Blooom Raises $9.15 in Series B Financing, Achieves AUM Growth in Record Time
One of the Midwest region’s Top Startups to Watch in 2017, blooom landed a round of financing to help millions of Americans improve their retirement savings.
“We are grateful to have had the opportunity to handpick some of the nation’s smartest fintech investors, who will help us in blooom’s mission to help a large segment of underserved Americans manage their retirement savings,” said Chris Costello, blooom co-founder and CEO in a release. “This Series B will allow us to reach hundreds of thousands of hard-working people across this country who have never received help with what may end up being their single most important financial asset: their 401k or 403b.”
And the news of the financing comes at the time of another major milestone, as Blooom continues to see outsized organic growth. The company announced today that it has raced past $500 million in AUM, becoming one of the fastest independent robo-advisors ever to reach this mark. Blooom achieved this milestone faster than Betterment and Personal Capital — on a tiny fraction of the capital.
Read the full article from Startland News.
You also can read the entire press release.
Blooom is one of the nation’s fastest growing robo-advisors with a specific focus on helping any American with a workplace retirement account like a 401k or 403b. Blooom is a Registered Investment Advisor with the SEC, and aims to scale fiduciary best practices on low fees, and appropriate asset allocation and diversification, to millions of Americans who have workplace retirement accounts, yet no access to a financial advisor. The company’s first-of-its kind use of the simple image of a flower to explain financial success, and a Netflix-like monthly subscription fee, are new and refreshing in an industry known for complicated charts and graphs, financial jargon, and opaque fees. Blooom was named one of the most innovative companies in the world by Fast Company, and counts FDIC Chair under two US Presidents, Sheila Bair, as an advisor.