B9

B9 - American fintechstartup-, founded by immigrants from Russia Sergey Terentyev, Sergey Mosunov and Dmitry Yegorenkov in August 2020. The service allows you to issue virtual debit cards that Visa can be used for purchases on the Internet or physical stores, including using the payment system. Apple Pay Also, credit and money transfer services are available within the framework of the platform. For using the B9 capabilities, the company charges a monthly fee of $5 (by June 2021).

According to the developers, one of the advantages of the service is:

• all inclusive service
• credit history is not needed to open an account
• unlimited transfers
• free debit card Visa

History

2021: Attracting $1.7 million investment

In mid-June 2021, B9 announced the attraction of investments in the amount of $1.7 million. At the same time, the company did not name investors.

The startup intends to spend the funds received on increasing the team of employees and developing technologies. B9 plans to serve a total of 100 thousand customers by the end of 2021. The main emphasis of the startup is on labor migrants.

Russian-founded fintech startup B9 attracted $1.7 million in investments

Migrant communities and other marginalized groups are invisible to traditional banks. Migrants are hardworking people who deserve banking with a full range of services that match their way of earning and spending money. The reaction to B9 was staggering: hundreds of thousands of people joined our waiting list, and the conversion rate was 15%, "said Director General Sergei Terentyev.

B9 estimates the potential market in which the company operates at $1 trillion - this is the level of purchasing power of migrants in the United States. 40 million migrants live in the country, of which 15 million are undocumented, but want to get a residence permit.^[1][2]

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