Marqeta has announced its collaboration with Found, a business banking platform, to enhance expense management offerings for small and medium-sized businesses (SMBs) and self-employed professionals.
This partnership will allow Found to utilise Marqeta’s modern platform to power its business debit card, granting access to banking capabilities that were previously more accessible to larger enterprises.
Found’s commercial card solution, which is supported by Marqeta, is designed to provide SMBs and self-employed individuals with improved business banking functionalities. The platform offers streamlined expense management capabilities, enabling users to monitor and control card spending, which aims to enhance their financial management processes.
The partnership addresses a gap in the market, as the SMB sector is often overlooked by traditional banks and lacks necessary tools for effective expense management and access to working capital.
Research indicates that 82% of failing SMBs cite cash flow issues as a significant factor in their challenges. Found’s business banking platform aims to equip small business owners and self-employed professionals with the necessary tools for effective expense management, tax management, and bookkeeping.
By collaborating with Marqeta, Found will have access to a comprehensive platform that provides tailored physical, virtual, or tokenised cards, which are intended to simplify expense management and improve cash flow for its clients. Found’s customers will be able to set spending limits and track transactions in real time via the Found platform, thus enhancing the user experience.
Found CEO Lauren Myrick said: “Found is committed to enhancing financial wellness for the self-employed with our all-in-one banking platform. Marqeta’s deep expertise and highly adaptable platform allow us to strengthen our offering with expense management solutions that cater to the unique needs of small business owners.
“By integrating with their platform, we can create personalised card solutions that simplify expense management, giving our customers more time to focus on their businesses and boost profitability.”
Marqeta’s commercial card solutions are described as flexible and scalable, enabling businesses to customise them according to their specific requirements. Through Marqeta’s platform, companies can monitor and control their card spending in real time, facilitating the establishment of spending limits for employees and enhancing oversight of expenditures. This approach is intended to improve visibility and regulatory compliance within businesses.
Marqeta chief revenue officer Todd Pollak said: “Innovators like Found are leading the way in catering to the rapidly growing self-employed economy. As the sector grows, Marqeta is dedicated to enabling innovative solutions that make spend management effortless for these businesses.
“Our partnership with Found is another example of how we’re helping to open access to working capital for SMBs and enable financial management that stimulates business growth.”
