# Bloom Finance Company

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/bloom-finance-company

- Industry: Financial Services
- Headquarters: Toronto, Canada
- Website: www.bloomfin.ca
- Total disclosed funding: $5.2M
- Latest round: Series A (May 16, 2023)
- Investors on record: 1

## About

Founded in 2019 and based in Ontario, Canada, Bloom Finance Company Ltd. engages in reverse mortgage loans for Canadian seniors. The company was founded by its CEO, Ben McCabe. In May 2023, Bloom Finance Company Ltd. raised USD 7 million in Series A funding from SixThirty.

The company's flagship product is the Bloom Reverse Mortgage™, which allows homeowners to access a portion of their home's value, up to 55%, without the need for regular payments. Alternatively, a minimal interest rate is used, and interest is gradually added to the outstanding balance. The remaining payment is due when the final homeowner dies or vacates the property. Bloom ensures homeowners are protected by offering a home equity guarantee, ensuring that the amount owed never exceeds the market value of the property. Homeowners can obtain an estimate by entering some basic data about themselves and their property into Bloom's free calculator.

The startup generates revenue by charging its users approximately USD 1,950 in fees, which include the processing cost of USD 1,200, the appraisal fee of USD 450, and the ILA certificate fee of USD 300, all of which are deducted from mortgage earnings.

The organization plans to use the May 2023 funding to accelerate its investments in product and process innovation and continue its geographic expansion.

## Funding rounds

- Series A, May 16, 2023, $5.2M — SixThirty

## Investors

- SixThirty (https://capitalatlas.ai/funds/sixthirty) — Series A