Bloom secures US$6.5 mln, a record for local tech firms
Bloom, a fintech startup led by Sudanese tech entrepreneur Ahmed Ismail, has raised $6.5 million in a seed funding round led by institutional investors and venture capital firms as it seeks to expand into new markets including Ethiopia, Kenya, Rwanda, Tanzania, and Zambia.
Ismail, Youcef Oudjidane, Khalid Keenan, and Abdigani Diriye founded the company in 2021 with the aim of providing innovative, fair, responsible, and inclusive financial products that improve the lives of East African consumers.
The round was led by fintech behemoth Visa, Y Combinator, U.S.-based VCs Global Founders Capital and Goodwater Capital, as well as UAE-based early-stage firm VentureSouq.
The $6.5-million capital injection makes the round the largest in Sudan. It comes less than a year after its launch as a Sudan-based fintech startup.
The startup revealed that the proceeds from the round will be used to carry out its strategic expansion plan in countries such as Ethiopia, Kenya, Rwanda, Tanzania, and Zambia.
The Visa investment was one of the perks for Bloom’s participation in Visa’s Fintech Fast Track Program. With the new partnership, the startup switched its cards from Mastercard to Visa.
Ismail, Bloom’s CEO and co-founder, commented on the round stating: “The plan is to scale in the country and then expand to other markets. We anticipate being in at least one market before the end of the year and a couple more early next year.”