Bee, a US-based provider of banking services for residents of lower-income neighbourhoods, has secured $4.6m in funding from investors including insurance and financial services group AXA, Dow Jones VentureWire reported on Monday
The funding was raised across two rounds. AXA, which invested through its AXA Strategic Ventures unit, participated alongside venture capital firms Blue Seed Capital, Fenway Summer Ventures and T5 Capital, and VC fund Funders Guild.
Incorporated as One Financial Holdings, Bee provides mobile financial services, bank accounts and debit cards for residents of middle-income and low-income areas.
One Financial Holdings CEO Vinay Patel said in July this year: “We believe that mobile technology will reduce the financial and emotional cost of banking for our customers.”