Product Update: Our Latest Strategic Partnerships & Developments

Hey Grasshoppers! It’s been awhile since our last product and technology update, which means we have a fresh round of updates to share as we move into the second quarter. We also wanted to stop and take a moment to acknowledge the significant milestone we reached as an organization before we provide an update on our latest strategic partnerships and developments. 

Back in March 2022, we announced a relaunch of the company called “Grasshopper 2.0.” More than 365 days have passed since then, and we are incredibly proud of what we’ve accomplished within that time. Over the coming months, we will continue to expand upon our existing product offerings and roll out new enhancements to help our clients work faster and more efficiently than ever before.

A look at our latest strategic partnerships

• Lighthouse Payment Services: At the end of 2022, we partnered with Lighthouse Payment Services to offer Wholesale and Retail Lockbox Services to all of our clients. Benefits of Lockbox Services include improved cash flow, digital reporting, cost efficiencies and reduced risk.
• Ramp: At the beginning of 2023, we announced our partnership with Ramp, the #1 corporate card and expense management platform. Through this partnership, Grasshopper clients can apply for a corporate card on a referral basis in as little as 15 minutes. As a bonus, our clients receive a $500 Amazon eGift Card after spending $1,000 within 30 days of account opening. Benefits of a Ramp card include: free 5-in-1 finance automation software, unlimited physical & virtual cards, zero-touch expense software with receipt automation, seamless accounting integrations, uncapped 1.5% cash back and more.
• Mantl: At the end of January, we also announced a new partnership with Mantl, a leading provider of account origination solutions. Through this partnership, we will be leveraging Mantl’s Commercial Deposit Origination solution to strengthen our digital deposit account opening platform and enhance our customer experience. We are also collaborating with Mantl to build a digital and fully-automated Business Loan Origination solution from the ground up, anticipated to launch in the second half of 2023.

A look at our latest enhancements

• Team-Based Card Management & Spend Controls: In July 2022 we announced virtual cards as our first product release of Grasshopper 2.0. We have continued to roll out new and exciting improvements, including team-based card management. Clients can also now set card spend limits and merchant type restrictions for their cards. Businesses have teams with varied roles within their organizations. We’re excited to now offer a secure, convenient way for individual teams to instantly issue virtual debit cards in online and mobile banking to meet their needs.
• Ramp Integration: Immediately following the announcement of our partnership with Ramp, both teams have worked closely together to further integrate Ramp’s platform into our digital banking experience. Innovator Business Checking clients can now view and manage both their physical and virtual Grasshopper business debit cards, as well as their Ramp corporate cards, all in one place.
• Visa SavingsEdge: Most recently, we partnered with Visa to offer debit card holders additional rewards through SavingsEdge, allowing clients to save on everyday business expenses and applying the savings as statement credits. Clients also have access to Instant Savings, which is applied to their cart prior to making a purchase at checkout when a promo code is entered directly on a merchant’s website.

Moving Forward

We’re proud of the remarkable effort that our team has undertaken and will continue to work tirelessly to make sure that our clients have the exceptional digital banking experience they deserve. For the second half of 2023, our focus will be on scaling our existing platforms as we continue to grow the business. We are confident that we have industry-leading products and technologies and aim to deliver them to more clients throughout the business and innovation economy while sharpening our focus on maintaining high quality business performance. The pace of new features and functionality may decelerate, but the size of our portfolio and growth will not.