Joust Labs, a US challenger bank focused on freelancers and entrepreneurs, has closed its seed round on $2.6m.
The investment was led by PTB Ventures, with participation also coming from Accion Venture Lab, Financial Venture Studio, and Techstars.
Proceeds have been earmarked for platform expansion and further supporting the marketplace.
Joust is designed for those of whom have difficulty managing finances due to the irregularity of working with multiple clients or partners. Its technology helps users handle invoices and payments and provides protection from missed or late payments.
US-based freelancers, self-employed and SMEs based in the US can use Joust for a secure and smart bank account. The FDIC-insured account enables users to set aside funds automatically for tax payments, receive interest on deposits, make unlimited transfers, pay 5,000+ direct billers, and manage existing bank accounts.
The company also offers a PayArmour service which supplies cash in advance against unpaid invoices, boosting working capital access.
PTB Ventures founder and managing partner Dave Fields said, “Freelancers require credit and banking products that mirror the user experience of the consumer market but the product sophistication of the small business market.
“Existing financial market infrastructure just isn’t built to provide this bundle. Through the use of contextual data and proprietary risk algorithms, Joust reduces the cost, complexity and risk of becoming a solopreneur.”
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