Money management platform Parpera has launched Australia’s first embedded finance business debit card linked directly to deposit accounts.
Parpera is partnering with fintech Railspay, the Australian arm of UK firm Railsbank, and Australia’s first neo-bank Volt.
The Parpera business debit Mastercard is now available to Australian sole traders. Users are encouraged to download the Parpera app which includes banking, cards, invoicing, money, and tax insights as well as a debit card to manage business payments and access to make fee-free international transactions.
Brokers who are sole traders can apply for their own card and can encourage their sole trader and SME clients to do the same.
Parpera founder and CEO Daniel Cannizzaro (pictured) said he was excited about the new card.
“The launch of our business debit card marks a significant milestone for Parpera and Australian business owners who have been under-served and unfairly treated when it comes to their finances for far too long,” Cannizaro said.
“Having to pay on average 3% to 4% fees on top of international card payments, waiting weeks for a business debit card, and being forced to use their personal card to cover business expenses are all examples of how business owners needlessly suffer. Parpera offers business owners access to a much fairer and more transparent system which will make business easier for everyone.”
New clients can download the Parpera app through the App store or Google store, create an account within 10 minutes, confirm they are a sole trader and subscribe to a monthly or yearly membership ($15 per month or $135 per annum). There are no additional fees for customers apart from the membership expenses.
“Partnering with Railspay gives access to a payment network and the ability to launch a card within the Australian market through leveraging their technology and marketing,” Cannizaro said. “Our focus is to help business owners and sole traders to make business easier through an easy and efficient process.’’
Railsbank APAC chief operating officer Ben Smith (also pictured) welcomed the first embedded finance business debit card to hit the Australian market.
“Railspay is enabling Parpera customers to transform the way that they can manage their businesses by providing a seamless and integrated customer experience, which is a great example of the power of embedded finance experiences to positively impact lives. The launch of yet another Australian-first finance experience product also demonstrates that we are on the forefront of the next generation of financial services across the globe,” Smith said.
“This is only the start of the journey. Our product collaboration where brokers can co-design with members along with incorporating their suggestions is powerful. We are able to provide this information quick because of our powerful partnership. It can only get better from here.”
