How do traditional banking models give way to innovations, why is it worth tapping into the potential of the subprime and near prime customer segments, and what is trending now in the fintech industry? I have discussed these and a few other issues with Sergey Mosunov, co-founder of a financial startupB9 provides financial services, including 0% fast loans.
B9 is primarily focused on the consumer finance area. Our mission is to provide our customers with access to funds at a 0% interest rate—so, this is basically the capital as a commodity business model. We target an audience with an average monthly income of $2000-3000 who often live from paycheck to paycheck and might not be able to allow large unexpected expenses in case of urgency. These are mostly blue-collar workers: field technicians, construction workers, car service employees, etc.
But what if you need this money right away? For example, there’s a sudden medical condition or unexpected expenses that exceed your budget. Here’s where we can be of help. The process of scoring and approval at B9 is fully automated and takes only a couple of hours, so you can get the required sum in almost no time. All you need is to install our app and switch to getting salary on your B9 bank account. The subscription fee for using the service is as little as $9.99 per month.
We believe this is a highly promising model that meets the needs of our target audience. One of our customers shared a story when he suddenly had to pay for the medical treatment for his child which cost something like $300. With B9, he was able to get the money in just two hours and pay for the treatment. And there are different other cases like this.