Stripe To Offer Banking As A Service To Merchants

Erwin Oropesa

Stripe is partnering with some of the world’s largest banks to offer a range of financial services to some of the key players driving the eCommerce boom.

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

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