Entrepreneur raises $2 million for immigrant money-saving app

Nina Mohanty, a 32-year-old entrepreneur, secured $2 million in funding to develop Bloom Money, a financial app designed for immigrant communities. The app aims to support collaborative savings methods. Bloom Money facilitates "money circles," or ROSCAs, allowing users to pool and rotate savings digitally, addressing a gap in traditional banking for immigrants. Mohanty, who has worked in finance, observed that mainstream banks often misunderstand immigrant financial practices. The app seeks to provide financial services tailored to immigrant communities, including investment options, and address issues like discrimination and lack of credit history. The goal is to build a more inclusive financial system.