Barbershop fintech: Squire brings financial services to underserved industry

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t a stroke, the card is bringing better financial tools to a profession that is underserved by traditional financial institutions by allowing barbers to get paid faster, pay bills and track expenses easier, and withdraw funds based on future bookings.

The aim of the Squire partnership with Bond is simple: to help barbershops better manage their cashflow. Squire Technologies brings to the party its barbershop management and POS system software. Bond provides the enterprise-grade platform for embedded finance.

Specifically, the Squire Card allows barbershop owners to immediately transfer funds from their account to their employees. And so, a barber can walk out of the shop with their money instantly available on their debit card. Shop owners can also use the Squire Card for purchases for their store or to pay bills, such as rent.

Similarly, barbers can pay their shop owners for the monthly use of their chair. Payment is made via the Squire Card’s integration into the same app barbers use to schedule appointments with clients and accept payments from them.

Bond says that its platform enables any organisation to deliver personalised financial services to their customers and communities. This includes digital deposit accounts, virtual and physical debit and credit cards, and money movement.

The Squire Card allows barbershop owners to transfer funds to employees. Image: Squire

Squire selected Bond to create its fintech solutions because of Bond’s highly compliant and scalable architecture, deep bench of domain experts, and white-glove approach to building the product. Moreover, Squire was able to introduce the new card in only three months, compared with 18-24 months had they built it directly with a bank themselves.

“The Squire Card transforms our ability to serve our community of barbers,” says Squire CEO and co-founder Songe LaRon. “We can lower their costs, cut their fees, and save them time – plus give them rewards and drive loyalty for using our card.”

Roy Ng: "We are on the cusp of a future where financial products are seamless and integrated.”

Future plans for Squire’s app involve customer relationship software, credit cards, loans, and insurance. Through Bond, Squire can launch its credit card and loan products, as well as any future financial products Squire decides to offer customers.

“Fintech is the next natural step for Squire,” says Squire president and co-founder Dave Salvant. “We already have deep insights into our customers and know they need more and better financial services, services that are tailored to them and their specific needs.”

“We are on the cusp of a future where financial products are seamless and integrated into the services people use every day,” adds Bond CEO and co-founder Roy Ng. A new report from Plaid and Accenture revealed that nearly half (47%) of 1,000 non-financial company leaders surveyed are investing in and planning to launch embedded finance offerings in the near future.

Ng adds: “This future will benefit the consumer immensely, especially for those not well addressed by the current financial system. We will be able to reach corners of the population that were not well served by traditional financial services.”

Founded in 2015, Squire Technologies provides a robust, fully integrated software system for barbershops and men's salons. This software has the capability to serve independent professionals, standalone locations and multi-location franchises. Tools include POS, scheduling, payroll and CRM.

The fintech Bond was founded in 2019 by industry veterans from Twilio, SoFi, SAP, Goldman Sachs and Blackrock, with deep roots in enterprise software, technology, and financial services.

The company has raised $42m in funding to date. Institutional investors include Canaan, Coatue, Goldman Sachs and Mastercard.

Squire Technologies founders Dave Salvant (left) and Songe LaRon