FinTech CabbagePay Launches in US

FinTech startup CabbagePay is rolling out in major cities across the United States with the goal of integrating its prebuilt technology into business’s own mobile apps, websites and online stores for seamless and cost-effective payments.

CabbagePay’s payment rails work with several industries including retail, freelancing healthcare, finance and more, according to a Tuesday (Aug. 2) press release. CabbagePay aims to lower merchant processing fees checkout times and fraudulent transactions.

“Moving money is plagued with an excess of fees, fraud, delay,” said CabbagePay Co-Founder Pratt Khot in the release. “Checkout times everywhere have been more frustrating than ever due to the pandemic, and merchants are paying tens of thousands of dollars in credit card fees. CabbagePay is capitalizing on this untapped market. Our unified Cabbage API supports all tech teams to get set up with less than five lines of code.”

Because businesses using CabbagePay are charged reduced payment transaction fees, which can add up over time, they can pass the savings on to customers who use the service, the release stated.

Alcohol delivery startup Drinkerrs and small business job posting startup HereHires have both partnered with CabbagePay, according to the release.

“We have built a foundation to take on a serious chunk of the total addressable market (TAM) in the U.S.,” said Khot. “[The] card payments industry in the U.S. is the biggest market of all, and we are poised to grab this opportunity.”

In other FinTech news, Mashreq, a financial institution (FI) based in the United Arab Emirates, has debuted a nonbanking business services platform, Mashreq Business Banking Value Added Services, for small- to medium-sized businesses (SMBs).

Read more: UAE-Based FI Mashreq Launches Non-Banking Services Platform for Small Businesses

The platform will give businesses access and discounts to a number of FinTechs, startups and other service providers, including human resources, office space and cloud storage.