Bloom Impact, a Ghana-based fintech startup, provides an online and mobile platform to help micro- and small-business owners in Africa raise funds by enabling lenders to vet businesses in need of financing.
Bloom estimates there is a $140 billion to $170 billion financing gap for Africa’s small business owners, many of whom operate in the informal economy and are unbanked.
Engineers Without Borders Canada, which uses engineering skills to aid development, has invested in several other fintech startups as a way to make products and technologies more accessible to low-income populations.
Its investment in Bloom, amount undisclosed, came via its venture seed fund, EWB Ventures; this is its ninth investment.
In July, it backed mobile text-based early-education venture, M-Shule.