San Francisco, CA-based payroll solution startup B9 raised USD 2.6 million in the latest funding. The seed+ round took place on July 29, 2022. Sky Light Invest led the financing for the firm. Mbanq and the founders of a project management application, Wrike, also participated in the round.
Purpose of funding for B9
With the latest capital infusion, the company plans to invest in product development. It wants to focus its product offerings on releasing inflation-fighting, revenue-generating features for customers underserved by the traditional banks who stretch their paycheck to accommodate the current economic circumstances.
Meanwhile, the payroll company seeks to ramp hiring operations. It intends to bring on new talent. Earlier in 2021, B9 raised USD 5 million. Angel syndicates and angel investors led the seed funding back then.
What the founder has to say
B9 CEO and co-founder, Sergio Terentev 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.”
What the investor has to say
Anton Gazizov, CEO at Sky Light Invest, said, “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.”
About B9 Inc.
Sergio Terentev launched the company in August 2020. He previously co-founded and led a NASDAQ-listed FinTech company Qiwi. The company seeks to empower the creditworthiness of its users through employment data and economic behaviour. Recently, the company launched a new debit card. It also introduced a cashback program that gives back to its members up to 4% of the value of their transactions.
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