Central regions | Finance, business | Technology & innovation

Russians take care of immigrants’ money in U.S.

16 Jun '21
A Russian-founded U.S.-based FinTech start-up called B9 has raised $1.7m from yet-unnamed investors, Vc.ru reported. The San Francisco-headquartered start-up is serving an army of immigrants in the United States, and has unveiled plans to use the new investment to hire more employees and fine-tune its technology with an eye to securing as many as 100,000 clients by the end of 2021.

B9 has developed a mobile app that helps users who are not registered in the U.S. to enjoy an array of banking services, especially the services most banks do not typically provide for immigrants. Offered on subscription at $4.99+ a month, the app makes it possible to get a virtual debit card, pay for purchases, borrow money from banks, and transfer private funds within the U.S. and/or abroad.

To register, one needs to submit his or her residence information in the United States, social insurance number, individual taxpayer number, and personal ID issued officially in any country the user comes from.

Sergei Terentiev, Sergei Mosunov and Dmitry Yegorenkov, immigrants from Russia, set up B9 last August. They now believe their young company has the potential to get a hefty share of what they estimate as a $1 trillion market. There are about 40 million immigrants in the States, of whom 15 million do not have proper documents but are seeking green cards.

“Immigrant communities and other marginalized groups like those stay invisible for the traditional banking system. When B9 kicked off, market reaction was astounding as hundreds of thousands of immigrants joined our waitlist, and we saw a 15% conversion factor as a result,” B9 CEO Sergei Terentiev said.
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