Mastercard and Bizcuit Join Forces to Boost SME Sector

Mastercard and Bizcuit join forces

Mastercard has partnered with Bizcuit, one of the winners of the 2024 Mastercard Strive EU Innovation Fund. The aim of this collaboration is to couches to provide access to Bizcuit's integrated services, enabling them to strengthen their offering for SMEs.

Bizcuit's embedded services strengthen banking services for SMEs

Bizcuit's fintech services enable companies to receive and pay invoices via their banking application. These documents are simultaneously automatically forwarded to their accounting software or accountant.

Mastercard underscores that embedded finance is an emerging trend. According to the company, businesses no longer need to rely solely on traditional banks for their financial needs. At the same time, this partnership makes it easier for banks to offer the latest financial technology innovations to their SME customers.

Bridging the gap between SMEs and banks

Bizcuit and Mastercard recognize the ongoing frustrations of SME entrepreneurs with banking and accounting and aim to bridge this gap. The agreement between Mastercard and Bizcuit is a first concrete step in the accelerated rollout of Bizcuit’s embedded services in Europe.

Rabobank and Volksbank have already signed up. Thousands of customers of both banks are already using Bizcuit's solutions.

Access to bank details for SME entrepreneurs

“Why do entrepreneurs still manually enter their receipts and invoices into their accounting software on Sunday afternoon and then again into their banking environment to pay them?” asks Bizcuit CEO Hessel Kuik.

Quick access to technological developments

“Access to the latest technological developments is crucial for SMEs to be able to respond quickly to changing market conditions,” adds Jan-Willem van der Schoot, Country Manager of Mastercard Netherlands.

Van der Schoot concludes by emphasizing that embedded finance is an emerging trend. “Neobanks and BaaS providers are embracing this development, resulting in a rapid rollout of new services for SMEs. I look forward to further collaboration with Bizcuit to develop new solutions.”

Frequently Asked Questions

What is the goal of the partnership between Mastercard and Bizcuit?
The partnership aims to give banks access to Bizcuit’s integrated services, enabling them to strengthen their offering to SMEs.

What are the benefits of Bizcuit's fintech services for companies?
Companies can receive and pay invoices via their banking application. These documents are simultaneously automatically forwarded to their accounting software or their accountant.

How do Mastercard and Bizcuit see the future of embedded finance?
Both companies see embedded finance as an emerging trend that is being embraced by neobanks and BaaS providers. They expect this trend to lead to a rapid rollout of new services for SMEs.