Entrepreneur Funds Immigrant Money App

This is a news story, published by CNBC, that relates primarily to Bloom Money news.

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Bloom Money

CNBC

•

Business

Business & Economics

Millennial entrepreneur raised $2 million for a money-saving app for immigrants

Summary

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82% Informative

Nina Mohanty founded Bloom Money, a fintech app designed to support U.K.-based immigrant communities to save money collaboratively.

Mohanty says mainstream banks don't understand how immigrant communities manage their money.

The 32-year-old founder has raised $2 million in venture capital to build Bloom Money .

Immigrants tend to save their money differently and rely on community and collaboration.

Bloom Money is a "fight for a more diverse formal financial system" It wants to build investment products as immigrants are so focused on sending money home that it comes at the expense of wealth planning for future generations.

Ethnic minorities are less likely to have savings or investment accounts, and workplace pensions.

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informal

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English

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