Finance

Sudan: Bloom secures US$6.5 mln, a record for local tech firms

Wednesday, 20 July 2022 20:23
Sudan: Bloom secures US$6.5 mln, a record for local tech firms

(Ecofin Agency) - The funds raised exceed the US$6 million raised by Sudanese startups between 2019 and May 2022. 

Sudanese fintech startup Bloom recently secured US$6.5 million from a pool of foreign investors. According to several sources, the investment is the highest financial package ever secured by a Sudanese tech firm. 

With the funds secured, Bloom plans to expand into English-speaking East African countries, namely Ethiopia, Kenya, Rwanda, Tanzania, and Zambia. 

“The plan is to scale in the country and then expand to other markets […] We anticipate being in at least one market before the end of the year and a couple more early next year,” indicates Bloom’s CEO and co-founder Ismail (photo, right). 

The investment comes after the fintech startup founded in 2021 secured pre-seed funding of an undisclosed amount last September.  The pre-seed round was executed by several investors including US venture capital firms Global Founders Capital, Goodwater Capital, and some soccer players, including French Blaise Matuidi. Those investors committed more funds during Bloom’s latest fundraising. Other participating investors include Visa and Y Combinator.

By partnering with the Sudanese company, Visa aims to expand its online and card payment services not only in Sudan but also in East Africa. Beyond banking services, Bloom allows its users to open savings accounts, save in US dollars, and spend in local currency.  

In a June 2022 publication, the platform Africa: the big deal revealed that Sudanese startups raised US$6 million between 2019 and May 2022, the lowest in East Africa where startups raised US2.3 billion over the said period.  

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