With credit markets getting tight, capital access is becoming a big concern for small- and medium-sized businesses (SMBs). Plenty of small businesses have relied on credit cards to cover short-term gaps in cash flow. In the absence of a line-of-credit or small business loan from a financial institution, a business credit card can be a life saver, especially when money gets tight as business ebbs and flows.
At Marqeta, we share the heart of an entrepreneur, and we vividly remember those days of bootstrapping. So, we’ve been cheering on our partner, Deserve – a modern credit card-as-a-service platform – as it developed a solution devoted to the needs of SMBs.
We are proud to share that with the Deserve Commercial Credit Card Platform, customers can now offer corporate credit cards to small- and medium-sized businesses (SMBs). While Marqeta offers virtual cards for small business lending and for supplier and expense payments, Deserve’s platform will now allow businesses to offer a true commercial credit card.
Considering that more than 99% of U.S. businesses employ fewer than 500 people, and they contribute an estimated $5.8 trillion in spending annually, this is an important market to enter.
The Deserve partnership
Earlier this year, Marqeta swiped right and entered into a partnership with Deserve focusing on consumer credit, and it has been a great match. Our customers appreciate Deserve’s digital card and credit program management expertise. Combined with Marqeta’s credit card issuing and processing technology, customers get all the benefits of an end-to-end, API-first platform via one integration to Deserve. Now with commercial credit, more customers and use cases can be served.
Multiple types of businesses can take advantage of these new capabilities. Think financial institutions, online lenders and marketplaces that already financially support and enable SMBs. Once up and running with Deserve, a modern commercial credit card program can offer business owners control over employee card assignments, instant issuance, and digital wallet provisioning. The frictionless and smooth digital application makes it possible for approved cardholders to start using their cards within minutes.
Meanwhile, the commercial cards also feature enterprise-level controls that make it easy for small business owners or CFOs to track, manage, and understand expenses. They get easy visualization of spend categories and trends, and precise control over employee spending all within Deserve’s dashboard or via API.“Our platform enables those who serve SMBs to offer true credit combined with sophisticated expense management,” said Kalpesh Kapadia, CEO and co-founder of Deserve.
Congrats to our partner, we look forward to serving the needs of this new segment of businesses and their SMBs customers together.
Learn more about Marqeta’s credit solutions and partnership with Deserve here.
Learn more about Deserve’s commercial credit platform here.