Navy Federal Credit Union integrates Bloom Credit’s checking account feature

The largest credit union in the US, Navy Federal Credit Union, has selected Bloom Credit’s consumer-permissioned data solution ‘Bloom+’ as a new checking account feature for its more than 14 million members.

The ‘Bloom+’ white label, no-code API allows banks and credit unions to offer checking account customers the ability to report bill payments, such as rent, telco, and utility payments, as tradelines to the major credit bureaus.

According to Bloom Credit, it launched ‘Bloom+’ in August 2024 to “provide previously unavailable, bureau-agnostic, credit data reporting and furnishment for consumer and small business banking use cases”.

“Navy Federal understands the value of consumer-permissioned data to help their members build a more accurate, comprehensive and complete credit profile,” said Christian Widhalm, chief executive officer of Bloom Credit.

“Prior to this moment, their members have had to rely on credit use to build credit worth. Now, with Bloom+, the member’s checking account can provide a meaningful pathway to credit and financial access.”

In addition to its partnership with Navy Federal Credit Union, Bloom Credit also announced a $10.5 million growth investment led by Crosslink Capital, with participation from existing investors Allegis Capital and Commerce Ventures. CT Innovations also joined the round.

The new investment will be used by Bloom Credit to grow its team, as well as expand its technology and go-to-market dedicated to credit solutions.

Jim Feuille, venture partner at Crosslink Capital, added: “Bloom+ is a game changer and the size and scale of the partnership with Navy Federal reflects that.

“It delivers value for consumers, visibility for lenders and exceptional growth potential for a product that is much needed in the market.”

Anahita Reilly, vice president at Navy Federal Credit Union, is speaking at Open Banking Expo USA on June 26, in New York. Get your ticket here.