B2B Payments

ScaleFactor Adds SMB Card To Expense Management Offering

credit card

Small business accounting solution provider ScaleFactor is expanding its product suite to include a commercial card product to support expense management.

A press release issued Tuesday (Oct. 15) said ScaleFactor is launching a ScaleFactor Visa Card, a commercial card designed for small businesses to manage spend and customize their expense management workflow. The tool enables small business owners to issue cards to employees and digital accounts while integrating that spend data into the ScaleFactor platform.

Users can generate an unlimited number of physical, virtual or temporary cards and customize spending limits depending on user. Managers will be able to freeze or cancel specific cards, while all transaction data from card spend is automatically integrated into the ScaleFactor platform for streamlined expense management.

ScaleFactor noted that the cards do not charge annual fees, and data from these cards do not impact personal credit scores of business owners. Small to medium-sized businesses (SMBs) can obtain 1 percent cash back on all purchases each month.

The card will be issued by WebBank, the announcement said, and WebBank EVP of Strategy and Business Development Jason Lloyd noted that the availability of a small business card integrated into ScaleFactor is part of the bank's effort to "make financial services more accessible to the general public."

"Many small business owners are forced to adopt an inefficient patchwork of multiple cards and systems to mange their spending, resulting in delayed or incomplete pictures of their financial position," said ScaleFactor Founder and CEO Kurt Rathmann in a statement. "Because the ScaleFactor Visa Card is natively integrated with our accounting and finance platform, entrepreneurs gain access to a more robust and intelligent snapshot of their financial situation, coupled with increased control over when and how they pay their bills."

Toward the beginning of the year ScaleFactor announced a $30 million fundraise. At the time, the company said it would deploy that Series B funding to introduce new products, including a small business loan solution.

In August the company secured an additional $60 million in Series C funding.



About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.