This spring, Blossom is rethinking growth.
The Vancouver startup was conceived in 2021 with the idea to combine day-trading technology with social elements.
However, sliding markets and intense capital demands spurred Blossom to pivot away from establishing its own trading platform, and instead to focus on the synergy the app can add to existing platforms.
“We scrapped those plans entirely just to focus on being the investing social network,” chief executive officer Maxwell Nicholson informed BetaKit.
“If you think of LinkedIn as the social network for everything jobs and career, we’re building the social network for everything money and finance,” he continued, describing the relationship between social and finance as “very synergetic.”
With a clearer vision, Nicholson and co. recently turned to online crowdfunding platform FrontFundr to raise seed capital.
Nearly 800 Canadians invested an average of over $1,200 each into Blossom via FrontFundr, allowing the fintech startup to raise $1 million in a matter of days. Other investors, including LOI Venture and Goodwater Capital, contributed to the seed round.
“It was the single biggest launch day we’ve ever seen,” FrontFundr founder Peter-Paul Van Hoeken told BK.
Blossom is currently gaining about 10,000 new users monthly, with the vast majority of those users being located in Canada. Freshly funded, Blossom intends to expand its offering into the US market, according to Nicholson, who anticipates cash flow positivity in 2025.
Nicholson launched in 2022 after pilot testing its product in a private beta in 2021.
The fledgling fintech was then accelerated by Google for Startups in 2022 before being recognized as a Canadian Fintech to Watch in 2023 and named a winner at the Digital Commerce Calgary Fintech Award last year.
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