According to the Australian Banking Association, SMEs comprise the overwhelming majority of businesses in Australia. As the 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.
Australian company Grow is ready to help them. Grow is a lending partner for SME businesses looking to expand, manage cash flow, and deal in an increasingly complex and competitive operating environment. It will launch one of its first credit cards, powered by Pismo.
The Grow Mastercard credit card will be available in market from September 2023. This new offer will give business owners better cash flow, management, and capital to help them improve their businesses.
Grow has chosen Pismo’s all-in-one, public cloud-native financial services platform to support its card-issuing operation. By using a modern and feature-rich platform, it seeks to differentiate itself from other lenders and continue supporting the Australian SME segment, an estimated USD 410-billion market.
Officials from Grow said that Pismo brings them its extensive expertise in card issuing and payment processing, which includes managing 42 million cards. The Pismo platform enables them to develop their credit card business without building the infrastructure from scratch. While Pismo focuses on the technology, they focus on supporting Aussie SMEs to grow their businesses.
Founded in 2016 in Brazil, Pismo has operations in five continents with 450 employees. It processes 290 million transactions monthly. Pismo provides card issuing infrastructure for Banco Itau – a large Latin American bank; BTG Pactual, an investment bank in the region, NG Cash, a fintech focused on Generation Z; a German fintech N26, and the global bank Citi, among others.
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