DoorDash is launching its first financial platform featuring a prepaid Visa business card and mobile banking app. The platform offers mobile banking functionality, no-fee daily deposits, cash-back rewards and flexibility for customers who want to access earnings and want cash back on business expenses, according to a press release.
Powered by Payfare and issued by Stride bank, customers using the DasherDirect app can check account balance, pay bills, transfer money and find no-fee ATMs. The business prepaid Visa card will earn cardholders 2% on cash back on fuel at any gas station when they use their card.
DasherDirect can also serve the underbanked and unbanked population in the U.S. The platform doesn’t charge additional fees when the card is used.
The platform launch is part of the company’s Main Street Strong pledge to assist local communities.
“Over seven million households in the U.S. are without a checking or savings account and with the support of our partners we’re proud to provide financial resources to more Americans looking for flexible earnings opportunities,” Tony Xu, DoorDash CEO and co-founder, said in the release. “This is a major step forward in introducing new tools to empower dashers [customers] who count on DoorDash for reliable, independent and flexible work.”
The DasherDirect app is available for iOS and Android mobile users through the Apple App Store and the Google Play store in select areas across the East Coast. The platform will be available nationwide in 2021.