Joust, a banking platform designed for independent professionals, has closed a new funding round to support growth.
The funding amount was not disclosed. However, several local media sources put the amount at $2.6m.
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The round was led by PTB Ventures and also joined by Accion Venture Lab, Financial Venture Studio and Techstars participating.
The neobank platform intends to utilise the new investment to expand its platform and better serve the freelance workforce segment.
Joust founder and CEO Lamine Zarrad said: “We are so excited to partner with PTB Ventures, Accion Venture Lab, Financial Venture Studio, and Techstars.
“At Joust, we understand the growing market of self-employed workers, freelancers, and small businesses, and their need for an all-in-one banking solution—especially one that gives them the same benefits enjoyed by major corporations.
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By GlobalData“Our platform not only saves time, but also reduces uncertainty and mitigates the risk of late and non-payment.”
Founded in October 2017, Joust provides freelancers, sole proprietors and small and midsized businesses in the US with tailored financial services.
The banking app offers the customers with FDIC-insured bank account combined with a merchant account to accept all kinds of payments.
The Joust offerings include PayArmour that allows the users access cash advance against unpaid invoices.
PTB Ventures founder and managing partner Dave Fields said: “Freelancers require credit and banking products that mirror the user experience of the consumer market but the product sophistication of the small business market.
“Existing financial market infrastructure just isn’t built to provide this bundle. Through the use of contextual data and proprietary risk algorithms, Joust reduces the cost, complexity and risk of becoming a self-employed worker.”
