B9 Inc. is a payroll solutions startup aiming to promote "unbanked" users' creditworthiness by taking into account their economic behavior and employment history. This week, the innovative company announced that it had secured $2.6M in its latest funding round, which was led by Sky Light Invest.
B9 Inc. aims to offer an alternative solution for people operating outside of the traditional banking system, protecting them from predatory lending by delivering a unique no-interest pay advance offer.
"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," said B9 CEO Sergio Terentev.
Low Income-Targeted Payroll Platforms
B9 Secures $2.6 Million to Further Develop Its Platform
Trend Themes
1. Low-income Payroll Solutions - Developing payroll platforms that cater to low-income populations can provide an alternative solution for those operating outside the traditional banking sector.
2. Credit Score Based on Financial Behavior - Creating credit scores based on an individual's employment history and financial behavior can help promote creditworthiness and protect individuals from predatory lending.
3. No-interest Pay Advance Offers - Providing no-interest pay advance offers can help low-income individuals access the money they need while avoiding the debt traps associated with predatory lending.
Industry Implications
1. Payroll Solutions - Creating payroll platforms that consider financial behavior can help companies cater to low-income populations and promote financial inclusion.
2. Credit Scoring - Developing credit scoring models that reflect employment history and financial behavior can provide an alternative credit evaluation process and protect people from predatory lending practices.
3. Fintech - Leveraging technology to provide low-income populations with safe and accessible financial services can promote financial inclusion and disrupt the traditional banking system.