Fintech startup Joust picks up $2.6m to improve banking for freelancers

Ben Heathcote

In App Deals. August 15, 2019

Joust, a US-based banking app for freelancers and entrepreneurs, has closed a $2.6 million round of seed funding. It was led by PTB Ventures with participation from Accion Venture Lab, Financial Venture Studio and Techstars.

The Austin-based company is on a mission to transform financial services for independent professionals, who often face challenges managing their finances due to the irregularity of working with multiple clients or partners. The app, which is available on Android and iOS, helps users handle invoices and payments and provides them with protection against late or missed payments.

Speaking about the investment round, founder and CEO Lamine Zarrad said:

“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.”

According to Freelancers Union, there roughly  57 million freelancers in the US, and more than half of America’s workforce is expected to engage in freelance work in some capacity by 2027. The funds will support Joust as it expands its platform to serve the growing freelance workforce segment.