Grasshopper Partners with Pocketbook to Support Business Banking

Published about 1 month ago

The digital banking platform, Grasshopper, has formed a strategic partnership with Pocketbook, an embedded financial solution for small-and medium-sized businesses (SMBs). The alliance aims to better serve the small business banking ecosystem and is supported by Treasury Prime, a leading embedded banking software company.

Grasshopper’s Mission to Support SMB Banking

The partnership will allow Pocketbook to offer its customers white-labeled FDIC insured commercial checking accounts. The collaboration was facilitated by the shared mission of the companies to better serve the SMB banking community. Lauren McCollom, Director of Banking-as-a-Service (BaaS) at Grasshopper Bank, expressed pride in the collaboration, which was launched successfully under a tight timeline.

Swift and Successful Implementation

Grasshopper worked closely with Treasury Prime and Pocketbook to ensure a smooth and swift implementation of the product. The bank’s operating transparency helped it overcome compliance hurdles and mitigate program risks. The onboarding process for Pocketbook was live in less than 65 days from project kick-off, following a phased approach and successful observation of transactions and account creations.

Commitment to Small Business Owners

Pocketbook is dedicated to being a trusted partner for small business owners, providing them with tools to grow their businesses. Bryan Crumpler, Co-Founder and CEO of Pocketbook, recognized the shared commitment to service and efficiency that the partnership with Grasshopper and Treasury Prime represents.

Technical Integration and Operational Support

In addition to the partnership, Grasshopper will work with Treasury Prime to provide technical integration and operational support. This includes managing operations and money movement through API integration with Pocketbook, and offering product features like an FDIC-insured checking account, and ACH (standard & same-day) transactions.

Mark Vermeersch, Chief Platform Officer at Treasury Prime, highlighted the speed, safety, and agile iterations demonstrated in the launch of Pocketbook as indicators of the value of direct partnerships between fintechs like Pocketbook and innovative banks like Grasshopper.

Enhancing SMBs’ Banking Capabilities

The partnership underlines the commitment of each company to provide clients with leading digital products that enhance their banking capabilities. This includes fundamental aspects of business payments, such as initiating payments, sending invoices, and accepting payments. Pocketbook was identified by Grasshopper and Treasury Prime as a valuable partner in ensuring small businesses can operate under a unified platform.