On Thursday (Dec. 3), the company pulled the wraps off of Stripe Treasury. The new venture will work with Citigroup, Goldman Sachs, Barclays and other financial institutions (FIs) to offer debit cards, bank accounts and other products to the online merchants and vendors who rely on Stripe’s payments processing platform.
This is Stripe’s latest big initiative aimed at tapping into online business finance and lending, coming on the heels of its rollout of Stripe Capital, which enables online platforms to offer financing to their business customers.
Along with unveiling Stripe Treasury, Stripe also announced a new customer for its banking services: Shopify. Drawing upon Stripe Treasury infrastructure, Shopify will offer Shopify Balance accounts