Stripe launches embedded financial services platform Stripe Treasury

Stripe, the technology company building economic infrastructure for the internet, has announced the launch of its ambitious new product called Stripe Treasury.

This product gives Stripe’s platform users powerful APIs to embed financial services, enabling their customers to easily send, receive, and store funds.

Shopify, the Canadian multinational e-commerce company is partnering with Stripe and Evolve Bank & Trust to build Shopify Balance, the business account designed to help merchants take control of their finances.

The company was of the view that at present accessing financial services can typically involve a series of bureaucratic hoops and a lengthy application process.

Whereas, the feedback from Stripe’s users is that they want a digital solution for financial services available directly within the software platform that powers their operations. On the flipside, Stripe’s platform customers are increasingly looking to embed financial services into their own product, but oftentimes face barriers to doing so.

The company says Stripe Treasury removes some of these barriers, enabling platforms like Shopify to easily offer its merchants access to critical financial products to manage their businesses’ finances. With Stripe Treasury, platforms can offer their users interest-earning accounts eligible for FDIC insurance in minutes, enabled by Evolve Bank & Trust. Platform business customers can have near-instant access to revenue earned through Stripe, spend this directly from their balance with a dedicated card, transfer it via ACH or wire transfer, pay bills, and more.

“Everything about running an online business has been transformed by technology, but business banking has largely been left behind,” commented Karim Temsamani, Head of Banking and Financial Products at Stripe. “But we’re changing this, just like we set out to change payments a decade ago. Offering a user-centric banking experience should be as easy as spinning up a virtual server—that’s what we’re starting to accomplish at Stripe with our bank partner network.”

“Together, Stripe and Goldman Sachs are focused on relieving the frustrations internet businesses find in making banking work for them,” said Hari Moorthy, Goldman Sachs Global Head of Transaction Banking. “The millions of ambitious, fast-growing businesses in the Stripe ecosystem will soon discover a dramatically improved end-to-end digital banking experience.”

Stripe expands its bank partner network

Stripe is enabling standardized access via APIs to the global banking capabilities of its bank partner network, which now includes Goldman Sachs Bank USA and Evolve Bank & Trust as US partners, and Citibank N.A. and Barclays as global expansion partners. And through Stripe, these banks are able to extend their reach to millions of businesses.

“We are pleased to partner with Stripe leveraging Citi Virtual Accounts to offer consistent, scalable and ubiquitous payment solutions across Citi’s unparalleled global footprint. Our vision is for this partnership to fuel global commerce by enabling Stripe to launch the next generation banking proposition for their clients,” said Manish Kohli, Global Head of Payments and Receivables, with Citi’s Treasury and Trade Solutions.