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Grasshopper and Pocketbook team up to support SMBs with embedded banking

Source: Grasshopper

Grasshopper, the client-first digital bank built for the business and innovation economy, today announced its partnership with Pocketbook, a white-label embedded financial solution that provides payments, banking and modern business tools to small-and medium-sized businesses (SMBs).

Aligned in their missions of better serving the small business banking ecosystem, and in partnership with embedded banking software platform Treasury Prime, Pocketbook selected Grasshopper to provide its customers with white-labeled FDIC insured commercial checking accounts.

“Our team's synergies allowed us to collaborate quickly and effectively, successfully launching this program within a tight timeline,” said Lauren McCollom, Director of Banking-as-a-Service (BaaS) at Grasshopper Bank. “It took transparent communication across all parties to execute in the manner we did, and the result is one we can all be proud of. We're thrilled to partner with Pocketbook as they look to support their customers and serve the SMB community.”

Grasshopper worked diligently with Treasury Prime and Pocketbook to ensure the product was up and running successfully in record time. Through a phased approach following successful observation of the transactions and account creations, Grasshopper enabled Pocketbook to go live with onboarding in less than 65 days from project kickoff. The Bank’s BaaS foundation of operating with transparency allowed it to overcome compliance hurdles and maintain high standards to successfully mitigate the risks of the program in collaboration with Pocketbook.

“Pocketbook exists to serve as a trusted partner for small business owners. We are dedicated to developing the right tools to free up valuable time for hard working entrepreneurs so they can grow their businesses and leave the rest to us,” said Bryan Crumpler, Co-Founder and Chief Executive Officer of Pocketbook. “The partnership between Grasshopper, Treasury Prime, and ourselves exemplifies that same mission because their shared commitment to service and efficiency allow us to do for ourselves what we are pledged to do for our clients: focus on our business and leave the rest to them.”

To assist in providing technical integration and operational support, Grasshopper will be working with Treasury Prime, a leading embedded banking software company, to manage the operations and money movement by ways of API integration with Pocketbook – with product features such as an FDIC-insured checking account, ACH (standard & same-day), and transaction history.

"At Treasury Prime, our bank-direct software powers embedded banking partnerships," said Mark Vermeersch, Chief Platform Officer at Treasury Prime. "By choosing a direct partnership with Grasshopper Bank, the launch of Pocketbook took place in record time. Our commitment to speed, safety, and agile iterations demonstrate that fintechs like Pocketbook can have a bank-direct partnership with innovative banks like Grasshopper and still integrate to modern, embedded banking software."

This partnership extends each company’s commitment to providing clients with leading digital products to better support their banking capabilities, including the fundamental aspect of business payments. Grasshopper and Treasury Prime identified Pocketbook as a valuable partner in ensuring small businesses can operate their business under a unified platform across initiating payments, sending invoices, accepting payments, and more.  

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