‘Fintech is the next natural step for us’: Squire Card brings banking solutions for the underserved barber industry
- Squire has teamed up with Bond to launch the Squire Card, which provides banking solutions tailored for the barber industry.
- The card brings core financial services to one of the most underbanked professions in the U.S.
Although there are nearly 136,000 registered barbershops in the U.S., they constitute an industry that has been underserved by traditional financial institutions. Due to the nature of their profession, barbers often have to deal with a unique set of challenges such as unpredictable cash flows, delayed payments, and inconsistent earnings, which can lead to serious financial troubles, particularly in the midst of a global pandemic.
Squire, a booking, management, and payment app for barbershops, has launched a unique debit card to tackle this problem by collaborating with Bond, an embedded finance infrastructure provider. Directly integrated into Squire’s mobile and web app, the Squire Card helps barbershops manage their cash flow, and allows barbers to receive instant payments, pay bills, track expenses, and get early access to earnings.
The card enables barbershop owners to instantly transfer money into their employees’ accounts, which means barbers don’t have to wait until the end of the month to get paid – they can walk out of the shop with the day’s earnings already available for withdrawal. They also get instant access to tips and commissions, which contributes to a more stable income that gets spread out over the month.
Founded in 2019 by professionals from SoFi, Twilio, SAP, Goldman Sachs, and Blackrock, Bond enables companies from any industry to embed financial products and create personalized services for their customers, including digital deposit accounts, as well as physical and virtual debit and credit cards.
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