Dubbed ‘Team Access,’ the new feature — which affords similar functionality to the likes of Pleo, Spendesk, and Soldo — lets business owners issue multiple MasterCards to employees who need to make purchases on a company’s behalf.
Each card is linked to a business’ Penta account but can have custom rules and permissions per card/employee, in terms of how much money can be spent and where. More broadly, the feature is designed to cut down the time and cost of expense management for SMEs.
“As business owners know, it can take weeks of daunting paperwork to get another debit card from a legacy bank. The alternative solution for a business owner is to apply for a business credit card which has a predefined credit limit. Most early stage businesses aren’t credit-worthy, and therefore can’t get a second card,” explains the company.
To help with expense management, Penta already lets you categorise transactions and export them to various accounting software. On the public roadmap is “automated accounting,” which will offer the ability to sync your account to third-party accounting tools.
Meanwhile, Team Access is being rolled out in two stages. As of today, users will be able to issue team debit MasterCards and give account access to founders/Managing Directors. In the “coming weeks,” the option to issue Penta cards and give account access to all employees will be added.
The two-stage roll out is likely related to Penta’s recent scaling issues that saw it initially struggle to open new accounts in a timely manner due to high demand. The fintech startup runs on top of Banking-as-a-Platform solarisBank (rather than holding a banking license of its own), and I understand the bottleneck, which has now been cleared, was related to solarisBank’s account verification processes.
Source TechCrunch https://ift.tt/2JOekLM