Neobank startup Joust is rolling out a new banking app to help freelancers and self-employed people manage their businesses, the company announced on Wednesday (Jan. 29).
The app was designed using input from customers and features an analytical dashboard, Joust Visa debit card management, invoice creation, payments and more. Additional features will be introduced throughout 2020.
Joust Chief Executive Officer and Co-Founder Lamine Zarrad said the Joust app first launched in beta, where the startup “dug deep” to tap into customer feedback.
He added that customers of Joust are “risk-takers who want one place to easily manage their finances.” Feedback indicated that people wanted a “modern, streamlined user experience, ways to quickly visualize their finances, and manage clients, income and payments.”
The new features complement PayArmour, Joust’s invoice-guaranteeing product that covers unpaid client invoices. Joust accounts are also FDIC-insured and are combined with a merchant account.
There are approximately 57 million freelancers in the U.S. and by 2027, more than 50 percent of the country’s workforce is anticipated to freelance in some manner, according to 2019 data by Upwork and the Freelancers Union. This legion of independent workers has different financial needs. Client management, payments options and minimizing irregular income are just a few issues the Joust app tackles.
The intuitive banking app enables users to move seamlessly from one function to the next. The dashboard can be personalized and offers account analytics, invoice information, and bill pay services. Launched in 2019, the Joust Visa debit card can also be managed within the app.
Upcoming features rolling out this year include P2P payments, savings goals and remittances, direct deposit, invoice estimate creation, and payment reminders.
Headquartered in Austin, Texas, Joust is available in all 50 states. The Joust app is available for download on both Google Play and the Apple App Store.
In August, Joust raised $2.6 million in a seed funding round led by PTB Ventures, with help from Accion Venture Lab, Financial Venture Studio and Techstars.