(12 July 2023 – Australia) Grow Finance is set to launch its first business credit card powered by Brazilian technology company Pismo.
The Grow Mastercard will be available at the end of Q3 2023 enabling small business owners to improve cash flow management. The group opted for Pismo’s all-in-one, public cloud-native financial services platform to support its card-issuing operation. Using a modern platform, it seeks to differentiate itself from incumbent bank credit cards and continue supporting the Australian SME segment, an estimated A$410 billion market.
Pismo is a technology company providing an all-in-one processing platform for banking, payments, and financial markets infrastructure processing 290 million monthly transactions. Grow Finance is a leading Australian non-bank business lender with a vision is to support companies to thrive in today’s increasingly complex and competitive operating environment.
As the SME sector accelerates in 2023, it also suffers from an increase in the cost of goods and services, leading to rising inflation and unemployment rates. In this scenario, entrepreneurs are eager for help.
“Pismo brings us its extensive expertise in card issuing and payment processing, which includes managing 46 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” stated Grow Finance Executive Director and Co-CEO, David Verschoor.
“Grow has been significantly impacting the 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” commented Pismo CEO North America, EMEA, APAC, Vishal Dalal.