Blossom doubled FUM and hit $50m milestone in 2023, sets sight on $100m for 2024
Blossom announces it has $50 million of funds under management (FUM), doubling their FUM in 2023
CEO Gaby Rosenberg sets sights on doubling again in 2024 to reach $100 million FUM
SYDNEY – 9 JANUARY 2024: Blossom, the Australian fixed income app, announces it reached its ambitious target of $50 million of funds under management (FUM) before the of 2023. The milestone signifies a doubling of Blossom's FUM in 2023, up from $25 million, reflecting the increasing interest in fixed income investments among Australian businesses and individuals this year.
In addition to a growing awareness of fixed income amongst everyday Australians, Blossom credits their increased targeted returns of 5.95% p.a. as well as their expanded product offering as having a significant impact on their FUM growth.
In addition to a growing awareness of fixed income amongst everyday Australians, Blossom credits their increased targeted returns of 5.95% p.a. as well as their expanded product offering as having a significant impact on their FUM growth.
The second half of 2023 saw the launch of two new product offerings, 'Blossom for Business' and 'Blossom for SMSF', allowing small and medium enterprises (SMEs) and self-managed super funds (SMSFs) to access fixed income investments. Along with these launches, Blossom also increased their targeted rate of return to 5.95%p.a., further enhancing their appeal to investors.
Blossom concluded the year on a strong note with their '12 Days of Savings’ campaign in December, which saw Blossom users receive their share in $24,000 worth of prizes in the lead up to Christmas.
Gaby Rosenberg, Co-Founder and CEO of Blossom said:
"2023 was a fantastic year for Blossom and we are thrilled to have reached our ambitious target of $50 million of FUM.
We’ve seen a surge in interest in fixed income investments, but we're not stopping here, we are already setting our sights higher for 2024, aiming to double our FUM again to $100 million.
We've worked hard to democratise access to bonds and the success of Blossom’s increased returns of 5.95%p.a., as well as our new Blossom for Business and Blossom for SMSF offerings show that our efforts are paying off."
Everyday Australians, SMEs and SMSFs can invest in the professionally managed Blossom Fund on the Blossom app.