7 years ago

B-Social Raises £3.2M to Build a 'Social Bank' in the UK

  • B-Social, a London fintech, raised £3.2 million in seed funding to build a "social bank." The company currently offers a "social finance" app and beta debit Mastercard, aiming to eventually become a fully licensed bank that reimagines banking around everyday social interactions

  • B-Social's app and card allow users to track expenditures, create groups to split bills, and record settlements

  • The company sees its main competitors as traditional high-street banks in the UK

  • B-Social aims to win market share by offering a unique digital experience that caters to customers seeking a social banking platform.

      • ProblemFinancial Services

      "Traditional banking is not designed for the way people interact socially. It's awkward and time-consuming to split bills, track expenses, and get reimbursed for shared purchases with friends and family."

      Solution

      "B-Social is building a social bank that simplifies group finances. Users can make purchases with their B-Social card and flag them as expenses for a group. The app then tracks who owes who and makes it easy to settle balances."

      Covered on