B9, a US startup building a financial app for immigrants that provides interest-free payroll advances, has raised $1.7 million in an ongoing pre-seed funding round.
B9 is designed to provide an alternative for millions of unbanked people, often first or second-generation immigrants, who are targeted by predatory lenders.
The firm is offering users no-interest (0% APR) pay advances of up to 15 days, a free virtual Visa debit card, and money transfer services within the US and around the world. Users pay a $4.99 monthly subscription.
CEO Sergei Terentyev, CEO, B9, says: "Immigrant communities and other marginalized groups are invisible to traditional banks.
"They are hardworking people who deserve a full service banking option that fits the way they earn and spend. The response to B9 has been overwhelming, with hundreds of thousands of people joining our waiting list and a 15% conversion rate.”