ZenBusiness has acquired Austin-based Joust, a fintech platform. No financial terms were disclosed. ZenBusiness is backed by Greycroft.
AUSTIN, TX – (BUSINESS WIRE) – July 30, 2020 – ZenBusiness, the leading platform for micro businesses to start, run, and grow their business, today announced that it has completed the acquisition of Austin-based fintech platform Joust. The strategic acquisition brings Joust’s all-inclusive business banking features to the ZenBusiness platform and will be re-launched as ZenBusiness Money this fall. The deal expands the ZenBusiness service offering by combining Joust’s integrated suite of simple, easy-to-use, enterprise quality financial tools with the company’s already fast-growing all-in-one micro business platform.
According to a survey conducted by Sensibill, 51% of solopreneurs in the U.S. do not use a business bank account and co-mingle their business and personal finances. On average, these micro businesses use more than 10 separate financial products in order to run their business. The launch of ZenBusiness Money provides critically important financial products that streamline how America’s growing population of entrepreneurs manage their business finances. With the click of a button, micro business founders now have access to an all-in-one suite of modern accounting tools that allow them to scale the sophistication of their business without complicating it.
“The acquisition of Joust and upcoming launch of ZenBusiness Money furthers our mission to provide the nation’s 57 million micro businesses with exceptional and friendly tools that simplify the process of forming and running their business,” said Ross Buhrdorf, CEO & Co-Founder of ZenBusiness. “We are excited to welcome the world-class fintech experience the entire Joust team brings to the ZenBusiness family as we continue to grow the features of our platform.”
Launched in 2017, Joust was designed specifically to address the financial needs of micro businesses and provide small business entrepreneurs who did not have a business bank account with a robust financial toolkit. ZenBusiness Money will provide a full suite of business banking solutions typically reserved for large companies and integrate seamlessly within the ZenBusiness product ecosystem.
ZenBusiness Money’s intuitive platform will provide entrepreneurs with a simple, all-inclusive toolkit that features invoicing and payments solutions, and merchant services. The company has also planned a robust product roadmap to ensure the financial needs of micro business entrepreneurs are continuously met.
“We believe ALL entrepreneurs should have access to the same banking services reserved for large companies,” said Lamine Zarrad, former CEO & Co-Founder of Joust, and now heading up all Financial Services at ZenBusiness. “By bringing our financial tools to the ZenBusiness platform, we will quickly scale up and empower even the smallest businesses by simplifying and strengthening their daily operations while protecting their interests.”
As observed after the 2008 financial crisis, economic uncertainty changes the fabric of the American workforce as many people, whether forced or unforced, turn to entrepreneurship in order to take control of their financial future. Similarly, COVID-19 has driven a new wave of independent entrepreneurs as the pandemic has created unemployment levels comparable to the Great Depression of the 1930s. Since Q1 2020, ZenBusiness has observed a 100% increase in membership on its platform as a new wave of independent entrepreneurs look to get started, simplify their corporate formation, and pursue their dreams.
By 2027 more than 50% of the country’s workforce is expected to freelance in some capacity and ZenBusiness provides these entrepreneurs with the tools to form, manage, and operate their business with peace of mind. The company’s cutting-edge platform leverages the latest in machine learning and automation to replace the cumbersome and expensive processes of corporate formation, as well as ongoing legal compliance, business operating functions, website, mobile, email, domain and now finance. Customers turn to ZenBusiness for their best in class price, product, and service.
ZenBusiness’ mission is to simplify the process of business formation and provide a simple all-in-one platform that enables entrepreneurs with the products and support they need to start, run, and grow their business all in one place. By bringing a new suite of financial tools onto the platform, ZenBusiness can now service even more of the needs of the nation’s growing population of micro businesses.
ZenBusiness offers an online platform that makes it easy to create, manage and grow a small business. Built for the new generation, the company pulls everything together for the business owner with mobile and web-based products, support, services and 24×7 business protection. ZenBusiness is a Public Benefit Corporation based in Austin, Texas. Visit www.ZenBusiness.com and follow @zenbusinessinc for more information.
Joust is the nation’s only all-inclusive banking platform for independent professionals. Founded in October 2017, Joust serves freelancers, contractors, and self-employed workers in all 50 states. The company’s business banking app combines an FDIC-insured bank account with a merchant account to accept all types of payments. PayArmour™, Joust’s invoice guarantee product, mitigates client nonpayment—a problem that affects 71% of the gig economy workforce—and helps smooth income volatility with an option to receive immediate funding. For more information, visit Joust’s website at https://joustbank.com