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Bloom Finance Company Ltd.

Market Research Report: Bloom Finance Company Ltd.



Company Overview



Name, Mission of the Company


Bloom Finance Company Ltd.
Mission: Empowering Canadian homeowners aged 55+ to access the wealth they have built in their homes to live a stress-free and financially secure retirement.

Founders and Establishment


  • Founder: Ben McCabe

  • CEO: Ben McCabe

  • Chief Operating Officer: Vishal Gulati

  • Chief Marketing Officer: Rachel Cohen

  • Head of Product: Hasan Nizami

  • VP, Sales: Jason Anton

  • VP, Engineering: Michael Granger

  • VP, Finance: Geoff Hector

  • Regional VP, Ontario: Nancy Karlovich

  • Head of Compliance: Barbara Ogrodny

  • Head of Underwriting: Siva Perumal

  • Director of Business Development, West: Rachel Rogerson

  • VP, Information Technology and Security: Kevin Watson


Headquarters


  • Location: 147 Liberty St., Toronto, ON, M6K 3G3


Number of Employees


No information available.

Revenue


No information available.

Known For


Bloom Finance Company Ltd. is known for providing reverse mortgages and the innovative Bloom Prepaid Mastercard® to Canadian homeowners aged 55 and above, enabling them to access their home equity in a responsible and secure manner.

Products



Product Offerings



1. Bloom Reverse Mortgage™
  • Description: Allows Canadian homeowners aged 55+ to unlock up to 55% of their home’s value in tax-free cash without having to move or lose ownership of their home.

  • Key Features:

  • Unlock up to 55% of the value of home in tax-free funds.

  • No monthly payments required; interest payment is optional.

  • Maintain 100% ownership of the home.

  • Use funds to pay off mortgage, cover unexpected costs, or enjoy retirement.


2. Bloom Prepaid Mastercard®
  • Description: Prepaid Mastercard® linked to the homeowner's home equity, allowing access to funds when and where needed.

  • Key Features:

  • Revolutionary access to home equity.

  • No monthly fees.

  • Usage control through the linked prepaid card.

  • Access tax-free funds directly through the card.


Benefits of Products


  • Reverse Mortgage Benefits:

  • Provides financial flexibility.

  • Tax-free funds.

  • Retention of home ownership.

  • Suitable for various financial requirements like healthcare, legacy planning, or debt refinancing.


  • Prepaid Mastercard Benefits:

  • Instant access to home equity.

  • No monthly fee structure.

  • Financial control and ease of use.


Recent Developments



Recent Developments in the Company


  • Innovative Product Launch: Introduction of the Bloom Prepaid Mastercard® aimed at providing flexible access to home equity.

  • Customer Experience Enhancement: Focus on transparent fees with no hidden charges and a highly rated customer service system.

  • Technological Advancements: Implementation of advanced tech solutions to streamline the mortgage application process, ensuring faster approvals and seamless customer experience.


New Products Launched


  • Bloom Prepaid Mastercard®: Boosting financial access and flexibility for senior homeowners by linking home equity to a prepaid card.


New Features Added to Existing Products


No information is available.

New Partnerships


No information is available.




Legal and Compliance
  • Licenses: Licensed in ON #13338, BC #MBX600455, and AB.

  • Customer Support: Exceptional customer service rated highly on Trustpilot, emphasizing client satisfaction and transparent dealings.


Contact Information
  • Phone: 1-866-882-5666

  • Email: info@bloomfin.ca


Notes: Focused on helping senior Canadian homeowners to navigate their financial needs in a user-friendly, responsible manner with robust support and simplified processes in financial products and services.




End of Report