(07 December 2020 – United States) Stripe Inc, a leading payment provider and software company, is partnering with Goldman Sachs and Citi Bank to offer business banking services to corporate clients.
The company processes payments for millions of online businesses and e-commerce platforms across the globe and will soon be able to offer merchants services such as cash management, business accounts, debit cards, etc.
Among the first to adopters of Stripe’s new banking services is Shopify. In the early part of next year, Stripe will provide balance accounts to thousands of merchants who use Shopify’s software. Stripe is also focused on automating business banking, particularly for platform-based corporates.
“It has become more and more common for software and technology company to provide financial services as an all-inclusive service. This has left traditional high street banks with the options to partner with them or compete against them – the former often the most lucrative choice” commented East & Partners Markets Analyst, Pierre Sokoya