SAN FRANCISCO, CA (Sep 24, 2018) — Bloom announced that it has been selected to join the first-ever BMW Group Financial Services U.S. Collaboration Lab. Bloom was selected in the “Building a Blockchain Strategy” category and will now join a 10-week lab at BMW Financial Services’ offices in Hilliard, Ohio to further develop their ideas alongside leading subject matter experts in the automotive and financial sectors.

“Bloom is excited to participate in such a forward-thinking initiative. I’m excited to be working with the BMW Financial Services team to build a streamlined and easy lending experience to improve the customer journey,” noted Anne Ching, Head of Partnerships at Bloom.

A panel of judges from BMW Financial Services, BMW of North America, and L Marks chose Bloom and five other companies from a total 212 domestic and international applicants to participate in the program following a live pitch.

Streamlined Lending

At the launch of the program, Ian Smith, CEO of BMW Group Financial Services USA, stated that BMW Financial Services is “looking to examine any and all methods of how blockchain ledgers could support the transformation of current data warehousing, payment, and customer information tracking. Ultimately, our goal is to enable BMW to automate a lot of processing and increase the tracking and security of information.

The BMW Group Financial Services U.S. Collaboration Lab accelerator program is designed to provide entrepreneurs, start-ups, and small businesses in fintech and other fields with the opportunity to partner with BMW Group Financial Services to develop, and then realize, innovative solutions and game-changing new technologies that can ultimately benefit consumers, dealers, and partners.

About Bloom:

The traditional lending process is cumbersome, puts consumer data at risk, and struggles to accurately score all borrowers.

Bloom fixes this.

Using Bloom’s blockchain-based mobile app, individuals can finally secure their data on their local device and apply for credit without putting their data at risk. Bloom’s commitment to user experience is evident in the seamless onboarding process. Now anyone can take advantage of blockchain technology without the steep learning curve.

Shannon Wu (shannon@bloom.co)

The BMW press release can be found here: https://www.press.bmwgroup.com/usa/article/detail/T0284774EN_US/bmw-group-financial-services-announces-six-startups-selected-to-join-first-u-s-collaboration-lab?language=en_US