Australian non-bank business lender, Grow Finance, has partnered with Pismo to issue its small business-focused Mastercard credit cards in the Australian market. This collaboration aims to provide improved cash flow, management, and capital to help small business owners enhance their businesses.
Facts
- Grow Finance has chosen Pismo as its partner for its first credit card offering in Australia.
- The credit card launch is scheduled for September and targets small business owners.
- According to the Australian Banking Association, 98% of the 2.6 million businesses in Australia are SMEs (Small and Medium Enterprises).
- Grow’s offering aims to support the $410 billion SME segment in Australia, helping them overcome challenges such as rising costs.
- By utilizing Pismo’s public cloud-native financial services platform, Grow can develop its credit card business without building the infrastructure itself.
- Pismo, based in São Paulo, Brazil, offers a processing platform for banking, payments, and financial markets infrastructure, managing around 42 million cards.
- Visa is set to acquire Pismo for $1 billion cash, with the deal expected to be finalized by the end of the year. Pismo will retain its current management team.
