German tech subscription platform Grover is teaming up with Solarisbank and Visa to bring embedded finance into its offering in a bid to encourage a societal shift towards the circular economy.
The Grover Card is a Visa Debit Card, issued by Solarisbank and available to customers in Germany through the Grover app. The card offers a three percent return on everyday purchases which is turned into Grover Cash rewards, tracked and redeemed against tech subscriptions seamlessly in the app.
The card is being launched in a closed beta phase to existing customers who can sign up through the app or website, and will be more widely available in Germany in Q1 2022 before being rolled out to Grover’s other markets in the near future.
Michael Cassau, Grover’s founder and CEO says: “ We continue to challenge the status quo by encouraging our customers to monetise their daily spending habits in ways they haven’t considered before, and in turn we’ll continue to tackle the world’s prolific e-waste problem.”
According to recent research from Solarisbank, around 61% of consumers are willing to use financial services offered by e-commerce businesses, emphasising the potential of the embedded finance market which is expected to grow from €22.5 billion today to around €230 billion globally by 2025.
“Grover is a prime example of embedded finance adoption," says Jörg Diewald, CCO of Solarisbank. "The Grover Card enriches the customer experience and provides value-added services that will deepen the customer relationship with the ecosystem. We are excited to enable this compelling product offering and look forward to seeing it in action."
The announcement is another indication of Grover’s fast-paced growth plan, following the tech subscription platform’s launch in the United States in September, and a new $1bn financing deal finalised in July.