What

Beem is a San Francisco-based fintech platform that risk ranks over 100M users without using FICO’s metrics. This ranking framework facilitates payments, goods and services distribution, and risk-adjusted pricing mechanisms. The Beem app offers instant cash disbursements, free money transfers, and free tax filing for its users.

Founded in 2019, Beem has raised more than $25M in equity and debt funding, including a $7M Seed round in 2022 from Massive, TASC Ventures, Techstars, and others. Beem recently rebranded, and was previously known as Line Financial.

Why

According to Akshay Krishnaiah, Beem’s Founder and CEO, current risk-ranking systems often make barriers even higher that preclude consumers from accessing goods, services, and payments. Research by the Williams Institute suggests that LGBTQ+ people are one of several historically marginalized groups that experience higher rates of unemployment, poverty, and financial insecurity.

“Our AI-first fintech platform changes that,” Krishnaiah said.

Krishnaiah added that he started Beem as someone whose parents came from extreme poverty. “I’m doing this to change the course of history for my own community,” he added.

How

Krishnaiah has intentionally structured his company to reflect the communities Beem serves. Notably, Krishnaiah took a break from tech work before starting Beem to work as an Uber driver, covering more than 36,000 miles to get to know people from a wide range of backgrounds and understand their unique financial needs and use cases.

“We are an intent-driven company,” Krishnaiah said, suggesting that companies can’t buy talent or users without a compelling mission that resonates with consumers. Assisting people by alleviating their cash flow through interest-free payments and using less discriminatory metrics has helped Beem grow.

Without targeted marketing, 60% of Beem’s user base is women, who face unique financial challenges due to pay discrimination and healthcare and childcare costs. Krishnaiah and other Beem leaders have personally reached out to users to understand their needs and adapt Beem’s operations accordingly. Notably, Beem does not use gender as a variable in its risk ranking, and does not include income restrictions.

“In the early days, literally every day, I would get on customer support calls and talk to real people,” he said.

Because 60% of its users are women, Krishnaiah has emphasized reflecting Beem’s user base within the company. “Internally, when we are making decisions, it doesn’t make sense to have a team structure that does not reflect our user base,” he said. More than 40% of Beem’s team members and leaders are women, Krishnaiah said.

“We continue to try to reach that parity,” he said. “Maybe we'll even eclipse it.”