Bloom is Sudan’s first YC-Backed startup that aims to help Sudanese people protect themselves from currency depreciation.
It provides a “high-yield” savings account, free FX, and related digital banking services so that customers can save in a stable currency, the dollar, and spend locally.
After researching several models pioneered by digital-first banks such as TymeBank, Kuda, and FairMoney, the founders saw a significant need for developing a savings product that addresses what they believe is the most pressing problem facing African consumers: inflation and currency depreciation.
“We believe the most common problem is the inability of customers to protect the value of their assets. So we decided to establish a company that does just that, that enables individuals to save money in a stable currency and spend it in local currencies as they go,” Ismail, the company’s CEO, told TechCrunch.
“We chose Sudan as our first market because we believe that the best approach to start a business is to go after the biggest opportunity initially, ” Ismail remarked.
Bloom collaborates with the Export Development Bank, a deposit-taking partner bank. Bloom is best thought of as the bank’s technology, customer acquisition, user experience, and marketing partner.
Users can save in dollars and buy and spend in Sudanese pounds with no fees, according to the business.
It also offers local and dollar cards, as well as a function that allows them to receive free remittances from a number of nations across the world, primarily from the Sudanese diaspora.
The Sudanese and Dubai-based firm wants to expand across the Anglo East African region, including Ethiopia, Kenya, Rwanda, Tanzania, and Zambia, with funding from an upcoming seed round.
“We’re from the region.” We are familiar with the intricacies of our markets and can navigate what may appear to be a perplexing world. Working in unpredictable markets is also something we’re used to – and possibly even enjoy. “We are laying the foundation for Africa’s next decade of growth,” Diriye said of the investment.