Bloom Announces Closing of $7M Series A Financing
Summary
The company has been growing rapidly since its launch of operations in late 2021, extending nearly $100 million to homeowners in Ontario and British Columbia to date. "For an ageing demographic that has generally under-saved, home equity release represents a powerful, supplemental income solution," shared Atul Kamra, SixThirtys Managing Partner & Bloom board director. We share the view that home equity release is part of the overall wealth decumulation journey, and it starts with closing a vast, unmet need for income advice. "The traditional reverse mortgage is a powerful solution for a broad cross section of homeowners, in a wide variety of financial circumstances", added McCabe. Leveraging technology and innovation in product delivery, the company is modernizing home equity access to make it flexible, sustainable and simple.