B9 Raises $ 5 Million in Seed Capital, Doubles Year-End Customer Acquisition Target to Keep Up With Rapid Growth
FinTech Firm Serving Underserved Customers of Traditional Banks Grows 10-fold Month-Over-Month Customer Transactions
Posted: October 13, 2021 at 7:00 a.m. MDT
SAN FRANCISCO, October 13, 2021 / PRNewswire / – B9 Inc., a fintech start-up, recently launched a comprehensive suite of application-based financial services, creating a platform to serve customers underserved by traditional banks who are looking for a solution to alternative pay. The company offers “unbanked” customers, those who are overlooked by banks or banking institutions in any capacity, access to services such as payroll direct deposit, instant peer-to-pay payments. peer, interest-free payroll advances and a VISA® debit card. B9’s AI creates an accurate portrait of each customer’s economic behavior based on their revenue models, needs and wants. Proprietary BnineScore, based on economic behavior, allows customers to accumulate credit and access more products and services at lower prices.
As the fourth quarter of 2021 begins, B9 is in hypergrowth mode, having increased $ 5 million in seed funding.
As the fourth quarter of 2021 begins, B9 is in hypergrowth mode, having increased $ 5 million in seed funding. B9 is seeing massive transactions and new customer growth as it nears the goal of reaching 200,000 customers by the end of the year – a number that is double the original target. The revenue growth figures include a 10-fold month-over-month increase in customer transactions, primarily paycheck deposits, which continued at a record pace every week, signaling the confidence of customers. customers in the B9 platform. B9 makes it easier to deposit checks and withdraw funds from online accounts, and the company has not only seen spikes in the number of paychecks deposited, but also in the average deposit size. Customers from all over the country are joining B9.
B9 customers have deposited paychecks from more than 1,500 businesses, including Amazon, Walmart, Lyft, Uber, DoorDash, Instacart, and the U.S. Postal Service, and that number is growing rapidly B9 estimates that around 40% of customers are full-time employees, with freelancers and concert workers comprising up to 60% of the total clientele. The typical client is between the ages of 18 and 35, with peak income for years to come. Customer acquisition costs are single digits and B9 is growing organically thanks to referrals.
“We serve a huge market that was virtually invisible to traditional banks, and I am proud of the benefits we provide to this hard-working community,” said the CEO of B9. Sergei Terentev. “Immigrants, part-time students, young workers, gig employees and others who often fall through the cracks of big banks now have an alternative to predatory payday lenders. We are offering better services and options, and as we grow we will be able to use our data to better understand and anticipate customer needs. “
Recently launched features include access to Apple, Google and Samsung mobile wallet options to withdraw funds and facilitate mobile spending, a physical card for use in stores, as well as a card withdrawal feature to facilitate deposits. on B9 account and instant digital payments. B9 also now offers remote check deposit with instant access to funds and unlimited free check cashing.
“I am not surprised that we are growing so quickly as we allow clients to easily access a full range of financial services at a fair subscription price,” Terentev said. “It’s an equality issue when people don’t have access to modern financial services, they need to build credit and plan for the future, and it’s also a security issue because people unbanked fall victim to predatory lenders and are vulnerable when traveling with cash. I am grateful to the investors who help B9 meet this need. “
B9 Inc. is a personal finance platform providing financial solutions, consumer products, services and resources to workers in the United States who are underserved by traditional banks, for a $ 4.99 monthly SaaS fees. B9 offers interest-free payday advance options, VISA® debit card for secure online or offline purchases, the ability to send money to family in the US and abroad, pay bills with the app and get additional cards for family members. B9 is not a bank. Banking services are provided by Evolve Bank & Trust, member of the FDIC. The B9℠ account is provided by and the Visa® B9 card, issued by Evolve Bank & Trust, member of the FDIC. Learn more about www.bnine.com
Media contact: Lisa Tareila, [email protected]
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