San Francisco, California-based embedded finance platform Highnote has launched its On the spot Funds functionality.
The brand new addition to its unified product platform will allow companies to supply close to real-time funds from Highnote-issued playing cards to eligible debit and pay as you go playing cards.
Based in 2021, Highnote made its Finovate debut at FinovateSpring 2022.
Embedded finance platform Highnote, which started the yr with a $90 million Collection B funding spherical led by Adams Avenue Companions, has introduced the newest addition to its unified product platform. The corporate launched its On the spot Funds functionality this week to empower companies to supply close to real-time payouts from Highnote-issued playing cards to eligible exterior debit and pay as you go playing cards.
On the spot Funds permits companies to push funds to debit and pay as you go playing cards within the US. This not solely offers customers quicker entry to their earned wages, but additionally boosts liquidity and enhances payout operations. By embedding prompt funds performance straight into its product platform, Highnote believes its answer compares favorably to “stitched collectively” legacy infrastructures by giving customers built-in entry to seamless, clever cash motion. Use instances for the know-how embody gig employee payouts, worker suggestions, insurance coverage reimbursements, service provider settlements, refunds, and extra.
“On the spot Funds displays each the place our subscribers are at present and the place the market is headed,” Highnote CTO Kin Kee stated. “By embedding on-demand disbursements straight into our issuing stack, we’re serving to companies transfer cash quicker and extra intelligently, all inside a single, unified product expertise.”
Highnote’s On the spot Funds is supported by Mastercard’s portfolio of cash switch options, Mastercard Transfer, in addition to by Visa Direct, and is at present obtainable to all Highnote’s US subscribers.
Visa SVP for Cash Motion North America Yanilsa Gonzalez-Ore underscored the flexibility of the know-how to assist companies “leverage Visa’s scale and strong safety infrastructure to ship quicker and extra dependable payouts.” Stefany Bello, SVP for Digital Partnerships, Fintech & Enablers for Mastercard, North America, highlighted the corporate’s “longstanding relationship with Highnote” and the significance of the collaboration in making certain “companies can securely entry important funds in close to real-time to maintain their operations up and operating.”
Headquartered in San Francisco, Highnote made its Finovate debut at FinovateSpring 2022. The corporate presents a unified, embedded finance platform, designed for contemporary card issuance, buying, credit score, and real-time cash motion. The platform options built-in ledgering, built-in cost capabilities and full program administration to assist fintechs, vertical SaaS suppliers, and companies launch their very own embedded funds experiences.
Highnote has raised greater than $140 million in funding courtesy of a Seed and Collection A spherical in 2021 and a Collection B spherical at the start of 2025. John MacIlwaine is Co-Founder and CEO.
Picture by Maria Orlova
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