Tribevest Introduces Multi-Member LLC & FDIC-Banking Account Creation in 48 hours for Investor Groups Social fintech startup leverages Unit’s technology to enable investor groups to pool capital and invest together 10x faster
COLUMBUS
|
May 06, 2021 09:07 AM Eastern Daylight Time
Tribevest, the first collaborative, group investment platform, today announced the launch of its latest, enhanced banking tool enabling investor groups to set up business bank accounts and fund their newly formed business ventures in less than 48 hours. Tribevest partnered with Unit, a banking-as-a-service platform, to enable rapid access to business banking for group investors.
“Before Tribevest, family and friends looking to invest together spent over $3,000 and 100 hours to set up their legal business entity and business bank account,” said Travis Smith, founder and CEO of Tribevest. “Our enhanced banking tool leverages Unit’s technology to help investor groups start transacting 85% faster. We're proud that Tribevest empowers friends, family, and financially aligned groups to invest together — without a country club network.”
The partnership with Unit enables Tribevest’s investor groups to easily make individual capital contributions to an FDIC-insured business checking account and withdraw funds for investments. Unit’s technology helps tech companies launch and embed financial features into their products.
“At Unit, our mission is to make it easy for tech companies to build financial features into their products,” said Itai Damti, CEO of Unit. “Tribevest has already become a game-changer for investor groups over the last couple of years. We believe our partnership takes Tribevest to the next level.”
Based on your investor group size, Tribevest’s annual pricing starts as low as $3 per member and monthly at $5 per member. The core features of Tribevest include:
Tribe Operations & Dashboard. Collaborative, transparent space for members to share, record, and vote in real-time
Business Creation & Banking. Create multi-member LLC in all 50 states and FDIC Banking Account in one combined single step
Capital Contributions. Members can link their personal accounts and set up recurring capital contributions
Portfolio & Member Management. Tools to manage the company cap table, track transactions, and manage LLC
In the midst of the pandemic, Tribevest saw significant growth with a 400% increase in investor group creation from October 2020 to April 2021. To date, 60% of tribes invest in real estate, 15% put their money in investment syndicates or funds, and 10% target business ventures, collectibles, cryptocurrency, and the stock market.
For further information, visit www.tribevest.com
About Tribevest
Founded in 2018, Tribevest is a collaborative, group investing platform that enables friends and family to organize as an investor group, pool money, and manage joint investments. Based in Columbus, Ohio, Tribevest was founded by entrepreneur Travis Smith. Tribevest believes that forming and funding small to mid-sized investment groups will allow the general U.S. population to uncover a wealth of viable investment pathways to achieving personal financial freedom. Learn more about Tribevest at Tribevest.com or follow the company on LinkedIn, Twitter, Instagram, and Facebook.
Tribevest is not a bank. Banking services are provided by Tribevest and Unit’s bank partner, Blue Ridge Bank N.A.; Member FDIC.
About Blue Ridge Bank:
Blue Ridge Bank, N.A., is the wholly-owned banking subsidiary of Blue Ridge Bankshares, Inc. Through its subsidiaries and affiliates, Blue Ridge Bank provides a wide range of financial services including retail and commercial banking, payroll, insurance, card payments, wholesale and retail mortgage lending, and government-guaranteed lending. The bank provides commercial banking services to customers located throughout Virginia and North Carolina. Visit mybrb.com to learn more.
Forward-Looking Statements:
Certain information contained in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of Blue Ridge Bank's beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan," or words or phases of similar meaning. Blue Ridge Bank cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Blue Ridge Bank's control, including those risk factors included in Blue Ridge Bankshares, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2019, and other filings with the Securities and Exchange Commission. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements.
Contact Details
Eric Nemeth
