11 July 2023
ith rising inflation and unemployment rates, this new offering aims to provide SMEs with improved cash flow, better business management, and increased capital.
In a bid to support the thriving small and medium enterprise (SME) sector in Australia, Grow, a leading lending partner, is set to launch its first credit card powered by Pismo. With the majority of businesses in the country being SMEs, this new offering aims to provide entrepreneurs with improved cash flow, better business management, and increased capital to enhance their operations.
According to the Australian Banking Association, out of the 2.6 million businesses in Australia, an overwhelming 98% are classified as SMEs. However, the sector is currently grappling with rising costs of goods and services, which has led to a surge in inflation and unemployment rates. In light of these challenges, Australian entrepreneurs are seeking assistance to navigate the turbulent economic landscape.
Grow has stepped up to address these concerns by developing the Grow Mastercard® credit card, slated to be available in the market starting September. The introduction of this credit card is poised to offer business owners enhanced financial flexibility, efficient cash flow management, and increased capital to bolster their enterprises.
To support its card-issuing operations, Grow has chosen Pismo’s all-in-one, public cloud-native financial services platform. By leveraging Pismo’s modern and feature-rich platform, Grow aims to differentiate itself from other lenders and continue its unwavering support for the Australian SME segment, which constitutes an estimated $410-billion market.
David Verschoor, Executive Director and Co-CEO at Grow, expressed his confidence in the partnership with Pismo, stating, “Pismo brings us its extensive expertise in card issuing and payment processing, which includes managing 42 million cards. The Pismo platform enables us to develop our credit card business without building the infrastructure from scratch. While Pismo focuses on the technology, we focus on supporting Aussie SMEs to grow their businesses.
“Pismo, founded in Brazil in 2016, has rapidly expanded its operations to five continents and currently employs 450 professionals. With a monthly transaction volume of 290 million, Pismo has established itself as a leading provider of card issuing infrastructure. Its client portfolio includes prominent institutions such as Banco Itaú, Latin America’s largest bank; BTG Pactual, the region’s largest investment bank; NG Cash, a fintech targeting Generation Z; German fintech N26, and the global bank Citi, among others.
Vishal Dalal, CEO (North America, EMEA, APAC) at Pismo, expressed pride in welcoming Grow as their first Australian client, stating, “Grow has been having a significant impact on Australian SMEs so far. It will serve these companies even better with their new credit card. We are very proud to announce them as our first Australian client.”
As Australian SMEs continue to face economic challenges amidst rising inflation and unemployment, the launch of Grow’s credit card, powered by Pismo, brings hope for entrepreneurs seeking support and assistance. With improved cash flow, efficient management tools, and increased capital, the Grow Mastercard® credit card aims to empower businesses and contribute to the growth and success of the Australian SME segment.