- Stripe is launching a corporate card for business customers, the San Francisco-based payments technology provider said Tuesday.
- Stripe said the card is meant to "simplify business spending and accelerate growth for internet businesses."
- The launch comes just a week after the company announced it would offer lending services through Stripe Capital.
Transactions for small-business cards are projected to reach $700 billion by 2022, according to payments consultant Mercator Advisory Group.
"We're really targeting all businesses on Stripe but are focusing on fast-growing startups and small businesses," Cristina Cordova, a Stripe business lead, told Bloomberg. "A lot of these businesses are using their personal cards."
Stripe's launch highlights a growing trend of fintechs looking to diversify their services.
Stripe announced last week that it is entering the lending space, offering $10,000 to $20,000 in loans to online businesses that are existing customers, as well as to merchants that sell on platforms such as Shopify, which processes payments through Stripe.
Payments company Square is also looking to expand its suite of services. The Stripe competitor is pursuing a banking charter, a move that has received pushback from the trade group Independent Community Bankers of America.
Stripe added that it has expanded its global network. Platforms powered by Stripe can now make payouts to recipients in 45 countries in local currencies and over local bank networks.