Some of the biggest names in payments and finance, including Mastercard and Chase, are teaming up with FinTech partners to bolster their business credit card offerings in this week’s Commercial Card Innovation roundup. Plus, Ramp lands talent from Stripe, and Clara debuts its SMB card offering.
Payoneer Links With Mastercard For SMB Payments
Soon after revealing plans to go public, Payoneer announced a partnership with Mastercard to jointly deliver new payment solutions for small and medium-sized businesses (SMBs) in the B2B space. The first offering of their collaboration is the Payoneer Digital Purchasing Mastercard, a card solution for SMBs, freelancers and eCommerce sellers that can be linked with mobile wallets. Businesses will also gain access to virtual card solutions as well as expense management features. The companies also noted that the tool enables immediate access to funds, though they did not offer details as to how businesses can receive funds via the card.
Nexus Empowers Real Estate Vendors With Virtual Cards
To streamline accounts receivable (AR) for small vendors servicing the real estate industry, Nexus is introducing a new collaboration with WePay. Together, the firms are rolling out a solution that allows small businesses to receive B2B payments via their virtual cards, negating the need for these firms to provide their bank details to business clients. Companies in service segments like facility management, lawn care and marketing can see funds land directly into their bank accounts, with the NexusDirect tool, powered by Chase, linking them with a virtual card. Once a buyers approves of a purchase and authorizes the card, money lands in the supplier’s bank account as soon as the same day.
Clara Debuts SMB Card For LATAM Spend Management
Based in Mexico, Clara is targeting SMBs across Latin America with its new expense management offering linked to a corporate card product. The company, which announced the card tool in conjunction with a $3.5 million pre-seed investment round led by General Catalyst, aims to extract value from transactional data that results from the continued digitization of payments across the region. In a recent interview with PYMNTS, Clara Co-founder and CEO Gerry Giacomán Colyer said that corporate card adoption is on the rise, with traction recently accelerating as a result of the global pandemic.
Ramp Nabs Stripe Executive
Colin Kennedy will join corporate card FinTech Ramp from his previous position as global head of partnerships at Stripe, Fortune.com recently reported. Kennedy has also worked for American Express, where he led the firm’s partnership with Concur, as well as at Clarity Money, which was acquired by Goldman Sachs.
Emburse Expands Via M&A
Emburse, a corporate expense management solution provider with a range of offerings that include its Embuse Cards, announced an expansion of its operations as a result of the acquisition of travel data firm DVI. Through DVI technology, Emburse can strengthen its ability to connect corporates to real-time visibility of travel data to manage spend, supplier negotiations and spend compliance. The merger will be able to take advantage of a range of spend data across various payment methods, including corporate cards.