Grover launches debit card for German tech renters

By Oliver Smith on Wednesday 3 November 2021

Digital Banking

The ‘circular tech’ economy now comes with its own bank card.

Grover launches debit card for German tech renters
Image source: Grover.

Tech rental group Grover is launching a Visa debit card for its 1 million users as it expands into the digital banking sector.

Grover Card is available today in closed beta in Germany and includes three per cent cashback on all purchases, albeit the cashback can only be redeemed against renting products on the Grover platform.

“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,” said Grover’s CEO and founder Michael Cassau.

Cassau went on to say that Grover Card will be made widely available in Q1 2022 before being rolled out into other markets.

“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.”

Grover described the card, which is being issued by Solarisbank, as its first move to bring embedded finance into its offering, encouraging more people to shift towards ‘circular tech’ by renting or subscribing to products.

The Card also adds an element of gamifying the experience by tracking and highlighting how average daily purchases can be converted into certain tech rental products.

In April Grover announced the first $71m of its Series B funding round, which was extended in July to $100m and combined with a $1bn debt facility from London-based Fasanara Capital to super-charge its growth.

Then in September the group used that additional capital to launch in the US, following other launches in Austria, the Netherlands and Spain.

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