This week, Marqeta (NASDAQ: MQ), a global modern card issuing platform that enables embedded finance solutions, announced a partnership with Found, a business banking platform that supports small businesses and the self-employed. Found’s commercial card solution, powered by Marqeta, allows small businesses and self-employed entrepreneurs to access more sophisticated and customized business banking capabilities than are traditionally offered to them. With streamlined expense management capabilities, Found users can easily monitor and control card spending, helping them manage their finances more efficiently and securely.
The SMB economy is traditionally overlooked by big banks and lacks the flexible tools needed to manage their expenses and improve access to working capital, with huge consequences – 82% of SMBs that fail do so because of cash flow issues. Found’s business banking platform is designed to bring advanced capabilities to small business owners and the self-employed, allowing for proper expense management solutions, along with simplified tax management and bookkeeping, to support their business needs.
By partnering with Marqeta, Found obtains access to a user-friendly, comprehensive platform that provides tailored physical, virtual or tokenized cards that simplify expense management and enhance cash flow for its customer base. Found’s customers can set spending limits and track transactions in real-time directly within the Found platform, ensuring a smooth and customized user experience.
With Marqeta, businesses can monitor and control spend on their cards in real-time, allowing them to establish spending limits for employees and track spending. Marqeta’s business customers have greater visibility and control over their card programs, helping to ensure regulatory compliance and enhanced business operations and financial management.
“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,” said Todd Pollak, chief revenue officer at Marqeta. “Our partnership is another example of how we’re helping to open access to working capital for SMBs and enable financial management that stimulates business growth.”
