Engineers Without Borders Canada (EWB) has invested in Ghanaian fintech startup Bloom Impact to help it scale up its operations and give more people access to financial services.
Bloom Impact operates a marketplace that is accessible from smartphones and leverages machine learning and other technologies to allow MSMEs to create a digital profile, apply for financial services, and receive offers that best meet their needs.
The startup has now become the ninth venture to receive an investment through EWB Ventures, the investment arm of Engineers Without Borders Canada that backs 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 was 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.”
EWB’s investment will help to grow the product adoption, referral and incentive programmes, as well as advance product development.
“EWB understands the barriers that prevent scale and growth in emerging markets and how social enterprises can have an impact,” said Bloom Impact co-founder and chief executive officer (CEO) Carol Caruso. “We are delighted to partner with EWB 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.”
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