Bloom Solutions

Bloom Solutions was founded in 2015 by Luis Buenaventura to build blockchain-based infrastructure for cross-border remittances, selling that infrastructure to banks and remittance service providers (RSPs) rather than operating as a consumer-facing remittance brand itself. The company was selected for Google’s Launchpad Accelerator, a signal of credibility in blockchain and fintech infrastructure circles fairly early in the space’s history.

For a period, Bloom also ran a consumer-facing product, BloomX, a retail crypto-trading app that let everyday users buy, sell, and hold cryptocurrency directly. BloomX shut down deposits and trading between July and August 2023 as the company refocused on its core B2B remittance-infrastructure business rather than continuing to run a retail trading product alongside it.

Bloom’s core business — blockchain-based settlement and remittance infrastructure sold to banks and RSPs — continues operating; the BloomX retail product’s discontinuation is reported here honestly as a real narrowing of scope, not a full company shutdown.

Cross-border remittance settlement between banks and money transfer operators has traditionally relied on slow, opaque correspondent-banking relationships; Bloom built blockchain-based settlement rails to let banks and RSPs move and reconcile funds across borders faster and more transparently.

Banks and remittance service providers (RSPs) that need blockchain-based settlement infrastructure for cross-border transfers, and — for a period, via BloomX — retail users wanting to trade cryptocurrency directly.

Bloom positioned itself as B2B settlement infrastructure for existing banks and remittance operators rather than a consumer remittance brand competing directly with them, a structurally different and less crowded part of the cross-border payments stack. Its selection for Google's Launchpad Accelerator gave it early technical credibility, though its 2023 decision to wind down the consumer-facing BloomX trading app shows the company narrowing back toward that original core infrastructure focus rather than chasing a broader retail crypto strategy.