Grover teams up with Solarisbank and Visa to launch reward debit card for tech rental customers
Grover, Europe’s market leader in consumer tech subscriptions, today announces the launch of its first financial services product – the Grover Card – in a move to ramp up efforts to democratize access to tech while tackling e-waste.
The Grover Card is a Visa Debit Card, issued by Solarisbank and available to customers in Germany through the Grover app. The card offers a three percent return on everyday purchases which is turned into Grover Cash rewards, tracked and redeemed against tech subscriptions seamlessly in the app.
The card is being launched in a closed beta phase to existing customers who can sign up through the app or website, and will be more widely available in Germany in Q1 2022 before being rolled out to Grover’s other markets in the near future.
This is the first step in an ambitious growth plan to bring embedded finance into the Grover offer, to help customers get more mileage from their money while encouraging a societal shift towards circular tech. Customers can also expect a gamified user experience that makes day to day spending more engaging, tracking how average purchases can be transformed into access to exciting tech products.
Michael Cassau, Grover’s Founder and CEO said: “We’re really excited to be launching the beta phase of the Grover Card today. It’s an important milestone that’s part of a wider strategy to make circular tech even more accessible, allowing our customers to reduce the cost of using the tech they need for modern life. We continue to challenge the status quo by encouraging our customers to monetise their daily spending habits in ways they haven’t considered before, and in turn we’ll continue to tackle the world’s prolific e-waste problem. This is just the beginning, we have a very ambitious roadmap of new features for the Grover Card that we’re working hard to realise. I can’t wait to hear the feedback from our beta launch and look forward to making the card available to our customers around the world.”
The card can be used everywhere Visa is accepted, and customers can expect the same levels of protection and security they’d expect from a Solarisbank account.
Ute König-Stemmler, Head of Business Development Central Europe, Visa, said “We are proud to partner with such an innovative and forward-looking company that offers creative solutions to accelerate the shift to a more sustainable and circular economy. The launch of the new Grover Card is also a brilliant example of the Visa partnership journey. Following their participation in the Visa Everywhere Initiative in 2018, we are now happy to welcome Grover as an issuing partner.”
According to recent research from Solarisbank, around 61% of consumers are willing to use financial services offered by e-commerce businesses, emphasising the potential of the embedded finance market which is expected to grow from €22.5 billion today to around €230 billion globally by 2025.
“Grover is a prime example of embedded finance adoption. The Grover Card enriches the customer experience and provides value-added services that will deepen the customer relationship with the ecosystem. We are excited to enable this compelling product offering and look forward to seeing it in action”, says Jörg Diewald, CCO of Solarisbank.
The announcement is another indication of Grover’s fast-paced growth plan, following the tech subscription platform’s launch in the United States in September, and a new $1bn financing deal finalised in July.
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