Payment processing giant Stripe and Evolve Bancorp will power two products within Shopify Balance, the Canadian e-commerce giant’s business banking offering first revealed earlier this year.
Shopify will be using Stripe’s new Treasury product on the offering. Stripe and Evolve Bancorp will specifically power the Shopify Balance Account and the Shopify Balance Card. Stripe Treasury, also revealed Thursday, gives embedded business banking services to Stripe clients through APIs.
Stripe Treasury is currently partnering with banks to offer a banking-as-a-service API. The product allows Stripe clients to embed financial services that let business customers send, receive, and store funds. The product is being offered through banks such as Goldman Sachs, Evolve Bank, Citibank, and Barclay’s.
Shopify is one of the first major partnerships to come out of the Stripe Treasury product launch. Shopify Balance is composed of three products: a bank account, card, and rewards program for Shopify merchants.
According to Shopify, the goal behind Balance is to provide financial services that are built specifically for independent businesses and entrepreneurs.