Blockchain-based credit platform for underbanked and unbanked communities
Bloom is building an end-to-end protocol for identity verification, risk assessment, and credit scoring based on blockchain technology. With its solution, Bloom allows traditional and digital currency lenders to provide services to billions of people who are underbanked or cannot obtain a credit score. According to Crunchbase, Bloom also offers decentralized identity issuance and an anti-fraud system for KYC/AML finance services in the crypto industry. The protocol will allow any lender to issue a credit to a borrower when the borrower authorized it.
According to Crunchbase, the company did a seed funding round on January 1, 2018. Hex Capital and Fabric Ventures are the most recent investors of the company that also participated in the funding round. It has 8 core members including its co-founder Ryan Faber. In order to achieve its mission, Bloom also established partnerships with other industry leaders including but not limited to BlockFi, Self Credit Builder Loans, FintruX, Esusu Rent. District Ox, ETHLend, and more.
According to its website, Bloom is suitable for every stakeholder in the crypto industry. For an enterprise, Bloom can help them to validate anything about anyone, with easy and quick development, which in return will help them generate more revenue while reducing frauds. Developers on the other hand can access cutting-edge SSI features, build various projects with its tested builds, and utilize its open-source suite to build their own credential management tools. Last but not least, consumers will be able to monitor and secure their credit and identity on the platform easily, with instant notification if there’s any change on their credit or ID to protect them from fraud and hacks.