Fintech start-up B9 has secured new funding to launch a platform to offer a full suite of financial services.
The company secured a total of $1.7m in an ongoing pre-seed funding round.
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The fintech is building a financial app for immigrants who are underserved by traditional banks. B9 will be offering direct payroll deposit with interest-free payroll advance options, a virtual Visa debit card and money transfer services.
The virtual card will be connected to Apple Pay to enable the customers to conduct online or offline purchases.
The customers will be charged a monthly subscription fee for the financial services.
B9 CEO Sergei Terentyev said: “Immigrant communities and other marginalised groups are invisible to traditional banks.
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By GlobalData“They are hardworking people who deserve a full service banking option that fits the way they earn and spend. The response to B9 has been overwhelming, with hundreds of thousands of people joining our waiting list and a 15% conversion rate.”
The company will utilise the new proceeds to hire additional staff and make technology investments.
It aims to reach 100,000 customers by the end of this year.
Terentyev added: “In our view, access to banking services that allow families to share resources, build credit and plan for the future is an equality issue, and the early response we’ve seen demonstrates the magnitude of the demand.
“We look forward to scaling our team and building out the platform to meet that demand and help people get ahead financially.”
