- Small enterprise banking platform Fast Finance is launching a Fast Entry Mastercard, a pay as you go card by means of which small companies can entry their line of credit score.
- Fast Finance’s card program is the primary program sponsored by SoFi Financial institution.
- Fast Entry Mastercard will probably be managed by Galileo, which SoFi acquired in 2020 in a deal valued at $1.2 billion
SoFi and its subsidiary Galileo are teaming up this week with small enterprise banking platform Fast Finance to launch the Fast Entry Mastercard. The brand new providing is a pay as you go industrial card that permits Fast Finance’s small enterprise clients with a line of credit score in good standing to entry their funds.
The cardboard will give firms utilizing Fast Finance’s line of credit score a easy technique to entry the working capital they want, even exterior of conventional banking hours. The corporate’s line of credit score gives entry to financing from $5,001 as much as $250,000 with phrases starting from three to eighteen months.
“This card program underscores Fast Finance’s dedication to empowering companies with versatile and accessible monetary options,” mentioned Will Tumulty, CEO of Fast Finance. “With the Fast Entry Mastercard, small enterprise homeowners can higher seize market alternatives, handle their money circulate and help their enterprise development in a approach that’s extra handy for them.”
This announcement is probably extra notable for SoFi than it’s for Fast Finance. That’s as a result of Fast Finance’s card program is the primary program sponsored by SoFi Financial institution. SoFi earned its banking license in 2022, however has since abstained from a pure-play BaaS settlement. The financial institution partnered with Pagaya in 2021 to supply lending-as-a-service, however the loans are underwritten by Pagaya, which implies SoFi isn’t taking any credit score dangers.
Whereas SoFi will function the sponsor financial institution for Fast Finance, the pay as you go card side will probably be managed by Galileo, which SoFi acquired in 2020 in a deal valued at $1.2 billion. Galileo was based in 2001 and at the moment gives digital banking instruments, card and lending merchandise, cloud infrastructure, and extra.
“This collaboration underscores Galileo’s dedication to serving to small companies do extra with their cash, quicker,” mentioned Galileo CEO Derek White. “We look ahead to working collectively alongside SoFi Financial institution to assist Fast Finance rapidly develop and scale this versatile fee program to help SMBs’ means to realize swift, easy accessibility to the funds they have to be profitable.”
Picture by Leeloo The First