The Rise of Immigrant-Centric Fintech: Bloom Money's Bold Leap
May 13, 2025, 11:03 am
Location: United Kingdom, England, London
Employees: 1001-5000
Founded date: 2015
Total raised: $2.36B
In the bustling world of fintech, a new player is making waves. Bloom Money, founded by Nina Mohanty, is on a mission to reshape how immigrant communities in the U.K. manage their finances. With a fresh infusion of $2 million in venture capital, the app aims to digitize traditional money-saving practices that have long been the backbone of these communities.
Nina Mohanty is not just another entrepreneur. She’s a visionary who understands the pulse of immigrant life. Having lived in the U.K. for a decade, she’s seen firsthand the struggles faced by these communities. Mainstream banks often overlook their unique financial behaviors. Instead of high-interest savings accounts, many immigrants rely on community-driven savings methods. This is where Bloom Money steps in.
The concept is simple yet powerful. Known as rotating savings and credit associations (ROSCA), this practice involves groups pooling their money together. Imagine three friends each contributing $100 a month. One month, one friend gets the full $300. The next month, another friend takes their turn. This cycle continues, fostering a sense of community and trust. It’s a financial dance that has been performed in various forms across cultures—chit funds in India, “esusu” in Nigeria, and “kameti” in Pakistan.
Yet, despite its effectiveness, this system often operates in the shadows. Mohanty highlights the challenges faced by these informal groups. Without regulation, they are vulnerable to fraud and mismanagement. Mainstream banks, unfamiliar with these practices, often flag them as suspicious. Mohanty recalls her time at Monzo, where such behavior was met with skepticism. This is where Bloom Money aims to bridge the gap.
By creating a digital platform for these savings circles, Bloom Money offers a safe and regulated environment. Users can create circles, invite friends, and manage their contributions seamlessly. This not only legitimizes the practice but also empowers users to build their wealth collaboratively. It’s a financial revolution rooted in community.
But Bloom Money’s ambitions extend beyond just savings. Mohanty envisions a future where immigrants can also invest in their financial futures. Many are so focused on sending money home that they neglect their own wealth planning. The Fair4All Finance report underscores this issue, revealing that ethnic minorities in the U.K. are less likely to have savings or investment accounts. Bloom Money aims to change that narrative.
The app plans to help users build credit profiles, allowing them to access loans for investments or pensions. Imagine receiving a payout from your savings circle and being prompted to invest it into your future. This is the kind of forward-thinking approach that could transform lives.
The need for such innovation is pressing. Discrimination within the financial system remains a significant barrier for many ethnic minorities. A recent report found that one in five individuals from minority groups experienced racial discrimination when dealing with financial providers. This systemic bias creates a cycle of exclusion, making it harder for these communities to thrive.
Bloom Money is not alone in this mission. Other fintech companies are also emerging to cater to underserved populations. For instance, apps like Moneyfellows in Egypt and Hakbah in Saudi Arabia are tapping into similar traditional savings methods. However, Bloom Money’s focus on the U.K. immigrant experience sets it apart. It’s a tailored solution for a specific audience, addressing their unique challenges head-on.
As the fintech landscape continues to evolve, the demand for inclusive financial solutions is growing. Companies like Zilch, which recently surpassed five million customers, are proof of this trend. Zilch’s success in the buy now, pay later (BNPL) space highlights the appetite for innovative financial products. Yet, while Zilch caters to a broad audience, Bloom Money hones in on a niche that has been largely ignored.
The fintech sector is booming, with the U.K. leading the charge in Europe. With 41 unicorns, it’s a hotbed of innovation. But as new players enter the arena, the challenge will be to ensure that no one is left behind. The rise of immigrant-centric fintech is a step in the right direction.
Bloom Money’s journey is just beginning. With its recent funding, the app is poised for growth. Mohanty’s vision is clear: to create a more inclusive financial system that recognizes and celebrates the diverse ways people manage their money. It’s a fight for equity in finance, and Bloom Money is leading the charge.
In a world where financial literacy is often a privilege, Bloom Money aims to democratize access to financial tools. By empowering immigrant communities to save, invest, and build wealth, it’s not just changing lives; it’s reshaping the future of finance.
As we look ahead, the importance of such initiatives cannot be overstated. Financial inclusion is not just a buzzword; it’s a necessity. With Bloom Money at the forefront, there’s hope for a more equitable financial landscape where everyone has a seat at the table. The journey may be long, but with each step, the vision of a diverse and inclusive financial system becomes clearer.
Nina Mohanty is not just another entrepreneur. She’s a visionary who understands the pulse of immigrant life. Having lived in the U.K. for a decade, she’s seen firsthand the struggles faced by these communities. Mainstream banks often overlook their unique financial behaviors. Instead of high-interest savings accounts, many immigrants rely on community-driven savings methods. This is where Bloom Money steps in.
The concept is simple yet powerful. Known as rotating savings and credit associations (ROSCA), this practice involves groups pooling their money together. Imagine three friends each contributing $100 a month. One month, one friend gets the full $300. The next month, another friend takes their turn. This cycle continues, fostering a sense of community and trust. It’s a financial dance that has been performed in various forms across cultures—chit funds in India, “esusu” in Nigeria, and “kameti” in Pakistan.
Yet, despite its effectiveness, this system often operates in the shadows. Mohanty highlights the challenges faced by these informal groups. Without regulation, they are vulnerable to fraud and mismanagement. Mainstream banks, unfamiliar with these practices, often flag them as suspicious. Mohanty recalls her time at Monzo, where such behavior was met with skepticism. This is where Bloom Money aims to bridge the gap.
By creating a digital platform for these savings circles, Bloom Money offers a safe and regulated environment. Users can create circles, invite friends, and manage their contributions seamlessly. This not only legitimizes the practice but also empowers users to build their wealth collaboratively. It’s a financial revolution rooted in community.
But Bloom Money’s ambitions extend beyond just savings. Mohanty envisions a future where immigrants can also invest in their financial futures. Many are so focused on sending money home that they neglect their own wealth planning. The Fair4All Finance report underscores this issue, revealing that ethnic minorities in the U.K. are less likely to have savings or investment accounts. Bloom Money aims to change that narrative.
The app plans to help users build credit profiles, allowing them to access loans for investments or pensions. Imagine receiving a payout from your savings circle and being prompted to invest it into your future. This is the kind of forward-thinking approach that could transform lives.
The need for such innovation is pressing. Discrimination within the financial system remains a significant barrier for many ethnic minorities. A recent report found that one in five individuals from minority groups experienced racial discrimination when dealing with financial providers. This systemic bias creates a cycle of exclusion, making it harder for these communities to thrive.
Bloom Money is not alone in this mission. Other fintech companies are also emerging to cater to underserved populations. For instance, apps like Moneyfellows in Egypt and Hakbah in Saudi Arabia are tapping into similar traditional savings methods. However, Bloom Money’s focus on the U.K. immigrant experience sets it apart. It’s a tailored solution for a specific audience, addressing their unique challenges head-on.
As the fintech landscape continues to evolve, the demand for inclusive financial solutions is growing. Companies like Zilch, which recently surpassed five million customers, are proof of this trend. Zilch’s success in the buy now, pay later (BNPL) space highlights the appetite for innovative financial products. Yet, while Zilch caters to a broad audience, Bloom Money hones in on a niche that has been largely ignored.
The fintech sector is booming, with the U.K. leading the charge in Europe. With 41 unicorns, it’s a hotbed of innovation. But as new players enter the arena, the challenge will be to ensure that no one is left behind. The rise of immigrant-centric fintech is a step in the right direction.
Bloom Money’s journey is just beginning. With its recent funding, the app is poised for growth. Mohanty’s vision is clear: to create a more inclusive financial system that recognizes and celebrates the diverse ways people manage their money. It’s a fight for equity in finance, and Bloom Money is leading the charge.
In a world where financial literacy is often a privilege, Bloom Money aims to democratize access to financial tools. By empowering immigrant communities to save, invest, and build wealth, it’s not just changing lives; it’s reshaping the future of finance.
As we look ahead, the importance of such initiatives cannot be overstated. Financial inclusion is not just a buzzword; it’s a necessity. With Bloom Money at the forefront, there’s hope for a more equitable financial landscape where everyone has a seat at the table. The journey may be long, but with each step, the vision of a diverse and inclusive financial system becomes clearer.