B9 Company Profile

Background

Company Overview

B9 Inc. is a financial technology company founded in 2020, headquartered in San Francisco, California. The company specializes in providing app-based financial services tailored for individuals underserved by traditional banking institutions. B9's mission is to transform how millions of Americans access their pay, offering solutions that promote financial inclusion and stability.

Mission and Vision

B9 aims to challenge the status quo by reshaping financial norms through an inclusive ecosystem that addresses immediate financial needs and facilitates long-term financial health. The company envisions a world where everyone has timely access to their earnings, empowering them to build a better financial future.

Industry Significance

Operating within the fintech sector, B9 addresses the critical issue of income volatility among gig workers, freelancers, and part-time employees. By offering early access to earned wages and other financial services, B9 provides a viable alternative to predatory payday lenders, thereby promoting financial stability among its users.

Key Strategic Focus

Core Objectives

• Financial Inclusion: Provide accessible financial services to individuals overlooked by traditional banks.

• Income Stability: Offer solutions that convert irregular income streams into predictable cash flows.

• Credit Building: Enable users to build creditworthiness through responsible financial behavior.

Areas of Specialization

• Early Wage Access: Allow users to access their earned but unpaid wages ahead of payday.

• Digital Banking Services: Provide virtual and physical debit cards, bill payment options, and peer-to-peer transfers.

• Financial Management Tools: Offer features that help users manage their finances effectively.

Key Technologies Utilized

• Artificial Intelligence: Utilize AI to assess economic behavior and determine creditworthiness.

• Mobile Application: Provide a user-friendly app for seamless financial transactions.

Primary Markets Targeted

• Gig Economy Workers: Freelancers, ride-share drivers, and other gig workers.

• Part-Time Employees: Individuals with part-time or irregular employment.

• Underbanked Populations: Individuals lacking access to traditional banking services.

Financials and Funding

Funding History

B9 has successfully raised a total of $9.3 million over multiple funding rounds:

• March 2021: Seed Round of $1.2 million.

• October 2021: Seed Round of $3.4 million.

• May 2022: Seed Round (amount undisclosed).

• December 2022: Seed Round (amount undisclosed).

Notable Investors

• Sky Light Invest: Participated in multiple funding rounds.

• Freesearch Ventures: Invested in early stages.

• BergTop VC: Contributed to seed funding.

• Igor Shoifot: Angel investor involvement.

• Mbanq Labs: Corporate investment.

Utilization of Capital

The funds raised have been allocated towards:

• Product Development: Enhancing the mobile application and introducing new features.

• Customer Acquisition: Expanding the user base through marketing and outreach.

• Operational Scaling: Building infrastructure to support rapid growth.

Pipeline Development

Key Offerings

• Payroll Advance Options: Interest-free advances on earned wages.

• B9 Visa® Debit Card: Physical and virtual cards for secure transactions.

• Peer-to-Peer Payments: Instant transfers between B9 members.

• Bill Payments: In-app bill payment functionalities.

• Cashback Rewards: Up to 5% cashback on purchases made with the B9 Visa® Debit Card.

Development Stages

B9 has successfully launched its core services and continues to enhance its offerings based on user feedback and market demands. Future developments include expanding financial management tools and introducing new features to further support users' financial health.

Technological Platform and Innovation

Proprietary Technologies

• BnineScore: A proprietary scoring system that evaluates users' economic behavior to assess creditworthiness.

Significant Scientific Methods

• AI Algorithms: Utilize machine learning to analyze earning patterns and predict financial behavior.

AI-Driven Capabilities

• Personalized Financial Insights: Provide users with tailored advice based on their financial habits.

• Risk Assessment: Evaluate the risk profile of users to offer appropriate financial products.

Leadership Team

• Sergei Terentev: Co-Founder and Chief Executive Officer.

• Mikhail Matveev: Chief Data Officer and Chief Technology Officer.

• Dmitri Egorenkov: Co-Founder, Growth & Marketing Executive, and Board Member.

• Philip Parsons: General Counsel, Head of Compliance, Board Secretary, and Board Member.

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within B9's leadership team.

Competitor Profile

Market Insights and Dynamics

The fintech industry, particularly in the realm of early wage access and services for the underbanked, has seen significant growth. The gig economy's expansion has increased demand for flexible financial solutions, positioning companies like B9 favorably in the market.