- The platform secured £ 300 million of firepower led by Credo Capital Partners (“Credo”) and funds managed by Fortress Investment Group LLC.
- With a revolutionary pricing model, Bloom ushers in the next wave of revenue-based financing designed to fuel merchant growth in the current market cycle.
- Founded by James Hickson, the team includes Werner Kruger, Klarna’s former head of data science. The board includes Michael Jackson, an early member of Skype’s executive team and board member of Luminor Bank, and Christopher Dailey of Credo, also former CEO of OakNorth and board member of DBT.
Capital provider Bloom Group SA secured £ 300 million of firepower led by Credo Capital Partners and funds managed by Fortress Investment Group LLC (“Fortress”), making the company the most funded revenue-based lending business in Europe.
It will guide the company’s ambition to become Europe’s leading provider of capital for digital entrepreneurs.
Led by former head of Morgan Stanley’s Fintech Enterprise and seasoned Fintech CEO James Hickson, Bloom specializes in providing capital to growing companies that operate primarily online.
The company is the next generation of revenue-based lenders, differentiating itself from the wave of similar patterns that have emerged over the past 18 months through its pricing model and range of product features that allow brands to pay only for what they use. thus addressing gaps in the first wave of financing products.
“We are not another revenue-based lender. We estimate that eCommerce merchants have incurred £ 125- £ 200 million in excess fees based on the current pricing status quo. It’s money that could have been used for more actions, higher ad spend, or customer incentives. We saw an opportunity to innovate rather than just join the herd. So we did, “said James Hickson, CEO of Bloom.
The Bloom product is based on a flexible pricing and implementation model that combines the best features of a revolving credit product, charging customers for only what they use with the predictability and transparency of costs that come with revenue-based loans to fixed rate.
Second, Bloom does not put companies in boxes, but supports the business based on a holistic analysis of the value that is created. Bloom’s capital is not designed for stock, marketing or other specific purposes as Bloom believes that entrepreneurs who have growing companies should be free to use the capital in the best way for them – no one knows their business better than the founders themselves. “
The round was led by Credo Capital Partners and Fortress. Creed co-manager partner Christopher Dailey will join the board as part of this transaction and play an active role in helping Bloom grow.
“The demand for eCommerce loans has increased in Europe. We wanted to invest in a platform that would advance the product and combine all the great technology and analytics you expect with a truly differentiated product and approach, “said Christopher Dailey, Credo Capital Partners.
Demonstrating a deep understanding of lending and credit risk, Bloom’s team has collectively generated over $ 30 billion over the course of their careers. And with a differentiated distribution plan in place and single pricing model, Bloom is unlike any other financing provider in the market. There is also huge potential for scalability, with strong exposure to the European and US market.
For more information visit letbloom.com
Bloom provides founder-friendly capital to digital entrepreneurs. With tools to help brands understand how their business compares to benchmarks and their financial health with Bloom’s Open Banking analytics capabilities, they are well positioned as Europe’s leading digital commerce investor.
Founded during the global pandemic in Luxembourg by James Hickson, Bloom’s mission is to help digital brands unlock their potential with founder-friendly capital and tools that accelerate growth.
Bloom transformed the revenue-based finance market globally when it entered the market. With a revolutionary pricing model that ensures brands pay only for what they use, they are the first company to truly provide “founder-friendly capital”.
Fortress Investment Group LLC is a leading and highly diversified global investment manager. Founded in 1998, Fortress manages $ 53.3 billion in assets under management as of December 31, 2021, on behalf of more than 1,900 institutional clients and private investors worldwide through a range of credit and real estate, private equity and permanent capital investments.
About Credo Capital Partners
Credo Capital Partners unites capital markets and fintech to build the financial ecosystems of tomorrow. As a partner of fintech companies, we support their growth by allowing the disintermediation of credit assets.
As a trusted partner for investors, we provide unique access to credit assets not normally accessible in Europe. Based in Stockholm and London, Credo primarily focuses on the markets of Northern and Western Europe.
Bloom Financial Group Secures £ 300m Series A Investment Led by Credo Capital Partners and Fortress Investment Group – UK Technology Investment News
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