Goines, Former President of Prosper Ron Suber.
“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,” said Matt Harris, co-founder and CEO of Bloom Credit. “Today’s investment in Bloom Credit will go to accelerating the growth of our team to support demand for our products.”
Bloom Credit provides all bureau and score related products through a single, easy-to-use API that integrates with all three credit bureaus, helping grow a new class of credit products and services in a fraction of the time it has traditionally taken.
“Our partnership with Bloom Credit has been a major boost for TrueAccord’s direct-to-consumer product, Engage,” added Nadav Samet, Co-Founder of TrueAccord and GM of 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.”
Before Bloom Credit, developers did not have unified access to request or submit credit bureau data in a way that enables important applications which can improve consumers’ creditworthiness. Now, technology and fintech businesses alike are able to leverage Bloom Credit’s API to streamline launching these use cases.
