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According to the Australian Banking Association, the majority (98%) of the 2.6 million businesses in Australia are small and medium enterprises (SMEs). As the sector picks up in 2023, it will also face an increase in the cost of goods and services, leading to a rise in inflation and the unemployment rate. In such a situation, entrepreneurs are eager to help.
Australian company Grow Ready to help them. Groww 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, which will be powered by pismo,
The Groww Mastercard Credit Card will be available in the market from September. This new offering will give business owners better cash flow, management and capital to help them grow their businesses.
Grow has chosen Pismo’s all-in-one, public cloud-native financial services platform to support its card issuance operations. Using a modern and feature-rich platform, it seeks to differentiate itself from other lenders and continue to support the Australian SME segment, an estimated $410 billion market.
“Pismo brings to us its extensive expertise in card issuance and payment processing, which includes managing 42 million cards. The Pismo Platform enables us to grow our credit card business without building infrastructure. While Pismo focuses on technology, we are focused on supporting Australian SMEs to grow their businesses,” says David Verschoor, Executive Director and Co-CEO. Grow,
Established in Brazil in 2016, pismo Operates on five continents with 450 employees. It processes 290 million transactions monthly. Pismo provides card issuance infrastructure for the largest bank in Latin America – Banco Itau; BTG Actual, the largest investment bank in the region; NG Cash, a fintech focused on Generation Z; A German fintech N26, Global Bank City, among others.
“Grow is having a significant impact on Australian SMEs so far. This will serve these companies even better with their new credit cards. We are very proud to announce them as our first Australian client,” said Vishal Dalal, CEO (North America, EMEA, APAC). pismo,
