Beem provides instant cash access by allowing users to draw against their future deposits for immediate financial needs. This service, called Everdraft, requires no interest charges, credit checks, or fixed due dates. The platform functions as a digital wallet solution for users needing quick liquidity before their next paycheck.
Funding
$27.2M 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.
SEFounders
Product
Problem
Many individuals face unexpected financial emergencies and require quick access to funds to cover expenses. Traditional loans often involve lengthy application processes and credit checks, making them inaccessible for those needing immediate assistance.
Solution
Beem provides a smart wallet app that offers users access to instant cash advances from their verified bank deposits, providing a financial cushion during emergencies. The app's Everdraft™ feature allows users to withdraw between $10 and $1,000 without credit checks, interest, or fixed due dates. Beem also offers tools for budgeting, tax filing, and credit monitoring, all within a secure and user-friendly platform. By offering a suite of financial services, Beem aims to provide a comprehensive solution for managing finances and accessing funds when needed.
Target Audience
Beem targets individuals who need quick access to funds for emergencies and want a comprehensive platform for managing their finances, including those who may not qualify for traditional loans or cash advances.
Features
- Everdraft™ feature enabling users to withdraw $10-$1,000 of verified bank deposits early without credit checks or interest.
- Option to receive funds via multiple methods including direct transfer to Beem balance, gift cards, prepaid cards, or bank accounts.
- Personalized financial feed for managing money, tracking spending, and receiving bill reminders.
- Tax filing support for federal and state taxes, maximizing potential refunds.
- Option to earn cash by playing games within the app.
- Credit monitoring tools to examine credit scores and receive notifications of changes.
- Car insurance comparison to find the best deals and potential savings.
- Health and mental wellness benefits, including teledoc consultations and discounts on vision, dental, and mental health services.
- PCI-DSS certified platform with bank-level security and data encryption.