The social finance app has plans for a broader UK launch in February 2019
B-Social, a London-based banking app startup that has created a ‘social finance’ app and offers a beta debit Mastercard, has successfully secured £3.2 million through its latest seed funding round.
Founded in 2016, B-Social is currently applying to Prudential Regulation Authority(PRA) and Financial Conduct and Financial Conduct Authority(FCA) to secure a full banking license to create a bank with ‘social ethos.’
Nazim Valimahomed, founder and CEO of B-Social, said,
“This funding will enable B-Social to build a bank with a social ethos, whose purpose is to change the relationship people have with their money and those they engage with financially, for the better.”
Valimahomed also noted that in case of multiple transactions, getting paid back individually becomes a complex task, often resulting in chaos. With the help of B-Social, users can easily track their everyday expenses and form social groups to split bills and make transactions.
Mobile app for B-Social can be launched anytime early in 2019.
In a talk with TechCrunch, he also confessed that B-Social wants to change the relationship people have with money by helping people overcome anxiety and awkwardness while engaging them with their social finances.
Also, UK’s fintech scenario is becoming more competitive nowadays as UK-based credit report provider TotallyMoney raised £29m, a few days back, from Elliott Advisors and Scottish Equity Partners to develop its technology platform. Firms like Vizolution, MoneeMint, and Cleo too secured investments to fund their business operations.