Banquish, Inc.

Based in the US, Banquish, Inc. is a fintech company focused on providing personalized financial solutions for gig workers and freelancers, bridging the gap between gig economies and traditional banking. Founded in 2020 and headquartered in New York, US, Banquish, Inc. specializes in offering financial services to gig workers.

The company was founded by Annie Fite and José Fernández, who is currently the CEO. Banquish has secured funding through a single deal, with the most recent funding occurring on September 29, 2021, involving a venture funding round led by Wayra. Banquish offers a unique platform designed to provide personalized financial solutions specifically for gig workers and freelancers. At its core, the company enables users to connect their work and bank accounts to generate a Bankuish Score, which reflects their reputation and work history in a manner that financial institutions can understand.

This score is updated weekly and is utilized to recommend personalized financial products, such as loans and credit cards, tailored to the user's profile. By bridging the gap between gig work and traditional financial systems, Banquish addresses the challenges faced by gig workers who are often turned away by conventional banks due to the lack of traditional credit data. The company's services are primarily targeted towards gig workers in the United States, with plans to expand into other markets as they grow. Banquish generates revenue through partnerships with financial institutions that leverage the data provided by the Bankuish Score to offer tailored financial products to gig workers.

The structure involves a B2B model where the company collaborates with banks and financial service providers, enabling them to access a broader customer base by tapping into the gig economy. Customers use the Bankuish app to connect their accounts, allowing financial partners to evaluate creditworthiness through innovative data insights rather than traditional metrics. This enhances loan approval rates for gig workers and fosters a recurring revenue stream for Banquish through profit-sharing agreements with partner banks upon successful loan issuances. Pricing structures for these services are integrated into the overall partnership agreements, ensuring that both the company and its partners benefit from the transactions facilitated through the platform.

Banquish plans to utilize the funding raised in September 2021 to support the development of new financial products tailored for gig workers, with upcoming launches expected in early 2023. The company also aims to expand its services into new geographic markets, particularly targeting Europe and Latin America by the end of 2024. Through this strategic growth, Banquish intends to enhance its platform capabilities and broaden its user base, thereby increasing its market presence in the evolving financial landscape.