Revenue-based financing platform, Bloom recently announced that the company has secured £300 million in its Series A investment round. Led by Credo and funds managed by Fortress Investment Group LLC, the funding will help Bloom achieve its mission of providing support to digital entrepreneurs in Europe.
As part of the mentioned transaction, Christopher Dailey, the Co-Managing Partner of Credo, will join the company’s Board. Additionally, he will play an important role in Bloom’s expansion across different regions.
“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. That’s money that could have been used for more stock, increased ad spend or customer incentives. We saw an opportunity to innovate rather than simply join the herd. So, we did,” said Bloom’s CEO, James Hickson.
Hickson is an experienced fintech executive. In his extensive career, he worked with Morgan Stanley for more than 15 years and held different roles, including the position of Executive Director of Technology Business Development.
Fintech in Europe
The demand for technology-driven financial products has increased across Europe. Bloom, which was founded in Luxembourg during the global pandemic, aims to facilitate digital brands through innovative capital tools.
“Demand for eCommerce lending has expanded in Europe. We wanted to make an investment in a platform that was moving the product forward and combined all of the great technology and analytics you expect with a really differentiated product and approach,” said Christopher Dailey from Credo Capital Partners.
“The Bloom product is based on a flexible pricing and deployment model that combines the best features of a revolving credit product, charging customers for only what they use with the predictability and transparency of cost that comes with fixed fee revenue-based lending,” the company added in the recent press release.
