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What’s going on:
American Express is strengthening its foothold in the small business sector with the launch of Business Blueprint, a suite of financial services that includes cash flow management hubs, business checking accounts, and lines of credit.
This suite of products follows the credit card giant’s acquisition of fintech Kabbage in 2020, which enabled them to offer existing small business services under Kabbage. Now, however, these services have been rebranded under the American Express Business Blueprint name.
Why it matters:
American Express Business Blueprint goes beyond just offering loans to small businesses. It allows them to carry out a multitude of essential tasks, such as obtaining loans, settling bills, and accepting payments, all in one simple location. This relieves the difficulty of accessing loans small businesses usually face due to a lack of credit scores and available capital.
The rates of these loans provided by fintech providers are usually much lower than those offered by traditional banks.
How it’ll impact the future:
Signing up for Business Blueprint is free, and its digital financial products can be accessed at varying rates. The product launched on 1/31.
This initiative forms part of a wider plan by financial services companies to shift from product-oriented offerings, such as individual loans, to a more comprehensive suite of services.
