SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Pipe, a fintech company partnering with software platforms to deliver embedded financial solutions for SMBs, today announced it has expanded its suite of products with the launch of Pipe Business Card1. With the Pipe Business Card, software and payments companies can now launch a new business card program for their customers without managing underwriting, capital markets, fraud, or credit risk on their own.
77% of SMBs are concerned about capital access2 and 55% of them have reported putting business-related expenses on a personal credit card just to get by3. SMBs need spend management solutions just like mid-market and enterprise businesses have access to today.
The Pipe Business Card is designed specifically for small to medium-sized businesses and is available as an embedded offering for Pipe’s software partners. It’s an SMB-friendly business card with up to 1.5% unlimited cash back4, up to 45 days to pay for day-to-day business expenses, and no annual fees. No personal guarantees or credit checks are required to apply for the card.
A growing number of small businesses are obtaining capital in minutes through Pipe and its partners, based on their business performance, without the traditional lengthy and arduous application process. The launch of the Pipe Business Card is part of Pipe’s commitment to making capital and financial tools more accessible to SMBs that need them. The Pipe Business Card utilizes the same underwriting model as Pipe Capital, which is based on a customer’s revenue. It integrates directly into the software and payment applications SMBs use day-to-day. Pipe intends to roll out additional services through its partners over the next 12 to 18 months, such as spend management solutions for SMBs.
Pipe offers software companies numerous advantages when launching the Pipe Business Card to their customers, including:
- Speed to market – Pipe can help partners rapidly launch an embedded card program in days, not months.
- Tailored underwriting models – Pipe’s customized underwriting models can be calibrated for partners based on revenue data from their customer base to provide optimal access to capital.
- Comprehensive support – Pipe’s US-based customer success team handles all dispute management and resolution for partners.
“In the six months since we launched our embedded Capital, Pipe, and its partners, have helped to finance the dreams of tens of thousands of small businesses. We will continue to develop innovative products that remove the friction from their business,” said Luke Voiles, Chief Executive Officer, Pipe. “The Pipe Business Card is the logical expansion of our suite of capital services, and we expect it to have a meaningful impact on our customers, partners, and the overall SMB market.”
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1 Pipe Business Cards are issued by First Internet Bank of Indiana, Member FDIC, pursuant to a license from Visa ® Inc. and may be used everywhere Visa credit cards are accepted. The Pipe Business Card will be a pay-in-full charge card. Your Statement Balance must be paid in full 15 days after the close of your statement period. Any outstanding statement balance will be automatically debited from your designated payment due date. If a payment fails, your card will be locked and a percentage of your daily sales will be collected until your balance has been repaid in full.
2 Goldman Sachs 10,000 Voices Survey, January 2024.
3 WalletHub, Small Business Survey, April 2024.
4 Cash Back refers to rewards earned as a percentage discount on eligible purchases.
About Pipe
Pipe makes customer-friendly capital and smart financial tools accessible to growing businesses inside the software they use every day. Our embedded solutions are built to scale and give business builders across industries the power to grow on their own terms. To learn more, visit http://www.pipe.com or follow us on X @pipe.
Media Contact
For Pipe
Merrill Freund
merrill@freundpr.com
