The offering combines Mastercard’s digital payments technology and several of its services with improved features from partners. It will initially be available in the US, with plans to scale globally.
The lower-middle market, which is broadly defined as companies with annual revenues between USD 10 million and USD 100 million, or with 50-250 employees, needs support for growth and digitalisation, according to Mastercard. The company’s report notes that fewer than 10% of financial providers offer services that support holistic financial visibility. This exposes a significant capability gap for the segment. At the same time, middle market companies are looking for tailored solutions, so much so that four out of ten would switch providers if offered products with a better fit.
Mastercard Mid-Market Accelerator aims to support commerce for businesses of all sizes and help them grow and expand. The solution offers a suite of Mastercard card features that financial providers can custom-select to meet middle-market customers, along with rewards designed for the segment. The card will be available in both physical and virtual form, allowing more flexibility of choice and spending control.
Mastercard collaborates with players across the ecosystem to support SMEs in the US. The benefits of Mastercard’s network include ID theft protection, zero liability protection, health lock, and better control and security of virtual cards.
The cash flow management, offered via Trovata, automates the aggregation and categorisation of data across multiple banks, enabling finance and treasury teams to analyse cash flow trends, predict liquidity, and make data-driven decisions. Trovata is expanding its payment capabilities by integrating with Mastercard’s virtual card platform, which will make supplier payments more efficient and secure for midsize companies.
Navan provides expense management with embedded virtual cards that utilise spend controls to drive policy compliance and offer transaction-level insights to automate reconciliation and provide real-time spend visibility.
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