What is Joust?
Founded in October 2017, Joust operates as the nation's sole all-inclusive banking platform tailored for independent professionals, including freelancers and contractors across all 50 states. The company's business banking application integrates an FDIC-insured bank account with a merchant account, enabling seamless acceptance of all payment types. A key offering is PayArmour, Joust's invoice guarantee product, designed to mitigate the pervasive issue of client nonpayment, which affects a substantial 71% of the gig economy workforce. This product also aids in stabilizing income volatility through an immediate funding option, positioning Joust as a vital financial tool for self-employed workers.
How much funding has Joust raised?
Joust has raised a total of $3.8M across 2 funding rounds:
Private Equity
$1.2M
Angel/Seed
$2.6M
Private Equity (2014): $1.2M, investors not publicly disclosed
Angel/Seed (2019): $2.6M led by PTB Ventures, Accion Venture Lab, Financial Venture Studio, and Techstars
Key Investors in Joust
Accion Venture Lab
Accion Venture Lab is an impact-focused venture capital firm with a legacy in microfinance and fintech, likely investing in early-stage companies that promote financial inclusion and innovation.
PTB Ventures
PTB Ventures is an investor in Joust's funding rounds, indicating a strategic interest in the fintech sector and potentially in platforms serving the gig economy.
Financial Venture Studio
Financial Venture Studio has participated in Joust's funding, suggesting a focus on innovative financial technology solutions and early-stage ventures.
What's next for Joust?
The recent major strategic investment in Joust signals a strong validation of its business model and its potential for significant growth within the burgeoning gig economy. With a focus on providing comprehensive banking and payment solutions, Joust is well-positioned to scale its operations and enhance its product offerings. Future developments are likely to center on expanding its user base, refining its PayArmour product, and potentially exploring new financial services that address the unique needs of independent professionals. The company's trajectory suggests a move towards solidifying its market leadership and further empowering freelancers with robust financial tools.
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