US-based financial services and software as a service company Stripe has launched its new offering Stripe Treasury, to help its platform users embed financial services.
The new treasury offering helps the company’s platform users with APIs that enable them help their customers to easily send, receive and store funds.
Stripe is teaming up with Canadian multinational e-commerce company Shopify to power the Shopify Balance Account and the Shopify Balance Card, enabled by Evolve Bank & Trust.
The partnership will help independent businesses and entrepreneurs using Shopify to manage all their finances in one place to manage cash flow and spend on business.
Also, the company intends to strengthen new partnership with Goldman Sachs to enhance the functionality of Stripe Treasury in the US, as it invests in treasury infrastructure.
Shopify banking senior product lead Tui Allen said: “At Shopify, we’re focused on reducing the barriers to entrepreneurship. As part of that mission, we will soon launch Shopify Balance to empower our merchants to take control of their finances.
“We’re excited to partner with Stripe to provide our merchants with critical financial tools and products for their banking experience, specifically designed for their businesses’ financial needs.”
Stripe Treasury enables platforms like Shopify to offer financial products
Stripe Treasury is said to remove barriers and enable platforms like Shopify to easily provide its merchants with access to financial products to manage their finances, said the company.
Also, the offering enables platforms to provide their users with interest-earning accounts eligible for FDIC insurance in minutes, enabled by Evolve Bank & Trust.
Stripe said that its platform business customers are enabled to have almost instant access to revenue earned, and spend directly from their balance with a dedicated card, or transfer it through ACH or wire transfer or pay bills.
The company claimed that it provides its bank partner network with standardised access to its global banking capabilities, through APIs.
The bank partners include Goldman Sachs Bank USA and Evolve Bank & Trust in US, and Citibank and Barclays as global expansion partners.
In October, Stripe announced the acquisition of Nigerian fintech company Paystack in a bid to accelerate online commerce across the African continent.
