Joust Labs, a US neobanking startup targeting freelancers and gig economy workers, has closed a $2.6 million seed funding round led by PTB Ventures.
Accion Venture Lab, Financial Venture Studio, and Techstars joined the round, backing Joust's plan to target a fast-growing market segment of workers facing specific challenges managing their finances.
Joust provides freelancers, sole proprietors, and small and midsized businesses in the US with tailored financial services to manage and smooth their unconventional cash flows.
The startup has developed an invoice guarantee product, PayArmour, which allows users to access a cash advance against unpaid invoices. The product is bundled with a suite of financial services, including a bank account and payments processing, offered through one mobile platform.
Lamine Zarrad, CEO, Joust, says: "At Joust, we understand the growing market of self-employed workers, freelancers, and small businesses, and their need for an all-in-one banking solution—especially one that gives them the same benefits enjoyed by major corporations. Our platform not only saves time, but also reduces uncertainty and mitigates the risk of late and non-payment."
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