B-Social raises £3m to build a social bank
B-Social, which offers a social finance app and beta debit Mastercard, has raised £3.2 million in seed round funding.
The app allows customers to control everyday spending, track expenditure, and create groups between friends to split bills and record settlements. As reported in September, the UK-based firm fired up offering its social network.
B-Social believes that financial life today is rarely confined to solitary spending and saving – but involves collaboration and sharing within a social network.
Nazim Valimahomed, CEO of B-Social, says: “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.”
More specifically, this funding will be used to develop its product platform and mobile technology; look for more users across the UK; and recruit more staff.
As part of the funding round, Valimahomed has increased his investment in the business, alongside a range of investors, including friends and family, family offices and “high-net-worth individuals”.
B-Social is not a bank yet, but is currently applying to the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to become one.
