Navy Federal Credit Union Enhances Member Services with Bloom+ Data Solution

In a landmark move, Navy Federal Credit Union, the largest credit union in the United States, has embraced Bloom Credit’s cutting-edge ‘Bloom+’ consumer-permissioned data solution as a new offering for its over 14 million members.

‘Bloom+’ is a white-label, no-code API that empowers financial institutions like banks and credit unions to enable their customers to report bill payments directly to major credit bureaus. This includes payments for rent, telecommunications, and utilities, as credit-building tradelines.

Bloom Credit debuted ‘Bloom+’ in August 2024, aiming to offer credit data reporting and furnishing that was previously unavailable, catering to both consumer and small business banking needs with a bureau-agnostic approach.

“By leveraging consumer-permissioned data, Navy Federal can substantially enhance its members’ credit profiles, creating more accurate and comprehensive credit assessments,” commented Christian Widhalm, CEO of Bloom Credit.

“Previously, member creditworthiness was dependent solely on credit usage. Now, with Bloom+, their checking account activities can positively impact their credit and open doors to better financial opportunities.”

Additionally, Bloom Credit has secured a $10.5 million growth investment to boost its team and amplify its technology and market strategies. This funding round was spearheaded by Crosslink Capital and included contributions from Allegis Capital, Commerce Ventures, and CT Innovations.

Jim Feuille, a venture partner at Crosslink Capital, praised the potential of ‘Bloom+’, stating, “The partnership with Navy Federal is proof of its groundbreaking value. It offers significant benefits to consumers, enhances visibility for lenders, and holds tremendous growth opportunities for the market.”

Anahita Reilly, Vice President at Navy Federal Credit Union, is slated to speak at the upcoming Open Banking Expo USA on June 26 in New York. Secure your spot for this event here.