FinTech spotlight: Joust, banking for the self-employed
As the number of fintechs and chall...
Following the recent announcement of its new app, FinTech finds out what separates Joust from its challenger peers.
As the number of fintechs and challenger banks continue to grow it is perhaps unsurprising that banking has tapped into the freelance market. Incumbents aren’t designed to suit self-employed workers whose income can be varied and so the challenger bank Joust combines an FDIC-insured bank account with a merchant account in order to accept all forms of payment into a single account.
“We are thrilled to announce our new app. Since our beta launch, we have kept a steady eye on our users and really dug deep into our product feedback,” says Joust’s CEO and Co-Founder, Lamine Zarrad. “Our users are risk-takers who want one place to easily manage their finances — so they can have the time and space to focus on their passions. They wanted a modern, streamlined user experience, ways to quickly visualize their finances, and manage clients, income and payments. Basically, they want one business platform that helps them from point A to Z. Our new app does that and will continue to do so throughout the year.”
Joust’s defining features
Security: Accounts are FDIC-insured up to US$250,000 and protected by 256-bit encryption. Accounts are monitored for suspicious activity while complying with federal banking relations.
Centralised control: In addition to sending and receiving money via the app, users can move money into “Goals.” Joust has also adopted the in-app feature that allows users to lock and unlock cards, much like other challengers Monzo, N26 and Revolut.
Efficiency: Invoices are customisable and users can receive payments in under five days as opposed to the industry standard of around 51 days. Joust’s PayArmour™-qualified members have the additional benefit of receiving same-day payments.
About the founders
Since its creation in 2017 by Lamine Zarrad and George Kurtyka, Joust has been centered around the 57 million freelancers in the US.
Did you know?
The company’s title makes an allusion to the etymology of the portmanteau “freelancer,” which was first coined by Sir Walter Scott (1771–1832) in 'Ivanhoe' (1820), to describe a warrior whose lance was not sworn to a lord’s service, thus making them “free.”
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Citizens Bank and Bizagi webinar: Meet the speakers
In Citizens Bank’s upcoming webinar, the company will discuss how digital transformation has enhanced critical banking processes.
Having provided an overview of the and the to be discussed, we’d now like to properly introduce the speakers: , Senior VP at Citizens Bank; , Professional Services Director at Bizagi; and , Senior Director at Blue Prism.
Now in his tenth year at Citizens Bank, Dixon heads up the company’s Consumer Banks Intelligent Automation initiatives. Prior to joining, he held previous roles in finance as a COO and a consultant. Dixon also held the rank of Sergeant in the US Army.
Rhule has had a diverse career that include roles at Nike, FedEx, the US HSS, and more, however a common thread has been his skilled application of technology.
Holding Masters degrees in both IT Systems Management and Project Management (both from Keller Graduate School of Management), Rhule joined Bizagi in 2019. As such, he seems to be a natural asset for the company’s mission of creating synergy between businesses and IT.
Finally, Jain joined Blue Prism in 2020. He held a variety of executive positions throughout a long and impressive career. In addition to working at Blue Prism, Jain is also an incumbent Instructor in Intelligent Automation at the University of Toronto.
Jain’s value to Blue Prism is obvious: the company is positioning itself as a leader in intelligent automation, unlocking opportunities for operational efficiency for over 1,800 businesses across 150 countries.