Germany’s technology subscription platform Grover is partnering with Solarisbank and Visa (NYSE: V) in order bring embedded finance into its product offering. This initiative has been introduced in order to support a societal shift towards the circular economy, the announcement noted.
The Grover Card is a Visa debit card that is issued by Solarisbank and currently available to consumers residing in Germany via the Grover app. The card provides a 3% return on everyday purchases which gets turned into Grover Cash rewards, tracked and redeemed against technoloy subscriptions via the app.
The card is being introduced via a closed beta stage to existing clients who are able to register via the app or official website, and will be more widely available in Germany early next year, before it is rolled out to Grover’s other markets, the update revealed.
Michael Cassau, Founder and CEO at Grover, stated:
“We continue to challenge the status quo by encouraging our customers to monetise their daily spending habits in ways they haven’t considered before, and in turn we’ll continue to tackle the world’s prolific e-waste problem.”
Research from Solarisbank reveals that about 61% of consumers are ready to use financial services provided by digital commerce firms, highlighting the potential of the embedded finance sector which is set to expand from €22.5 billion today to about €230 billion internationally by 2025.
Jörg Diewald, CCO at Solarisbank, remarked:
“Grover is a prime example of embedded finance adoption. The Grover Card enriches the customer experience and provides value-added services that will deepen the customer relationship with the ecosystem. We are excited to enable this compelling product offering and look forward to seeing it in action.”
The announcement is yet another indication of Grover’s steady business expansion efforts, following the technology subscription platform’s deployment in US markets in September 2021, as well as a $1 billlion financing deal completed in July of this year.