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New platform adds $1B in assets to KC-based fintech firm Blooom

By Madison Parry

Since starting up its new retirement calculation tool on Jan. 1, 2021, Leawood-based online Registered Investment Adviser, Blooom, has drawn in $1 billion in assets. Blooom has around $12.2 billion in assets linked to its site and manages roughly $5 billion in retirement assets.

Just two short months after launching a retirement calculation tool on its site, Leawood-based Blooom reports it has gained $1 billion in new assets.

Founded in 2013, Blooom is an online Registered Investment Adviser that manages individual participant accounts and delivers investment management to employer-sponsored retirement plans like 401(k)s, IRAs and more.

Back in January 2021, Blooom announced it had reached $5 billion in assets under management, which occurred prior to the company opening up its free platform to additional investment types tied to retirement goals.

With around 150,000 accounts on its platform, the company overall has roughly $12.2 billion in assets linked to its site.

On Jan. 1, 2021, Blooom launched its new retirement calculation tool. The platform helps people set retirement goals and look for ways to potentially improve their investment strategy. Blooom has no charge to open an account and offers the service for free to anyone with an account.

Attraction to the platform, according to Blooom founder and CEO, Chris Costello, is due to tool’s ability to show customers not just their overall retirement savings balance but also that it provides a projection of their estimated monthly retirement income.