Grasshopper, the client-first digital bank built for the business and innovation economy, and Sydecar, a frictionless deal execution platform for venture investors, announced a partnership to provide Sydecar’s venture investing clients with access to digital banking products through Grasshopper’s Banking-as-a-Service (BaaS) platform.
The partnership fulfills “both organizations’ goal of providing a tech-forward, best-in-class customer experience to venture capital investors.”
Grasshopper claims it “has extensive expertise working with venture capital firms and funds, which provides unique benefits to the venture investors who trust Sydecar to create their investment vehicles, such as special purpose vehicles or venture capital funds.”
Grasshopper’s APIs are “powered by Treasury Prime, an embedded banking software platform.”
This integration “bolsters Sydecar’s seamless investing experience by allowing these clients to establish investment vehicles, such as special purpose vehicles (SPVs), through Grasshopper’s integrated bank accounts in minutes.”
The partnership is “an example of how forward thinking banks and fintechs can leverage technology to provide an exceptional banking experience.”
Lauren McCollom, Director of BaaS at Grasshopper, said:
“Venture investors need a reliable and secure banking experience and our partnership with Sydecar delivers just that. By leveraging exceptional technology that provides transparency and access to critical resources, we are delivering value to venture investors who need a solution amid a changing regulatory environment and economic uncertainty. Sydecar and Grasshopper are making it easier to manage their finances and conduct business that ultimately benefits the entire innovation economy.”
Grasshopper helps “to drive key capabilities for Sydecar.”
Within Sydecar, investors are able “to open a funding account in minutes, ensuring deals close on time and companies receive funds in a timely manner.”
Grasshopper’s ability “to support both international and domestic funding and create individual hashed bank accounts for reconciliation and refunds powers smooth and swift transactions.”
In an industry where speed matters and mistakes are costly, Sydecar and Grasshopper “are setting a new standard for reliability and efficiency.”
Nik Talreja, Founder and CEO of Sydecar, said:
“Transparency, trust, and reliability are hallmarks of superior financial products and core values at Sydecar. We recognize the importance of working with a banking partner who shares these values. Sydecar chose to work with Grasshopper Bank because, in addition to being client-first and tech-forward, they have a strong commitment to risk management. As a technology-forward bank, Grasshopper enables our product to function seamlessly, removing the chance of manual errors from our funds-flow.”
With total assets of over $700 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.”