B9 operates a payroll disbursement platform that provides on-demand access to earned wages for employees, allowing them to receive up to $500 per pay period without interest or credit checks. This service addresses the financial strain of waiting for traditional pay cycles, enabling users to manage their cash flow more effectively.
Funding
$10.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many workers, particularly those who are new to the U.S. or have limited banking history, face challenges accessing traditional financial services and are often targeted by predatory lenders. These individuals may experience difficulty managing cash flow between pay periods, leading to financial instability.
Solution
B9 provides a payroll solution platform that offers eligible users on-demand access to earned wages, helping them avoid the need for high-interest loans or overdraft fees. By setting up direct deposit to a B9 account, users can access a portion of their paycheck early through B9 Advance. B9 also offers a Visa debit card with cashback rewards on select categories, enabling users to manage their finances and build creditworthiness. The platform aims to provide bank-grade services to those underserved by traditional banking systems, promoting financial inclusion and stability.
Target Audience
The primary target audience includes first and second-generation immigrants and other individuals underserved by traditional banks, who need access to early wage access and basic banking services.
Features
- B9 Advance: Provides access to a portion of earned wages before the regular payday, with amounts ranging from $30 to $500 based on eligibility.
- B9 Visa Debit Card: Facilitates everyday spending and ATM withdrawals, accepted wherever Visa is accepted.
- Cashback Rewards: Offers up to 5% cashback on selected personal spending categories each month, deposited by the 5th of the following month, after spending at least $200.
- Instant Transfers: Enables instant money transfers between B9 members.
- Direct Deposit: Requires users to set up direct deposit of their income to a B9 account to access B9 Advance.
- FDIC Insurance: Bank account funds are FDIC insured up to $250,000 through Evolve Bank & Trust, Member FDIC.
- SSN or ITIN Acceptance: Accepts Social Security Numbers (SSN) or Individual Taxpayer Identification Numbers (ITIN) for account opening.