Joust Labs, a US neo-banking startup specifically for freelancers, announced on Monday it secured $2.6 million through latest seed investment round, which was led by PTB Ventures with participation from Accion Venture Lab, Financial Venture Studio, and Techstars.
Founded in 2017, Joust claims it is on a mission to make managing finances easier for freelancers with a banking platform that offers various features, including a business bank account, an integrated merchant account for card acceptance, and PayArmour, the platform’s invoicing feature that protects your cashflows from clients’ late or non-payments.
“We are on a mission to make finances easier for independent professionals. We believe freelancers and entrepreneurs will drive the future economy. We are here to take care of the finances so you can focus on your business passion.”
Speaking about the investment round, Lamine Zarrad, Founder and CEO of Joust, stated:
“We are so excited to partner with PTB Ventures, Accion Venture Lab, Financial Venture Studio, and Techstars. At Joust, we understand the growing market of self-employed workers, freelancers, and small businesses, and their need for an all-in-one banking solution—especially one that gives them the same benefits enjoyed by major corporations. Our platform not only saves time, but also reduces uncertainty and mitigates the risk of late and non-payment.”
Dave Fields, Founder and Managing Partner of PTB Ventures, added:
“Freelancers require credit and banking products that mirror the user experience of the consumer market but the product sophistication of the small business market. Existing financial market infrastructure just isn’t built to provide this bundle. Through the use of contextual data and proprietary risk algorithms, Joust reduces the cost, complexity and risk of becoming a self-employed worker.”