Sociable payments start-up B-Social boots up in UK
Lovable London-based B-Social has fired up offering a social network, and an e-money and beta Mastercard debit card product.
“Money should never come between friends, but all too often does.”
In a city where friendliness is hard to find, the start-up is aiming for all-out affability.
It says: “Money should never come between friends, but all too often does.”
Users can set up a group with friends and keep track of your expenses.
Sociable B-Social explains: “Whether it’s a one-off group trip, a weekend catch-up with friends or the daily life of a flatshare, B-Social helps keep everyone even and up-to-date with a smart and simple tracker.”
The app shows balance and group activity instantly. It offers zero transaction and ATM fees.
The idea is to show who’s paid for what and then “automatically asking people to pay you back – so you can avoid those awkward moments with just a few taps”.
With social awkwardness in the UK at an all-time high – eye contact and a sense of humour are distant memories – the firm may have found an opening in the fintech market.
The card is issued by Wirecard pursuant to a licence by Mastercard. B-Social says its e-money product is not covered by the Financial Services Compensation Scheme’s (FSCS) deposit protection.
The firm’s CEO and co-founder is Nazim Valimahomed. He also works as a director at brand development company Kerfuffle + Brown.
B-Social is recruiting for more staff – such as senior full-stack developers and product designers.
FinTech Futures contacted the firm for more details and after a two-month wait got a reply on 16 November.
The firm says its initial funding has come from friends, family and high-net-worth individuals.
In terms of future plans, B-Social says it is “continuously in dialogue with our community and work closely with customers to find ways of improving our product”.
It adds: “One such example is the ability to pay each other back within the app which we intend to release very soon. In parallel, we are in conversation with the Prudential Regulatory Authority and Financial Conduct Authority with a view to applying for a UK banking licence. It is our intention, once authorised to roll out a current account, savings and loans all of which will have an embedded social element.”
At present it has over 400 customers. It aims to have around 2,000 customers by Q1 2019.
