Although the US economy is one of the strongest in the world, more than that 14 million They are without a bank among American adults and have no credit score.
This is especially true for part-time students, young workers, concert workers who don’t have a stable job between nine and five, and immigrants who have recently had enough time to come to the U.S. and get a credit score. According to the U.S. Bureau of Labor Statistics, 2017 16.5 million people In the US they were working on “contingents” or “alternative work arrangements”.
Being economically vulnerable, these people often find themselves in a situation, and become so loan and other predatory services; many are trapped in a crazy wheel of debt, living off their paychecks. On average, 19% of households The income of families under $ 30,000 is without a bank. For these people, receiving pay on the same day is often crucial. Normally, they would not gain access to capital because there is no comprehensive and reliable aggregation of data. As a result, traditional institutions look after millions of people, and end up paying millions to pay for their income.
That’s where B9 was born, an AI-based fintech solution that helps bankers gain access to essential financial services. B9 offers early access to payroll, instant peer-to-peer payments, interest-free payroll advances, and a VISA debit card. Right now, B9 is in hyper-growth mode, raising $ 5 million in seed funding.
How does it work?
To qualify for B9, you must complete the basic information and provide your Social Security Number or Individual Fiscal Identification Number. B9’s AI-based solution collects and analyzes data, creating a portrait of customers ’economic behavior, including profit models.
To receive their payment 15 days in advance, customers will deposit the payment into their account. They can also make instant digital payments between peers and use the B9 card to shop online and offline. B9 itself is not a bank; He collaborates with Evolve Bank & Trust, which issues the Visa card. Our customers pay a monthly subscription fee of $ 9.99 (up to $ 4.99 through December) and can engage in as many financial activities as they want without a transaction fee.
Factor B9 captures a wealth of data on profit patterns, needs, and aspirations, all of which make up a BnineScore. The latter allows customers to access credit and access a wide range of products and services rather than high-performance low-dollar services. In the future, B9 will serve as a marketplace that connects lenders with potential buyers. The app provides data or credit scores to the former, which helps determine customer reliability.
Dream big and social
The decision to support the economically vulnerable has been a success.
In 2021, B9 raised $ 5 million from investors and raised $ 1.7 million in the preliminary phase. To date, the solution has attracted more than 60,000 users and has grown three times a month in customer transactions. The target market is around 150 million people, and information about B9’s customers shows that the app is on track. Most of the app’s customers are between the ages of 18-35, working in the concert and freelance economy.
Employees in mammoth industries like Amazon, Walmart and Uber have put their salaries into B9 accounts and trust the platform.
With higher growth, the team will serve 200,000 customers in the near future. By serving groups of people who have been invisible to traditional banks, the group believes that their solution will move the American economy more economically forward.