QED also led the bloom Series A, and previously led the Credit Karma Series A, as well as being one of the nation’s leading fintech investors. The oversubscribed round also included investments from the venture arms of the life insurance companies Allianz Life (Allianz Life Ventures) and Nationwide (Nationwide Ventures), as well as TTV Capital, KCRise Fund, Industry Ventures and the existing UMB investor.
‘We are grateful to have had the opportunity to pick up some of the nation’s smartest fintech investors, who will help us in bloom’s mission to help a large segment of underserved Americans manage their retirement savings,’ said Chris Costello, co-founder and CEO of bloom. ‘This Series B will allow us to reach hundreds of thousands of hard-working people across the country who have never been helped by what may end up being their single most important financial asset: their 401k or 403b. ”
Blooom continues to see an outsize organic growth The company has announced today that it has racked up over $500 million in AUM, becoming one of the fastest independent robo-advisors ever to reach this mark. Blooom achieved this milestone faster than Improvement and Personal Capital—a small fraction of the capital.
‘For Americans who are used to a complex, jargon-filled, and at times predatory retirement system, bloom offers a refreshingly simple and clear tool to help people keep their fees as low as possible and make more appropriate investment choices in 401k plans, sometimes littered with more than 100 choices,’ said bloom President Greg Smith. ‘We are proud to have seen natural, word-of-mouth growth, because bloom is an easy-to-understand aid to a very difficult problem for most Americans. ”
The early traction of Blooom also shows that the nation’s most difficult problems will not only be addressed through innovation in Silicon Valley. The Heartland is also beginning to have a say.
‘We are proud that Kansas City—Midwest Company—has received support from some of the world’s most emblematic investors,’ Costello added. ‘But more importantly, we aim to show the nation how a Kansas City company-with a team not focused on ‘quick exit,’ but rather a laser focus on clients doing the right thing and building a long-lasting financial services brand-can start moving the needle to the retirement savings epidemic in this country,’ he concluded.
About the bloom
Blooom is one of the nation’s fastest-growing robo-advisors with a particular focus on helping any American with an occupational retirement account like 401k or 403b. Blooom is a registered investment consultant with the SEC and aims to scale up the low-cost fiduciary best practices and the appropriate allocation and diversification of assets to millions of Americans who have occupational retirement accounts but who do not have access to a financial advisor. The first-of-its-kind use of a simple flower image to explain financial success, and a Netflix-like monthly subscription fee, are new and refreshing in an industry known for complicated charts and graphs, financial jargon, and opaque fees. Blooom has been named one of the most innovative companies in the world by Fast Company and is chaired by FDIC under two US presidents, Sheila Bair, as a consultant.
About the CCRise Fund
The KCRise Fund was launched on 29 February 2016 as an initiative of the KC Rising effort to create economic prosperity for the KC region by focusing on its globally competitive sectors, human capital and innovation and entrepreneurship. The KCRise Fund is led by Darcy Howe with initial board members Toby Rush, founder of EyeVerify and Ron LeMay and Open Air Equity Partners.
The KC Rise Fund is a side-car fund that co-invests with institutional VC investors in early stage companies based in the Greater Kansas City Area. This model reduces the risk of the individual investor and centralizes the due diligence needed to carry out a new entrepreneurial venture. So far, $13. 5 million investors in the KC area have been secured
To qualify as a portfolio company of the KCRise Fund, the company will have a high growth potential; will represent any industry; will reside or have substantial operations between Manhattan, Kansas and Columbia, Missouri; will seek at least $1 million in the Series A round and will have an approved venture capital investor in the financing round. www www Ccrisefund Organ
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