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{"id":33802,"date":"2023-06-01T21:48:06","date_gmt":"2023-06-01T21:48:06","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/01\/fintech-giant-stripe-is-getting-into-the-credit-game\/"},"modified":"2023-06-01T21:48:07","modified_gmt":"2023-06-01T21:48:07","slug":"fintech-giant-stripe-is-getting-into-the-credit-game","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/01\/fintech-giant-stripe-is-getting-into-the-credit-game\/","title":{"rendered":"Fintech giant Stripe is getting into the credit game"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/01\/fintech-giant-stripe-is-getting-into-the-credit-game\/<\/a><\/br>
\nFintech giant Stripe is getting into the credit game<\/br>
\n2023-06-01 21:48:06<\/br><\/p>\n

\n

Stripe wants to make it easier for businesses to access credit.<\/p>\n

The private financial infrastructure giant announced a new charge card program today from Stripe Issuing<\/a>, its commercial card issuing product, Denise Ho, head of product for BaaS at Stripe, told TechCrunch exclusively.<\/p>\n

The company originally launched its Issuing product in 2018, and since then it\u2019s helped companies such as Shopify and Ramp issue more than 100 million cards in the U.S., the United Kingdom and the European Union. Today, the product is one of Stripe\u2019s fastest-growing, Ho said \u2014 supporting half a million transactions a day. Fintechs like Klarna \u201cbuild entire businesses on it,\u201d the company claims.<\/p>\n

Previously, Stripe-issued cards could only be used to spend money from a prefunded account. Its expansion into charge cards, according to Ho, will give companies the ability to create and distribute virtual or physical charge cards that allow their customers to spend on credit rather than using the funds in their accounts.<\/p>\n

\u201cAmong our suite of products, Issuing has been doing really, really well,\u201d Ho told TechCrunch. \u201cAnd the No. 1 top demand within Issuing has been the ability for Stripe to enable our platforms to offer credit to their users.\u201d<\/p>\n

This has a twofold benefit for Stripe \u2014 giving it a new revenue stream as well as the option to offer new financing capabilities to their customers \u201cwith little additional operational cost,\u201d Stripe touts. (Operational efficiency is in vogue, after all.)<\/p>\n

For example, platforms that use Stripe Connect<\/a>\u00a0can white label products from Stripe and provide a range of embedded financial services, such as financial accounts, working capital loans and now charge cards as well, Ho said.<\/p>\n

Further, she added, Stripe Issuing provides the core components of a charge card program \u2014 such as funds flows, network connections, printing, and integration APIs \u2014 and then aims to \u201cstreamline\u201d all the necessary compliance, bank partnerships and ledgering.<\/p>\n

Ramp, Emburse, Karat and Coast are among the current users of the charge card program, which is available in beta in the U.S. In the coming months, Stripe will launch charge card programs in the EU and the U.K.<\/p>\n

\u201cIn the U.S., the banks are the ones that have been our sponsor \u2026 and that\u2019s regulated,\u201d Ho explained. \u201cAnd because you\u2019re letting the small businesses spend, that is a form of lending so that lending compliance has to come from the bank.\u201d<\/p>\n

For its part, she said Stripe is partnering with startups to help guide them through the process and help provide the necessary compliance and risk oversight so that they don\u2019t get in over their heads.<\/p>\n

When it comes to underwriting, Ho said that Stripe has received feedback that its clients ultimately want to own the underwriting decision.<\/p>\n

\u201cWhat we do is we help them put together the set of policies and ensure that these policies are actually compliant,\u201d she said. \u201cSo we offer both . . . flexibility and the control but with guardrails.\u201d<\/p>\n

Over time, Ho said its clients may want \u201cmore modules\u201d to do their own underwriting, so that\u2019s something Stripe will work on over time as it matures its offering.<\/p>\n

Anyone can sign up for the new program, she said, even if they are not an existing Stripe user.<\/p>\n

For its part, Stripe will make money off of interchange fees, so as customers\u2019 volume grows and users spend more, Stripe will earn more. There will also be compliance fees associated with the program.<\/p>\n

On May 31, TechCrunch reported exclusively on Stripe\u2019s acquisition of Okay<\/a>, a startup that developed a low-code analytics software to help engineering leaders better understand how their teams are performing.<\/p>\n

Want more fintech news in your inbox? Sign up <\/em>here<\/em><\/a>.<\/em><\/p>\n

Got a news tip or inside information about a topic we covered? We\u2019d love to hear from you. You can reach me at maryann@techcrunch.com. Or you can drop us a note at tips@techcrunch.com. Happy to respect anonymity requests.\u00a0<\/em><\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/06\/01\/fintech-giant-stripe-is-getting-into-the-credit-game\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/01\/fintech-giant-stripe-is-getting-into-the-credit-game\/ Fintech giant Stripe is getting into the credit game 2023-06-01 21:48:06 Stripe wants to make it easier for businesses to access credit. The private financial infrastructure giant announced a new charge card program today from Stripe Issuing, its commercial card issuing product, Denise Ho, head of product for BaaS at Stripe, told TechCrunch exclusively. […]<\/p>\n","protected":false},"author":1,"featured_media":33804,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-33802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nFintech giant Stripe is getting into the credit game - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/06\/01\/fintech-giant-stripe-is-getting-into-the-credit-game\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fintech giant Stripe is getting into the credit game - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/06\/01\/fintech-giant-stripe-is-getting-into-the-credit-game\/ Fintech giant Stripe is getting into the credit game 2023-06-01 21:48:06 Stripe wants to make it easier for businesses to access credit. 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