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Beam, a startup that helps residents entry authorities monetary help, has raised $6.4 million in Collection A funding.
The corporate, beforehand generally known as Edquity, helps ship funds throughout a big selection of applications, like emergency money help, rental reduction and public utility advantages.
“We basically work to transmit important providers and assets to these in want,” mentioned David Helene, CEO of Beam.
The corporate’s Collection A funding comes as the corporate mentioned it noticed a better want to supply deprived communities with monetary help following the COVID-19 pandemic. Beam mentioned the funds might be used to develop its headcount and additional develop its platforms. The spherical was led by Potencia Ventures, with participation from Spring Level Companions, American Household Insurance coverage Institute for Company and Social Influence, Conceivable Futures, Lumina Influence Ventures, Michelson Runway, and Schmidt Futures.
Beam, when partnered with governments, operates because the end-to-end money help administration system, which handles purposes, ID verification, case choices, and funds.
“Our system has a single system of data,” mentioned Helene. “Our intent is to create the least quantity of friction and probably the most dignity for these which can be interacting with purposes within the system.” Beam mentioned it permits candidates to obtain funds by checking account, a pay as you go card, or on-line providers like Zelle to serve communities equitably.
Beam says it has helped course of over $180 million to about 300,000 households. The corporate presently has operations in 16 states with 57 governments.
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