Stripe is partnering with some of the world’s largest banks to offer a range of financial services to some of the key players driving the eCommerce boom.
On Thursday (Dec. 3), the company pulled the wraps off of Stripe Treasury. The new venture will work with Citigroup, Goldman Sachs, Barclays and other financial institutions (FIs) to offer debit cards, bank accounts and other products to the online merchants and vendors who rely on Stripe’s payments processing platform.
This is Stripe’s latest big initiative aimed at tapping into online business finance and lending, coming on the heels of its rollout of Stripe Capital, which enables online platforms to offer financing to their business customers.
Along with unveiling Stripe Treasury, Stripe also announced a new customer for its banking services: Shopify. Drawing upon Stripe Treasury infrastructure, Shopify will offer Shopify Balance accounts to the merchants that use its platform, which are estimated to number in the hundreds of thousands.
Overall, platforms like Shopify will now be able to use Stripe Treasury “to offer their users interest-bearing accounts eligible for FDIC insurance in minutes,” Stripe stated in a press release.
The Shopify accounts, in turn, will be held by Evolve Bank & Trust, one of Stripe Treasury’s U.S. partners.
Platform business customers will also have “near-instant access to revenue earned through Stripe, spend this directly from their balance with a dedicated card, transfer it via ACH or wire transfer, pay bills and more,” Stripe noted in a press release.
“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, in a press release. “The millions of ambitious, fast-growing businesses in the Stripe ecosystem will soon discover a dramatically improved end-to-end digital banking experience.”