Bloom to become top provider of revenue-based lending with £300M funding
Bloom Group S.A. has secured £300 million in a round of funding. The growth capital funding startup will use the money to expand across Europe and become a major provider of revenue-based lending for digital startups. Bloom Group S.A., a growth capital finance firm, secured £300 million to expand its operations across Europe and become a top supplier of revenue-based loans for digital entrepreneurs. Bloom CEO James Hickson says, "We are not your typical revenue-based lender. Based on current pricing, we estimate that eCommerce retailers have suffered £125-£200 million in extra costs. That's money that could have gone toward greater inventory, increased advertising, or consumer incentives. Rather of merely following the herd, we recognized a chance to innovate. As a result, we did." Credo Capital Partners led the fundraising round, with funds handled by Fortress Investment Group LLC. According to the statement, the increased capital makes Bloom the bes...