San Fransisco-based fintech startup, B9 has raised $2.6 Million in fresh round funding led by Sky Light Invest with participation from fintech investors Mbanq and the founders of Wrike.
Last year, B9 raised $5 million in seed capital from angel syndicates and angel investors.
B9 plans to use the raised fund for the development of its product lines, specifically to release inflation-fighting and revenue-generating features to help customers who were unbanked by the traditional banks.
The startup also plans to take advantage of the recent BigTech layoffs and bring on new talent that can continually scale the platform as demand for this kind of product increases.
Founded by FinTech veterans with extensive consumer finance experience across four continents, B9 allows customers who are outside the traditional banking system to get bank-grade services on excellent terms, providing financial inclusion for people who are new to the U.S.
Speaking on the funding round, Sergio Terentev, CEO of B9 said, “While inflation is rising everywhere, it’s especially devastating to households with already tight budgets – which is why we must 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,” he added.
Commenting on the investment in B9, Anton Gazizoy, CEO of Sky Light Investment 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,” Gazizoy further added.
Since 2021, B9 has been on an aggressive growth path, achieving $7.5 million in total funding and revenue growth from $7K to $2M ARR in just 11 months. It has additionally doubled its revenue from January 2022 to date.
Recently, the company announced the launch of a new debit card and cashback program that gives back to B9 members up to 4% of the value of their transactions to help fight inflation.