Beem, established as Line Financial PBC in 2020, and launched the following year, is a smart wallet app designed to make financial services more accessible and inclusive, stated the company's founder and CEO, Ashkay Krishnaiah, who credits the idea for the app to his adventures in payments and the gig economy.
"I garnered extensive insights—such as how over 100 million people have their risk profile, needed for everything from rent to paying for medicines, mislabeled or never labeled at all—from my tenure with PayPal, BillMeLater, Xoom, Braintree, and Venmo," he said, adding that he gained more knowledge when he paused his career to become a full-time Uber and Lyft driver in the San Francisco Bay Area.
Noting that Beem equips users with a comprehensive suite of financial tools, Krishnaiah said Beem has close to 2 million subscribers using its service and has processed over $100 million to date. The company's mantra, "purposeful intent," is reflected in its team-building and hiring practices, which creates intentional efforts and activities that drive stakeholder value, he noted.
Krishnaiah mentioned that Beem initially built a self-evolving AI layer on top of traditional pipes such as customer acquisition, ID verification, KYC, AML, fraud, risk and payments, and that layer rapidly evolved into AI building blocks that power everything on Beem, from customer acquisition to payments. In fact, he said, the AI components can be combined in numerous ways, which is a key differentiator and competitive advantage for the company.
Krishnaiah recalled that launching in the fall of 2021 was a thrilling milestone. "In just over a year, our Customer Acquisition AI block has helped us show up a billion times in searches performed by 100 million working Americans," he said. "We have gained an impressive 5 million downloads, thanks to this, and have nearly 2 million registered working Americans.
Additionally, we have successfully prevented millions of financial emergencies for these working Americans while becoming profitable by the end of fiscal year 2022, which is a major accomplishment for our company."
However, Krishnaiah added what excites the company the most is what the future holds for Beem and the potential of its AI building blocks to rapidly expand the economy while equitably distributing goods, services and facilitating payments.
Beem is a comprehensive financial app designed to cater to user needs while providing essential tools for financial success and security, Krishnaiah noted. He described the company's features and benefits as follows:
Krishnaiah pointed out that Beem easily integrates with POS systems, providing ISOs and merchant level salespeople with an addressable market of 100 million working Americans with over $10 trillion in annual spending power. These workers, he noted, are frequently excluded from traditional payment options.
Your merchants can pick and choose AI modules that power Beem in the near future to further bolster their efforts, from customer acquisition to AI-powered fraud and risk-free low-cost payment processing," he said.
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