Bloom's purpose is to teach Gen Z how to get rich!
Bloom, a commission-free stock investing tool for teen investors, has reached 1 million downloads since its launch in February 2022.
The startup, founded by Allan Maman and Sam Yang, offers a brokerage account and teaches people ages 13 and up how to build wealth through interactive lessons on investing, stocks and finance. So far, users have taken more than 10 million lessons, Maman told TechCrunch.
Bloom costs $15 per month or $120 for a year, and there are no minimum account balance limits. In addition to reaching the 1 million downloads milestone, Maman said the company achieved seven-figure annual recurring revenue last year.
See also: Gen Z: TikTok influencers are great at financial advice
The company enters a space where startups like Copper, Greenlight and others are expanding. Bloom has raised a total of $4.4 million in seed funding from investors, much of it in 2022. Investors include Contrary, Slow Ventures, Offline Ventures, Rocketship VC, Slope and a group of angel investors, including Andrew Yang.
During that time, Maman and Yang noticed that Bloom users shifted from young teens to people ages 18 to 25. Indeed, that age group now makes up nearly a third of Bloom's current users, Maman said.
Information source: techcrunch.com
