Blockchain Startup Bloom, BMW Partner To Develop Customer Lending Solution

Blockchain, News | September 17, 2018 By:

Blockchain startup Bloom is working with BMW Group Financial Services on a solution to streamline customers’ journey and lending experience.

Bloom is building an end-to-end protocol for identity attestation, risk assessment and credit scoring, entirely on the blockchain. It allows both traditional and digital currency lenders to serve billions of people who currently cannot obtain a bank account or credit score. In January of this year, the company raised $41 million in its initial coin offering (ICO).

The partnership, which is part of the BMW Collaboration Lab 2018, seeks to use Bloom’s lending infrastructure solution to verify customer identity and to attest the accuracy of credit history without storing customer raw data on the servers.

“Bloom is excited to participate in such a forward-thinking initiative,” said Anne Ching, Head of Partnerships at Bloom. “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.”

The BMW Collaboration Lab 2018 is a 10-week acceleration program at BMW Financial Services’ offices in Hilliard, Ohio. From over 200 applications considered, only Bloom and five other startups were invited to pitch their ideas live to a panel of judges from BMW Financial Services, BMW of North America, and L Marks, including key BMW executives.

Ian Smith, CEO of BMW Group Financial Services USA, said that BMW 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, BMW’s goal is to enable the firm to automate a lot of processing and increase the tracking and security of information.

“By working collaboratively with talented entrepreneurial companies, we will drive new thinking, explore new technologies and develop pioneering solutions,” Smith said. “We will ensure that we continue to remain highly relevant and meaningful for our customers well into the future. Collaboration is where innovation and implementation meet.”