Partnership enables secure access to commercial checking accounts in record time
NEW YORK, NY / ACCESSWIRE / March 5, 2024 / Grasshopper, the client-first digital bank built for the business and innovation economy, today announced its partnership with Pocketbook, a white-label embedded financial solution that provides payments, banking and modern business tools to small-and medium-sized businesses (SMBs). Aligned in their missions of better serving the small business banking ecosystem, and in partnership with embedded banking software platform Treasury Prime, Pocketbook selected Grasshopper to provide its customers with white-labeled FDIC insured commercial checking accounts.
"Our team's synergies allowed us to collaborate quickly and effectively, successfully launching this program within a tight timeline," said Lauren McCollom, Director of Banking-as-a-Service (BaaS) at Grasshopper Bank. "It took transparent communication across all parties to execute in the manner we did, and the result is one we can all be proud of. We're thrilled to partner with Pocketbook as they look to support their customers and serve the SMB community."
Grasshopper worked diligently with Treasury Prime and Pocketbook to ensure the product was up and running successfully in record time. Through a phased approach following successful observation of the transactions and account creations, Grasshopper enabled Pocketbook to go live with onboarding in less than 65 days from project kickoff. The Bank's BaaS foundation of operating with transparency allowed it to overcome compliance hurdles and maintain high standards to successfully mitigate the risks of the program in collaboration with Pocketbook.
"Pocketbook exists to serve as a trusted partner for small business owners. We are dedicated to developing the right tools to free up valuable time for hard working entrepreneurs so they can grow their businesses and leave the rest to us," said Bryan Crumpler, Co-Founder and Chief Executive Officer of Pocketbook. "The partnership between Grasshopper, Treasury Prime, and ourselves exemplifies that same mission because their shared commitment to service and efficiency allow us to do for ourselves what we are pledged to do for our clients: focus on our business and leave the rest to them."
To assist in providing technical integration and operational support, Grasshopper will be working with Treasury Prime, a leading embedded banking software company, to manage the operations and money movement by ways of API integration with Pocketbook - with product features such as an FDIC-insured checking account, ACH (standard & same-day), and transaction history.
"At Treasury Prime, our bank-direct software powers embedded banking partnerships," said Mark Vermeersch, Chief Platform Officer at Treasury Prime. "By choosing a direct partnership with Grasshopper Bank, the launch of Pocketbook took place in record time. Our commitment to speed, safety, and agile iterations demonstrate that fintechs like Pocketbook can have a bank-direct partnership with innovative banks like Grasshopper and still integrate to modern, embedded banking software."
This partnership extends each company's commitment to providing clients with leading digital products to better support their banking capabilities, including the fundamental aspect of business payments. Grasshopper and Treasury Prime identified Pocketbook as a valuable partner in ensuring small businesses can operate their business under a unified platform across initiating payments, sending invoices, accepting payments, and more.
Grasshopper and Treasury Prime will both have leaders onsite at Fintech Meetup (March 3-6). Reach out to [email protected] or [email protected] to connect with the teams. For more on Pocketbook, visit www.pocketbook.tech.
About Grasshopper Bank
With total assets of approximately $733 million, Grasshopper is a client-first digital bank serving the business and innovation economy. Grasshopper replaces the traditional one-size-fits-all approach to banking with a suite of products and services tailored to specific industries, and a passionate team of experts with deep expertise in their fields. Grasshopper's banking solutions cover small business, venture-backed companies, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, SBA lending, commercial real estate lending, and yacht financing. Headquartered in New York City, the bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For more information, visit the bank's website at www.grasshopper.bank or follow on LinkedIn and Twitter.
About Treasury Prime
Treasury Prime is building the future of finance. Through its cutting-edge embedded banking software, Treasury Prime facilitates seamless connections between banks and enterprise partners, equipping them with everything they need to launch innovative financial products with a strong commitment to responsible practices. Beyond its core banking offerings, which encompass accounts, payment infrastructure, and enhanced FDIC insurance, Treasury Prime also provides a robust partner marketplace. This marketplace offers a wide range of auxiliary services, tailored to meet the diverse needs of bank-fintech partnerships. Treasury Prime was named Best Banking as a Service Platform in the Tearsheet Embedded Awards 2021 and 2022, and was named to CB Insights' annual 2021 Fintech 250 list.
About Pocketbook
Pocketbook is here to help small businesses focus on their work and forget all the rest. Through its advanced tools like smart quotes and invoices, AI powered AR and AP, and partnerships with some of the best in the world of small business, we save our clients valuable time and money so that they can focus on their craft, and leave behind the tasks and chores that hold them back. www.pocketbook.tech
Media Contact:
Catharine Rybeck
Caliber Corporate Advisers
[email protected]
Media Contact for Treasury Prime:
Taylor Odekirk
Walker Sands, for Treasury Prime
[email protected]
SOURCE: Grasshopper