Bloom Group S.A. has secured £300 million in a round of funding. The growth capital funding startup will use the money to expand across Europe and become a major provider of revenue-based lending for digital startups.
Bloom Group S.A., a growth capital finance firm, secured £300 million to expand its operations across Europe and become a top supplier of revenue-based loans for digital entrepreneurs.
Bloom CEO James Hickson says, “We are not your typical revenue-based lender. Based on current pricing, we estimate that eCommerce retailers have suffered £125-£200 million in extra costs. That’s money that could have gone toward greater inventory, increased advertising, or consumer incentives. Rather of merely following the herd, we recognized a chance to innovate. As a result, we did.”
Credo Capital Partners led the fundraising round, with funds handled by Fortress Investment Group LLC.
According to the statement, the increased capital makes Bloom the best-funded revenue-based lending company in Europe. Bloom, founded in 2020 amid the pandemic lockdowns by former CEO of Morgan Stanley’s Fintech Enterprise James Hickson, promises to give funding to mostly digital growth enterprises.
Bloom, a next-generation revenue-based lender, attempts to separate itself from existing models with its a la carte pricing strategy and diverse product features.
The flexible pricing and deployment methodology of the startup is designed to combine revolving credit features with cost predictability and transparency.
Credo Capital Partners’ Christopher Dailey said, “Demand for eCommerce loans in Europe has increased. We wanted to invest in a platform that was taking the product ahead and integrated all of the amazing technology and analytics you’d expect with a genuinely distinctive product and approach.”
Bloom provides funding to entrepreneurs to utilize as they see appropriate and is not intended for any particular purpose.
“Bloom thinks that growing-company owners should be allowed to spend funds in the way that best suits them — no one knows their firm better than the founders themselves.”
As part of the fundraising round, Credo co-managing partner Christopher Dailey will join Bloom’s board and play an active role in the company’s growth.