Bee was founded in June of 2015 by Vinay Patel and Max and Alex Grasner.  In pioneering an innovative capital-light model using pop-up kiosks and street teams to sign up customers in-person, Bee is able to offer top quality financial services at a significantly lower cost than traditional brick-and-mortar bank branches. Bee is specifically targeting the lack of quality services for low-and moderate-income underserved people. The product is intended to function as an alternative to checking accounts, structured as a prepaid card paired with a mobile app. Bee partners with Community Federal Savings Bank to offer alternatives to checking and savings accounts to its customers in New York and California.” From Barefoot Innovation

States Bee: “Everyone needs to bank (and they hate overdraft fees, check cashers, and payday lenders). If you can build cheap, then you can serve a lot of people. So we’re going after the least profitable, hardest to serve customer segments. And our product looks “worse” at a distance — especially when you have customers who still expect to bring their checks to a teller every week. But new entrants get to build their service from scratch. And if you build cost discipline at the bottom of the market, then when it comes time to add features that appeal upmarket, you can win share fast. (Like the Japanese car manufacturers did in the US).”

#fintech #finhealth #innovation

 

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