Bristol/ Sydney, 11 July 2023 — According to the Australian Banking Association, of the 2.6 million businesses in Australia, the majority (98%) are small and medium enterprises (SMEs)*. As the sector accelerates in 2023, it also suffers from an increase in the cost of goods and services, leading to rising inflation and unemployment rates. In this scenario, entrepreneurs are eager for help.
Australian company Grow is ready to support them. Grow is a leading lending partner for SME businesses looking to expand, manage cash flow and deal in today’s increasingly complex and competitive operating environment. It will launch its first credit card, powered by Pismo.
The Grow Mastercard® credit card will be available in September. This new offer will give business owners better cash flow management and capital to help them improve their businesses.
Grow has chosen Pismo’s all-in-one, public cloud-native financial services platform to support its card-issuing operation. Using a modern and feature-rich platform, it seeks to differentiate itself from other lenders and continue supporting the Australian SME segment, an estimated $ 410 billion market.
“Pismo brings us its extensive expertise in card issuing and payment processing, which includes managing 46 million cards. The Pismo platform enables us to develop our credit card business without building the infrastructure from scratch. While Pismo focuses on the technology, we focus on supporting Aussie SMEs to grow their businesses,” says David Verschoor, Executive Director and Co-CEO at Grow.
Founded in 2016 in Brazil, Pismo has operations in five continents with 450+ employees. It processes 290 million transactions monthly. Pismo provides core banking and card issuing infrastructure for institutions like Banco Itaú, Latin America’s largest bank; BTG Pactual, the largest investment bank in the region; NG Cash, a fintech focused on Generation Z; the German fintech N26; and the global bank Citi, among others.
“Grow has been significantly impacting the Australian SMEs so far. It will serve these companies even better with their new credit card. We are very proud to announce them as our first Australian client,” says Vishal Dalal, CEO (North America, EMEA, APAC) at Pismo.
* Source: Small Business – Australian Banking Association (ausbanking.org.au)
About Pismo
A Pismo é uma empresa de tecnologia que fornece uma plataforma de processamento completa para serviços bancários, emissão de cartões e infraestrutura de mercado financeiro. Grandes bancos, marketplaces e fintechs usam nossa plataforma de microserviços nativa da nuvem. Nossos clientes têm criado soluções de última geração enquanto migram seus sistemas legados para a tecnologia mais avançada do mercado. Capacitamos empresas a construir e lançar novos produtos e serviços rapidamente. Nossa plataforma permite escalar os sistemas à medida que seu negócio cresce, mantendo altos padrões de segurança e disponibilidade.
About Grow Finance Limited
Grow Finance (Grow) is a leading Australian non-bank business lender. Grow’s vision is to support companies to thrive in today’s increasingly complex and competitive operating environment. This is achieved by a comprehensive suite of working capital and asset finance products. Grow’s is renowned for being agile, innovative, and disruptive, and consistently redefines product classes. Grow was recognised as the #1 fastest-growing company in the 2021 AFR Fast 100. It was considered the #1 Australian and #8 Asia-Pacific high-growth company in the Financial Times High-Growth Companies Asia-Pacific 2022. And it was listed in the top 10 in the Financial Times High-Growth Companies Asia-Pacific 2023.
Media contacts
Pismo
- Patricia Bartuira
+1 (786) 270-6253
[email protected] - Debora Fortes
[email protected]
Grow
- Sascha Moore
+61 02 9697 9122 | +61 0413 881 161
[email protected]
