Ghanaian financial technology startup, Bloom Impact raises funding from Engineers Without Borders to scale its operations.
Bloom Impact co-founded by Carol Caruso and David Hutchful provides financial service providers with new, qualified customers, significantly reducing their customer acquisition costs. They aim to democratize how unbanked and underserved micro and small businesses get financial services that best meet their needs.
Engineers Without Borders Ventures has now invested in 9 startups, with aim of backing early-stage and innovative Africa-based social enterprises.
“Bloom Impact is a great platform that links MSMEs with the financial services they need,” said Elena Haba, legal and investment officer with EWB’s Strategy and Investment team.
“For us, the unique approach and scalability of Bloom’s potential impact were most compelling. By working on closing the financial gap faced by MSME’s, Bloom is helping these small businesses grow and generate much-needed employment opportunities for underserved individuals. If we support MSMEs to thrive, the jobs generated through them and the wealth created by them can ultimately help alleviate poverty.”
Engineers Without Borders Ventures investment will help to grow the product adoption, referral, and incentive programmes, as well as advanced product development.
“EWB understands the barriers that prevent scale and growth in emerging markets and how social enterprises can have an impact,” says Bloom Impact co-founder, Carol Caruso.
“We are delighted to partner with them due to this experience on the ground, our shared mission to drive inclusive finance and EWB’s wealth of talent management support, which is critical to our success.”
How Does Bloom Impact Work
Below is a video illustration of how Bloom Impact works and how small businesses across Ghana can utilize this platform for their financial needs.