SMBs are the backbone of the U.S. economy. They represent 99% of all businesses, employ nearly 60 million people. Yet despite their economic power, the operational burden of running a business has become increasingly complex. SMBs now manage on average six disconnected systems for banking, payments, accounting, and operations. Often, they spend a full day each week on administrative tasks alone.
The Pollinate platform was built to solve this challenge. It gives banks a single pane of glass through which they can offer an integrated suite of services tailored to the real-world needs of SMBs. We’re delighted to see this come to life with Truist. Truist Merchant Engage brings business banking and merchant services into one seamless digital experience. This means that SMBs across America can spend less time juggling systems and more time focused on growth.
Chris Ward, Truist Head of Enterprise Payments, said:
“At Truist, our approach to payments is built on simplicity, speed, and safety. These are principles that guide how we create meaningful value for our clients. Truist Merchant Engage is more than a product. It’s a reflection of our purpose driven commitment to lead the industry with integrated solutions that help businesses thrive. By unifying business banking and merchant services into one seamless experience, we’re enabling SMBs to operate more efficiently, make data driven decisions and grow with confidence.”
Fiona Roach-Canning, CEO of Pollinate, said:
“Our partnership with Truist is about helping a forward looking institution deliver on its promise to small and medium sized business customers. Banks have the product breadth to serve SMBs better than anyone. But what’s been missing is the experience layer to unify merchant acquiring with business banking. Pollinate helps banks bring this together in a way that’s intuitive, intelligent and built for modern business owners.”
The U.S. merchant acquiring market is valued at approximately $60 billion. Yet more than half of SMBs are now purchasing merchant acquiring from fintechs or industry specific software providers, rather than from their bank.
At Pollinate, we believe banks are best placed to serve SMBs. They have the breadth of products, the systems of governance and the trust. But they can’t meet every need alone. Today’s SMBs rely on a wide mix of software tools, that meet shared needs like accounting and payroll to industry specific needs like appointment management or order at table software. What’s been missing is an intelligent way to bring these tools together, in an integrated solution that meets the varied needs of millions of SMBs. As one bakery owner recently told us, “I’m not a baker anymore. I’m a spreadsheet integrator who makes cupcakes on the side.”
That is what the Pollinate platform delivers, through banks, for SMBs.
We’re proud to be a fintech that works with the banking industry, not in competition. Aiming to simplify the landscape, not add to the noise. Our platform provides banks with the slick digital experiences that today’s digitally native SMBs expect, underpinned by the integrated set of products and services that their businesses require.
We look forward to helping more banks support the people behind America’s great businesses.
