Bloom Financial Technologies Inc, trading as Elevate Pay, is a financial technology company, not a bank. Banking services are provided by Merchants Commercial Bank, Member FDIC. Funds are held at Merchants Commercial Bank, an FDIC-insured institution. Pass-through FDIC insurance protects your eligible deposits up to $250,000 per depositor, per ownership category, in the event of Merchants Commercial Bank failure. Pass -through FDIC insurance coverage is subject to certain conditions.