Wix Introduces Financial Services Package in Cloud Data Sector
Wix, the Israel-based web development platform, has unveiled a new financial services suite this week, aiming to simplify money management for small businesses. The suite includes two new solutions: Wix Checking and Wix Capital [1][2][3].
Wix Checking offers a no-cost business checking account, providing real-time visibility into revenue and expenses, instant access to sales earnings, and automatic synchronization with Wix Payments. This integration removes delays in fund availability and manual bookkeeping errors, allowing business owners to manage cash flow seamlessly, make faster informed decisions, and spend funds via a Wix Visa business debit card or transfer money externally—all within the Wix dashboard [1][2][3][5].
Wix has partnered with Lincoln Savings Bank for banking products and services, including issuing the Visa debit card. The checking account provides a real-time view of the business' cash flow and performance [1][2][3].
Wix Capital provides a Merchant Cash Advance (MCA) alternative to traditional loans, enabling businesses to quickly access funds by advancing future sales revenue with a fixed fee and repayment tied to revenue percentage. This bypasses lengthy bank approval processes and rigid criteria, making capital more accessible for needs like inventory, payroll, or operations [1][2][3].
The integration of financial tools into Wix's platform allows business clients to manage their operations and finances from a single interface. Wix Checking is powered by embedded finance company Unit, further underscoring the opportunity for companies outside of the fintech sector to offer financial services through embedded finance [1][6].
Wix's financial suite competes with Square's integrated financial services, including Square Banking and Square Capital. As more platforms embed financial tools directly into their ecosystems, the lines between fintechs and SaaS companies will blur as they help small businesses access faster, simpler money management tools [4].
These embedded financial services streamline money management and funding by integrating banking and financing features into the platform small businesses already use, saving time, reducing errors, and simplifying cash flow and growth management compared to conventional disconnected methods involving multiple third-party tools and slow, rigid financing options [1][2][3][5].
[1] https://www.wix.com/announcements/wix-financial-services-wix-checking-wix-capital/ [2] https://techcrunch.com/2021/05/18/wix-launches-wix-checking-and-wix-capital-financial-services-for-small-businesses/ [3] https://www.businessinsider.com/wix-launches-financial-services-for-small-businesses-2021-5 [4] https://www.forbes.com/sites/forbesfinancecouncil/2021/05/19/how-wixs-new-financial-services-will-help-small-businesses-thrive/?sh=715d33a757f3 [5] https://www.wix.com/about/press/wix-announces-wix-financial-services-wix-checking-wix-capital [6] https://unit.co/blog/wix-checking-partnership/
Wix's financial suite, integrated with technology, offers embedded finance solutions for small businesses, simplifying money management through products like Wix Checking and Wix Capital. The Wix Checking business account, coupled with Unit's embedded finance, enables seamless cash flow management within the Wix dashboard.
