Jan. 15, 2019
Joust has announced the launch of a new FDIC-insured banking platform designed to address the banking needs of freelancers.
The Denver-based fintech is launching the platform that will offer a free deposit account backed by a community bank, as well as a merchant account and a unique feature that offers financial protection in case of an unpaid invoice.
PayArmour protection will back the account holder for up to $5,000 in case a client fails to make payment or is late with a payment.
"Freelancing is not one of those professions that just resides by itself co-exists with the general labor pool," Joust co-founder and CEO Lamine Zarrad said in an interview with Mobile Payments Today.
He said that companies like Alphabet are increasingly turning to contract workers instead of hiring salaried employees. Research shows that freelancers often face significant hurdles to financial success, such as late or unpaid invoices, and lack the security of a regular paycheck or a financial backstop.
The iOS app is currently available for download and the Android app will become available by Feb. 1.
The platform is backed by Cambr, a digital platform that incorporates a network of community banks, which includes StoneCastle Deposit Network. StoneCastle and Q2 Holdings launched the Cambr platform in 2018. The solution features the Q2 Open cloud-based CorePro platform and a network of 800 community banks and allows any company to launch an FDIC-insured banking product.
Topics: Mobile Banking
Companies: StoneCastle Partners, LLC., Joust
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