Navy Federal Chooses Bloom Credit for Consumer Permissioned Data Services

Bloom Also Announces $10.5M Growth Investment Led by Crosslink Capital

NEW YORK--(BUSINESS WIRE)--Bloom Credit, a modern cash flow reporting and credit data infrastructure platform, today announced Navy Federal Credit Union, the largest credit union in the U.S., has selected its consumer permissioned data solution, Bloom+, as a new checking account feature for its 14 million members.

Bloom Credit also announced a $10.5 million growth investment led by Crosslink Capital, including participation from existing investors Allegis Capital and Commerce Ventures. CT Innovations also joined the round. Bloom Credit will use the new funds to expand its team, technology, and go-to-market dedicated to credit data solutions.

Bloom+ allows a financial institution to provide customers the ability to leverage existing payments from their checking accounts, such as rent, telco, and utility payments, to be reported as tradelines to the major credit bureaus. By using Bloom+ consumer bill repayment history becomes a powerful tool in building and demonstrating creditworthiness.

“Navy Federal understands the value of consumer permissioned data to help their members build a more accurate, comprehensive and complete credit profile. Prior to this moment, their members have had to rely on credit use to build credit worth. Now, with Bloom+, the member’s checking account can provide a meaningful pathway to credit and financial access,” said Christian Widhalm, CEO of Bloom Credit. “We are equally thankful for Crosslink and our investors who share our vision for innovating the infrastructure of modern credit data.”

Bloom Credit launched Bloom+ in August 2024 to provide previously unavailable, bureau-agnostic, credit data reporting and furnishment for consumer and small business banking use cases. The Bloom+ white label, no code API allows banks and credit unions to offer checking account customers the ability to report bill payments as tradelines. The proprietary software, which can be launched with clients in as little as two weeks, helps financial institutions to attract and retain deposits, create revenue opportunities, and secure actionable cashflow insights on customers.

“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,” said Jim Feuille, venture partner, Crosslink Capital.

The Navy Federal partnership and new capital investment follow the recent hires of former senior leader at Experian Christa Degnan as chief product officer and credit union solutions executive Tushar Mukhija as head of strategy and partnerships, credit union financial services.

About Bloom Credit

Bloom Credit is an API platform designed to modernize the infrastructure of the credit data ecosystem, including the enablement of real-time credit reporting, improvement in reporting accuracy, and expansion of the breadth of alternative consumer- permissioned data (CPD) provided to determine credit scores. Bloom Credit empowers its customers to launch and grow new classes of credit products by leveraging access, reporting and alternative CPD in a fraction of the time it has traditionally taken, leading to the development of important applications which can improve consumers’ creditworthiness. Bloom Credit is a member of the American Fintech Council dedicated to promoting an inclusive and transparent financial system. Learn more at www.bloomcredit.io.