Banking platform Joust-s for freelancers’ attention
Denver-based banking platform Joust has unveiled its financial app for freelancers, entrepreneurs and independent contractors.
The Joust app – developed in partnership with financial services toolkit Cambr – enables users to open a free, Federal Deposit Insurance Corporation (FDIC) insured deposit account backed by a community bank.
In addition, it offers a merchant account to process credit and debit card payments for their products and services; and protect themselves from client late payment and non-payment with PayArmour, which guarantees invoices up to $5,000.
“With Joust, we’re aiming to eliminate the pain points independent workers feel by creating an ethical banking system for freelancers and entrepreneurs,” says Lamine Zarrad, Joust co-founder and CEO. “We’ve brought together our freelancing, product design, and regulatory experience to tailor Joust to the needs and values of those workers historically shut out of the banking system.”
Joust, which was founded in 2017, says the app for iOS is available for free download. The Android app is scheduled for release on 1 February 2019.
Cambr integrates what’s known as the StoneCastle Deposit Network – a deposit platform of more than 800 community banks across the country – with Q2 Open’s CorePro digital processing platform, and uses relationships with partner financial institutions like NBKC that serve as banks of record.