Karat
Business banking and cards for growing businesses
Karat is a financial technology company that brings business banking, a Visa business charge card, payments, automated tax planning, and invoicing into a single dashboard, reducing the need to manage several separate tools. Banking services are provided by partner banks including Grasshopper Bank, N.A. and First Internet Bank of Indiana, while the charge card is issued by First Internet Bank of Indiana and Cross River Bank.
The platform includes business checking accounts with sub-accounts, an Automated Tax Planning account that sets aside a portion of deposits automatically, mass payments for talent and contractors with automated tax collection and 1099 generation, and invoicing with ACH or wire routing. The Karat Visa Business Charge Card earns points on spend with no annual or foreign transaction fees, and virtual and physical cards can be issued for team spend. Team and org management supports multiple business entities under one login with separate accounts and permissions. The product is available as an iOS app.
Karat is aimed at small and medium-sized businesses, agencies, freelancers, and media or creator businesses. It operates on a single plan with no monthly fee, no minimums, and no annual fee on the charge card; ACH transfers and incoming wires are free, while outgoing domestic wires carry a fee.
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