B-Social Raises £3.2M

London-based B-Social, which offers a social finance app and beta debit Mastercard, has raised £3.2m in Seed round, bringing its total funding to date to ~$4.1m.

Launched in June 2018, B-Social enables users to have control over everyday spending by tracking expenses and creating groups between friends to split bills and record settlements. The startup currently operates in beta mode with plans to open to the public in February 2019. In addition, B-Social is applying to the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to become a licensed bank.

“This funding will enable B-Social to build a bank with a social ethos, whose purpose is to change the relationship people have with their money and those they engage with financially, for the better.” – Founder and CEO of B-Social, Nazim Valimahomed.