Blossom Finance and Islamic financing services from San Francisco to Jakarta

Islamic financing is a field of economy which has seen considerable growth in recent years. Regarding the growth in population of Muslims in non-Muslim countries and expansion of Financial Technology (FinTech), the section has particularly seen great advancement in non-Islamic countries.

Although Islamic financing is still facing challenges including complexity of legislations and lack of advertisement, startups and financing companies seem to be capable of attracting investors regarding the satisfactory function of Islamic financing system especially during the COVID-19 pandemic.

These companies and startups have been warmly welcomed in the Islamic countries though there are companies and startups active in non-Muslim capitals which have made great achievements, Blossom is an instance for that.

In 2014 Blossom was established by Matthew Martin, experienced in the field of startups, in the Silicon Valley, San Francisco. Matthew Martin is a pioneer in hiring Fin Tech for responsible financial affairs in the United States. His background includes engineering and production management in the field of credit cards, money remittance, cellphone banking, international tech startups Boku, Xoom, Monitise. He has also counseled in different fields including blockchain, payment technology, production management and Sharia finance.

In 2013, Martin purchased his first cryptocurrency facilitating 27 countries to purchase Bitcoin via cellphone. Besides his mother language English, he has average knowledge of Indonesian, Persian and French languages. Matthew embraced Islam in 2010 and lives in the Indonesian capital Jakarta with his wife and their son.

Due to his interest in financing Matthew launched Blossom which aimed to increase and expand Islamic microfinancing. In order to achieve the objective, Blossom uses a business partnership and different methods of sharing the profit with customers naming venture capital and sharing.

In venture capital the profit is divided between the investors and startups and investors at Blossom collect part of the profit made by businesses which have been established or grown due to its investments. Based on the Islamic financing, these investments should not be made in the fields forbidden in view of Islam for instance in alcoholic drinks, arms and gambling.

In 2015, Blossom was relocated in Indonesia and has been cooperating with local small institutions in a bid to provide better services, settling insurance issues in Indonesia and also in cultural and local issues ever since.

It focuses on cooperating with Halal industry by giving small loans based on Islamic financing which is without profit.

Also, Blossom has made great contribution to eradication of poverty by investment and entrepreneurship across Indonesia. Facilitating small businesses and attracting international investors are among other services provided by Blossom.