B9 Inc, a payroll solution platform, aimed at supporting creditworthiness via employment data and economic behavior, announced a $2.6 million round that has been led by Sky Light Invest along with contributions from Fintech investors Mbanq and the founders of Wrike, a project management app.
Last year, B9 secured $5 million in seed funding from angel syndicates and angel investors.
Established by Fintech professionals with considerable consumer finance experience across four different continents, B9 is focused on offering an alternative for unbanked consumers, often first or second-generation immigrants, who are often targeted by predatory lenders.
B9 may assist with eliminating predatory lending with a no-interest (0% APR) pay advance offer. This feature assists clients who are currently outside the banking system by enabling them to receive bank-grade services on good terms, offering financial inclusion for consumers who are new to the U.S.
B9 CEO Sergio Terentev, who co-founded and led a NASDAQ-listed Fintech Qiwi, before launching B9, said:
“While inflation is rising everywhere, it’s especially devastating to households with already tight budgets – which is why it’s imperative for us to move at the speed of light to get these solutions across the finish line.”
“B9 is in growing demand – our customers have deposited paychecks from more than 14,000 companies, including Amazon, Walmart, Lyft, Uber, DoorDash, Instacart, and the U.S. Postal Service, and that number is growing rapidly. We consistently strive to provide low-income markets with the banking services they need for how they live and work today. The economic environment, which is conducive to unprecedented demand, and the quality of B9 solutions allow us to reach profitability by the end of this year, just one year after we began operations.”
Anton Gazizov, CEO at Sky Light Invest, remarked:
“As the FinTech industry is one of our key focus areas, we are thrilled to have the opportunity to invest in a company like B9, which is paving the way for the future of banking for immigrant communities and other underrepresented groups. Most of us have encountered at some point the deficiencies of the classical banking system, unfair exchange rates, unavailability of multi-currency cards, and so on. With FinTech companies often being much faster in identifying client needs and creating efficient, high-demand products to meet them, we look forward to seeing continued growth for B9.”
Since last last year, B9 has been on a steady growth path, acquiring $7.5 million in total funding and revenue growth from $7K to $2M ARR in 11 months.
The firm has reportedly doubled its revenue from January 2022 to date.
The firm intends to use the proceeds to invest in product development.
It will release “inflation-fighting” and revenue-generating features that help clients who are underserved by the banks. Consumers may stretch their paychecks to accommodate the current economic circumstances.
B9 also intends to take advantage of the recent Big Tech layoffs and hire new talent that can scale the platform.
The firm has also announced the launch of a debit card and cashback program that gives back to B9 members up to 4% of the value of their transactions.