Revenue-based financing platform Bloom raises $377M led by Credo and Fortress
- ByStartupStory | May 26, 2022
Bloom, a U.K revenue-based financing firm has raised $377Million in a Series A funding round. The round was led by Credo Capital and Fortress Investment Group LLC. Bloom competes with firms such as Wayflyer in Ireland, which has earned a total of $636.2 million, and Clearco in the United States, which has raised $681.5 million, according to Crunchbase.
The revenue-based lender claims that its pricing approach and “pay-as-you-go” features to distinguish it from other comparable businesses that have emerged in the previous 18 months.
James Hickson the CEO of bloom said “We are not another revenue-based lender. We estimate that e-commerce 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”.
Christopher Dailey, Credo Capital mentioned that “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.
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