Stripe, one of the world’s largest fintech unicorns, has revealed an expanded portfolio of partner banks that have signed on to offer co-branded banking services.
To that end, the company launched a new app called ‘Stripe Treasury’ which offers a banking-as-a-service API that lets users embed financial services in their marketplace or platform. With a single integration, end-customers can hold funds, pay bills, earn interest, and manage cash flow. The new solution also takes care of the upfront bank negotiations, compliance processes, and regulatory requirements.
has enabled standardized access to banking capabilities by expanding its US bank partner network to include Goldman Sachs Bank and Evolve Bank & Trust. The company is also adding Citibank N.A. and Barclays as global expansion partners, growing the group’s total to 50 financial institutions.
“Together, Stripe and Goldman Sachs are focused on relieving the frustrations internet businesses find in making banking work for them,” said Hari Moorthy, Goldman Sachs Global Head of Transaction Banking. “The millions of ambitious, fast-growing businesses in the Stripe ecosystem will soon discover a dramatically improved end-to-end digital banking experience,” commented Karim Temsamani, Head of Banking and Financial Products at Stripe.
Stripe strengthens the tie-up with Shopify
Stripe has also expanded its partnership with Ottawa-based startup to power the e-commerce company’s flagship products: Shopify Balance Account and the Shopify Balance Card.
The San Francisco-based firm partnered with global banks to enable ACH and wire transfers, interest-earning accounts, and faster access to payments funds, all within a single platform.
“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,” said Tui Allen, Senior Product Lead for Banking at Shopify.
Stripe, which competes with the likes of Square and Adyen, helps businesses of all sizes facilitate payments over the internet through its software as a service. Founded in 2010, the B2B firm started out by helping e-commerce companies integrate payments into their apps or websites.
The news comes shortly after with an array of new features, including embedded checking accounts. The search giant expanded Google Pay’s offerings beyond digital peer-to-peer transactions, joining a list of big tech companies that continue to edge further into personal financial services.
With a new app and an expanded network of banks, Stripe, which is reportedly valued at $70 billion, also continues its push into the consumer finance space.
Stripe Reveals New Solution with Embedded Banking Services
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