Bloom Credit Secures $10.5M Funding to Expand Credit Data Infrastructure with Navy Federal Partnership

Bloom Credit, an innovative FinTech company focusing on modern credit data infrastructure, has recently announced a significant partnership with Navy Federal Credit Union, the largest credit union in the United States. This collaboration comes alongside a successful growth investment round, raising $10.5 million, led by Crosslink Capital. The partnership aims to enhance credit reporting for consumers by leveraging consumer permissioned data services.

Partnership Highlights: Bloom Credit and Navy Federal Credit Union

Bloom Credit is dedicated to transforming the landscape of credit reporting by providing platforms that make alternative credit data more accessible and actionable. Its flagship product, Bloom+, enables financial institutions to report a consumer’s recurring payments—such as rent, utility, and telecom bills—as tradelines to major credit bureaus. This revolutionary approach helps consumers build their credit profiles beyond traditional credit usage.

Navy Federal’s Commitment to Improved Credit Reporting

Navy Federal Credit Union has decided to integrate Bloom+ into its checking accounts. This strategic move will offer more than 14 million members a pathway to enhanced credit reporting based on their existing financial activities. The partnership signifies a critical shift in how credit profiles are constructed and assessed.

Statements from Leadership

Christian Widhalm, CEO of Bloom Credit, expressed his enthusiasm about the partnership, stating, “Navy Federal understands the value of consumer permissioned data to help their members build a more accurate, comprehensive, and complete credit profile. This collaboration opens the door for members to use their checking accounts as a meaningful pathway to credit and financial access.”

Jim Feuille, a venture partner at Crosslink Capital, also commented on the partnership’s potential: “Bloom+ is a game changer, and the size and scale of the partnership with Navy Federal reflects that. It delivers value for consumers, visibility for lenders, and exceptional growth potential for a product that is much needed in the market.”

The Future of Credit Reporting

The integration of Bloom+ into Navy Federal’s offerings marks a significant milestone in the evolution of credit reporting. By utilizing consumer permissioned data, this innovative solution not only enhances credit access but also promotes financial inclusion. Here are some key benefits:

• Enhanced Credit Profiles: Consumers can build their credit profiles using non-traditional data.
• Wider Access: More individuals can qualify for loans and financing options.
• Consumer Empowerment: Members gain control over their credit-building journey.

This partnership between Bloom Credit and Navy Federal Credit Union is a promising step towards a more inclusive financial future. For more information on credit reporting and innovative financial solutions, visit Navy Federal Credit Union or explore Bloom Credit’s official website.