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Barbershop Fintech: Squire brings financial services to underserved industry

·4 min read

Squire launches new card solution for barbershops and barbers, announces partnership with Bond

NEW YORK, Aug. 18, 2021 /PRNewswire/ -- Squire Technologies, the premier barbershop management and point of sale system software, and Bond Financial Technologies Inc., the leading enterprise-grade platform for embedded finance, today announced the launch of the Squire Card. Seamlessly integrated into Squire's mobile app, the Squire Card helps barbershops better manage their cash flow. The card brings better financial tools to a profession that is underserved by traditional financial institutions by allowing barbers to get paid faster, pay bills and track expenses easier, and withdraw funds based on future bookings.

We are on the cusp of a future where financial products are seamless and integrated into the services people use daily.

Built directly into Squire's mobile and web app, the Squire Card allows barbershop owners to immediately transfer funds from their account to their employees, so a barber can walk out of the shop with their money instantly available on their debit card. Shop owners can also use the Squire Card for purchases for their store or to pay bills, such as rent. Similarly, barbers can pay their shop owners for the monthly use of their chair via the Squire Card's integration into the same app barbers use to schedule appointments with clients and accept payments from them.

As part of the launch, Squire announced its partnership with Bond. Bond's platform enables any organization to elegantly and invisibly deliver personalized financial services to their customers and communities, including digital deposit accounts, virtual and physical debit and credit cards, and money movement.

Squire selected Bond to create its fintech solutions because of Bond's highly compliant and scalable architecture, deep bench of domain experts, and white-glove approach to building the product. By partnering with Bond, Squire was able to introduce the new card in a few months, compared with 18-24 months had they built it directly with a bank themselves.

"The Squire Card transforms our ability to serve our community of barbers," said Songe LaRon, CEO and Co-founder of Squire. "We can lower their costs, cut their fees, and save them time — plus give them rewards and drive loyalty for using our card."

Future plans for Squire's app involve customer relationship software, credit cards, loans, and insurance. Through Bond, Squire can launch its credit card and loan products, as well as any future financial products Squire decides to offer customers.

"Fintech is the next natural step for Squire," says Dave Salvant, President and Co-founder of Squire. "We already have deep insights into our customers and know they need more and better financial services, services that are tailored to them and their specific needs."

"We are on the cusp of a future where financial products are seamless and integrated into the services people use every day," added Roy Ng, CEO and Co-founder of Bond. A new report from Plaid and Accenture revealed that nearly half (47%) of 1,000 non-financial company leaders surveyed are investing in and planning to launch embedded finance offerings in the near future. Ng further added, "This future will benefit the consumer immensely, especially for those not well addressed by the current financial system. We will be able to reach corners of the population that were not well served by traditional financial services."

About Squire Technologies
Founded in 2015, Squire Technologies provides a robust, fully integrated software system for Barbershops and men's salons. This software has the capability to serve independent professionals, stand-alone locations, and multi-location franchises, with tools such as Point of Sale, Scheduling, Payroll, CRM, and a host of other features. Squire has offices in New York City and Buffalo, NY, and maintains operations in 35 major cities across the United States, Canada, and the United Kingdom. Squire is a Y Combinator-backed company and is a 43North award recipient. For more information, visit http://www.getsquire.com.

About Bond
Bond is a financial technology company that enables organizations from any industry to create personalized financial experiences for their customers and communities. Using Bond's software and API platform, developers can embed next-generation financial products into amazing customer experiences. Bond's modern, enterprise-grade developer platform orchestrates the critical infrastructure companies need to build, launch and scale these personalized financial products. Bond was founded in 2019 by industry veterans from Twilio, SoFi, SAP, Goldman Sachs, and Blackrock, with deep roots in enterprise software, technology, and financial services. The company has raised $42M in funding to date from institutional investors including Canaan, Coatue, Goldman Sachs, and Mastercard, and maintains key offices in San Francisco (HQ), New York City, and Salt Lake City. Visit http://www.bond.tech to learn more.

Media Contacts
Brian Chevalier-Jordan, Bond: press@bond.tech
Jill Reed, Sift Communications: bond@siftpr.com

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SOURCE Bond Financial Technologies, Inc.