In episode 35, I talk with Sergei Terentev of B9. B9 is a fintech company that offers a full suite of app-based financial services to unbanked workers in the U.S. who are underserved by traditional banks, often first- and second-generation immigrants.
Millions of people can now access the financial system in large part due to fintechs like B9. Fintech has started to level the playing field. It gives all sorts of workers, be it those living paycheck to paycheck or gig economy workers, a chance to participate in the digital economy.
B9 is also helping to put predatory lenders out of business with their paycheck advance product which allows users access to funds two weeks early. The wealth of data available today is also helping change to underwriting process and experience. Sergei and I discuss how his personal experiences have helped shape what B9 is doing. We also talk about the state of financial inclusion, the thinking behind their subscription tier, raising capital, and a whole lot more.
So without further ado, Sergei Terentev of B9. I hope you all enjoy the show and be prepared to learn about:
- Sergei’s founder journey and why he started B9
- How and why they use data they way they do
- Why B9 offers consumers their paycheck up to two weeks early
- Why banks are still ignoring consumers on the lower end of the income spectrum
- How fintechs will set the way forward in creating an updated credit score
- B9’s subscription tier and why they believe it is a differentiator
- Why technology can help eliminate payday lenders
- Why the debt cycle is so dangerous
- Why the company is organizing a 3 month retreat with the team
- Sergei recommends reading Business Adventures
- And much more…
Download a PDF transcription of No. 35 Sergei Terentev
