Bloom

Bloom offers students and young professionals in East Africa US Dollar banking. By saving in USD or digital dollars, and spending as they go in local currencies, they won't be subject to inflation. Problem: East Africa is home to 500 million people, with a median age of 18, growing at ~3% annually. Favourable demographics and population growth, compounded with GDP growth of ~6 - 8% underpin a fast-growing middle class. Nonetheless, East African currencies depreciate 15 - 20% per annum on average - this is the biggest impediment to wealth protection and creation for this middle class. Solution: We offer the middle class access to high-APY savings in stable currencies and financial services that enable consumers to spend as they go in local currencies. We do this using both banking infrastructure and Web3. Motivation: Being from countries with volatile currencies, we have seen family and friends lose large portions of their savings to inflation - this is what fuels our passion about this problem and what motivates us to build Bloom.