US FinTech startup B9 has raised $1.7m from a pre-seed funding round to help provide interest-free payroll advances for unbanked people.
Established in 2020, B9 lets hourly workers, part-time students, and freelancers turn their income volatility into steady, predictable cash-flows.
The company is building a financial app that it claims is providing an alternative for millions of unbanked people – commonly first or second-generation immigrants – who can be regularly targeted by predatory lenders.
B9 is offering its users no-interest pay advances of up to 15 days, alongside a free virtual Visa debit card as well as money transfer services within the US and around the world. A $4.99 monthly subscription is required for the platform.
B9 CEO Sergei Terentyev said, “Immigrant communities and other marginalized groups are invisible to traditional banks. 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.”
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