B9, a payroll solution platform, has raised $2.6m in a funding round headed by Sky Light Invest.
The round also saw participation from Mbanq as well as from the founders of Wrike, which is a project management solution. The firm previously raised $5m in seed capital in 2021.
B9 was designed to provide an alternative for unbanked people – often first or second-generation immigrants – who are often targeted by predatory lenders.
The firm claims it can help eliminate predatory lending with a no-interest pay advance offer. This helps customers that are outside the traditional banking system get bank-grade services on great terms, providing financial inclusion.
B9 CEO 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.”
CLST, an institutional-only lending and borrowing platform for stable coins and cryptos, has closed a multi-million-dollar seed round.
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