About
Blooom was a 401(k) robo-advisor that shut down Nov 2022 and sold tech to Morgan Stanley. Had 29K clients with $5.6B in assets. Staff including CEO moved to Morgan Stanley. Raised $17.5M+ total. Founded in Overland Park, Kansas by Chris Costello and Randy AufDerHeide. Managed 401(k), 403(b), TSP, and IRA accounts. Former customers returned to recordkeepers after shutdown.
Key Facts
- [1]Funding: Total funding: $13M. Last round: Feb 2017. Stage: Early Stage.
- [2]Employees: Employee count: 11-50.
- [3]Company Type: Acquired company.
- [4]Website: Official website: blooom.com.
- [5]AI Technology: Core AI/ML technologies: Predictive ML.
- [6]Region: Region: Americas (United States).
- [7]Status: This company is no longer operating.
Founders
Chris Costello
Co-founder & CEO
Kevin Conard
Co-founder
Randy AufDerHeide
Co-founder
AI Technology
Predictive ML
Traditional ML algorithms for classification, regression, and scoring models
Classification
Market Segments
Tech Stack Layers
Details
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Frequently Asked Questions
What is Blooom?
Blooom was a 401(k) robo-advisor that shut down Nov 2022 and sold tech to Morgan Stanley. Had 29K clients with $5.6B in assets. Staff including CEO moved to Morgan Stanley. Raised $17.5M+ total. Founded in Overland Park, Kansas by Chris Costello and Randy AufDerHeide. Managed 401(k), 403(b), TSP, and IRA accounts. Former customers returned to recordkeepers after shutdown. Blooom is classified in the Wealth Management segment at the Applications layer of the financial AI stack.
Who founded Blooom?
Blooom was founded by Chris Costello (Co-founder & CEO), Kevin Conard (Co-founder), and Randy AufDerHeide (Co-founder).
How much funding has Blooom raised?
Blooom has raised $13M in total funding, placing the company at the Early Stage stage. The most recent round closed in Feb 2017. Among 31 funded Wealth Management companies, Blooom ranks #25 by total capital raised. (Source: AIFI Map directory.)
What AI technology does Blooom use?
Blooom primarily leverages Predictive ML technology. Traditional ML algorithms for classification, regression, and scoring models. Within the Wealth Management segment, 14 companies use this technology.
What market segment does Blooom operate in?
Blooom operates in the Wealth Management market segment. AI wealth management companies are transforming how individuals and institutions invest, plan financially, and manage assets. This segment spans robo-advisors, portfolio optimization engines, financial planning tools, and institutional asset management platforms.
Where is Blooom headquartered?
Blooom is headquartered in Kansas City, United States. The company operates in the Americas region. The team consists of 11-50 employees. United States is home to 324 financial AI companies tracked by AIFI Map.
Who are Blooom's competitors?
Companies similar to Blooom in the Wealth Management space include Unit21 ($92M raised), Kaaj ($4M raised), Lendbuzz ($310M raised), Ramp ($2.3B raised), Brex ($1.5B raised). These companies operate in related areas of financial AI: Unit21 focuses on ai-powered fraud and aml platform. Kaaj focuses on agentic ai for small-business lending automation. Lendbuzz focuses on ai auto financing for underserved populations. (Based on AIFI Map classification data.)
What products does Blooom offer?
Blooom builds applications-layer solutions for the financial services industry. The company's core offering: AI-powered 401k optimization and management. The platform is powered by Predictive ML technology.
Is Blooom publicly traded?
Blooom is no longer independently traded. The company was acquired by another company. Prior to the acquisition, Blooom had raised $13M in venture funding.