Parafin Launches Spend, a Business Credit Card Purpose-Built for Small Businesses That Platforms Can Deploy in Weeks
Built on infrastructure from Column and Visa, launching with 360 Payments and Nav
Today Parafin, a financial infrastructure company that provides platforms with embedded financial products for their small businesses, announced the launch of the Spend Card1, a fully managed business credit card program that small businesses want and platforms can offer without directly partnering with or becoming a bank. The launch expands Parafin’s embedded financing product suite, which already powers financial products for over 50,000 small businesses across leading platforms. 360 Payments, an integrated payments provider, is already live, and Nav, one of the largest financial hubs for small businesses, is launching soon, with additional leaders in the small business ecosystem to be announced.
Small businesses depend on credit every day to manage cash flow. They often experience constraints due to buying inventory in advance, experiencing slow sales after the holidays, and many other factors. Yet traditional business credit cards rely on personal credit checks, rigid underwriting, and compounding interest, often forcing owners to rely on personal cards and take on personal financial risk just to run their business.
