Joust Company Profile

Background

Overview

Joust is a financial technology company founded in 2017, specializing in providing business banking solutions tailored for independent professionals, freelancers, and self-employed individuals. The company offers an integrated suite of financial tools designed to streamline the management of business finances for the self-employed workforce. In July 2020, Joust was acquired by ZenBusiness, a leading platform for micro-businesses, and subsequently rebranded as ZenBusiness Money.

Mission and Vision

Joust's mission is to empower independent professionals by offering comprehensive financial solutions that simplify the complexities of managing business finances. The vision is to create a seamless and efficient financial ecosystem that supports the unique needs of the self-employed community.

Primary Area of Focus

Joust focuses on delivering integrated banking services that address the specific challenges faced by freelancers and self-employed individuals, including cash flow management, invoicing, and payment processing.

Industry Significance

The acquisition by ZenBusiness significantly enhanced Joust's capacity to serve the growing population of micro-businesses and independent professionals, positioning the company as a key player in the fintech sector dedicated to supporting the self-employed workforce.

Key Strategic Focus

Core Objectives

Comprehensive Financial Solutions: Provide an all-in-one platform that integrates banking, invoicing, and payment processing to simplify financial management for independent professionals.

Cash Flow Optimization: Offer tools and services that help users manage and optimize their cash flow, ensuring financial stability and growth.

User-Centric Design: Develop intuitive and user-friendly interfaces that cater to the specific needs of freelancers and self-employed individuals.

Specific Areas of Specialization

Integrated Banking Services: Combining FDIC-insured bank accounts with merchant accounts to facilitate seamless transactions.

Invoicing and Payment Processing: Providing tools for creating professional invoices and processing payments efficiently.

Cash Flow Management: Offering features like PayArmour™, which guarantees payment on invoices, mitigating the risk of non-payment.

Key Technologies Utilized

Artificial Intelligence: Employing AI to predict invoice payments and assess client creditworthiness.

Data Analytics: Utilizing data-driven insights to inform financial decisions and strategies.

Cloud Computing: Leveraging cloud infrastructure to ensure scalability and reliability of services.

Primary Markets Targeted

Joust primarily targets the U.S. market, focusing on independent professionals, freelancers, and self-employed individuals across various industries.

Financials and Funding

Funding History

Total Funds Raised: Joust has raised a total of $10.19 million in funding.

Recent Funding Rounds: Specific details about recent funding rounds are not publicly disclosed.

Notable Investors: ZenBusiness, Inc. is a notable investor, having acquired Joust in July 2020.

Utilization of Capital

The capital raised has been utilized to enhance product development, expand service offerings, and support the integration with ZenBusiness to provide a comprehensive suite of services for micro-businesses.

Pipeline Development

Key Pipeline Candidates

Post-acquisition, Joust has been integrated into ZenBusiness Money, expanding its service offerings to include:

Invoicing and Payments Solutions: Tools for creating and managing invoices, along with payment processing capabilities.

Merchant Services: Enabling businesses to accept various forms of payment seamlessly.

Financial Management Tools: Features designed to assist with budgeting, expense tracking, and financial planning.

Stages of Development

These services are currently in the development and integration phase within the ZenBusiness platform, with ongoing enhancements to meet user needs.

Target Conditions

The services are tailored to address the financial management challenges faced by independent professionals and micro-businesses.

Anticipated Milestones

The integration is expected to be fully operational, offering a unified platform for business formation and financial management, enhancing the value proposition for micro-businesses.

Technological Platform and Innovation

Proprietary Technologies

PayArmour™: An innovative feature that guarantees payment on invoices, reducing the risk of non-payment for freelancers and self-employed individuals.

Significant Scientific Methods

Risk Assessment Algorithms: Utilizing data analytics and machine learning to evaluate client creditworthiness and predict payment behaviors.

Financial Data Aggregation: Collecting and analyzing financial data to provide insights and recommendations for users.

Leadership Team

Key Executives

Lamine Zarrad: Co-founder and former CEO of Joust, now heading all Financial Services at ZenBusiness.

Ross Buhrdorf: CEO and Co-Founder of ZenBusiness, leading the integration of Joust into ZenBusiness Money.

Professional Backgrounds

Lamine Zarrad: Former Marine and examiner at the Office of the Comptroller of the Currency, with experience in financial services and fintech.

Ross Buhrdorf: Experienced in leading digital transformation and growth strategies for media businesses, with a focus on small business services.

Key Contributions

Lamine Zarrad: Instrumental in developing Joust's financial products and leading the company through its acquisition by ZenBusiness.

Ross Buhrdorf: Guided ZenBusiness in acquiring Joust and integrating its services to enhance the platform's offerings for micro-businesses.

Competitor Profile

Market Insights and Dynamics

The fintech sector for independent professionals is rapidly evolving, with a growing number of freelancers and self-employed individuals seeking specialized financial services. The market is characterized by increasing demand for integrated financial solutions that address the unique challenges of the self-employed workforce.

Competitor Analysis

NorthOne: Offers digital banking services tailored for small businesses and freelancers, providing features like expense management and financial insights.

Lili: Provides a mobile banking app designed for freelancers, offering tools for expense categorization, tax savings, and financial reporting.

Lance: Focuses on offering banking solutions for freelancers, including features like automatic tax savings and financial analytics.

Strategic Collaborations and Partnerships

Joust's partnership with ZenBusiness has been a significant strategic move, enabling the integration of Joust's financial services into ZenBusiness's platform, thereby offering a comprehensive suite of tools for micro-businesses.

Operational Insights

The integration with ZenBusiness has allowed Joust to leverage a broader customer base and enhance its service offerings, positioning the company to better compete in the fintech market for independent professionals.

Strategic Opportunities and Future Directions

The combined platform of ZenBusiness Money presents opportunities to expand service offerings, enhance user experience, and strengthen market position by providing a one-stop solution for business formation and financial management.