MasterCard is cultivating trust with creators by giving them their own debit card. In partnership with Manifest Financial, the Fortune 500 firm has unveiled the Manifest Business Debit Mastercard, a product that is designed to be used by professional creators.
Manifest, a banking company that caters to individual entrepreneurs, is offering the new card through its platform. The physical card is issued by FDIC-insured institution MVB Bank and linked to a Manifest business account. Cardholders will also be able to take advantage of MasterCard perks, including seamless cross-border transactions and the small business loyalty program MasterCard Easy Savings.
The uneven finances of creators — which are spread across multiple platforms, revenue streams, and payment types — initially drew a wedge between creators and traditional financial institutions. In recent years, however, those banks have recognized the power of the creator economy by developing tools that serve social media professionals without skepticism or snags.
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Visa has been particularly active. It has partnered with creator-facing financial firm Karat while classifying creators as small businesses and unveiling a “creator card” of its own in the U.K.
Recently, Visa’s rivals have started to catch up. American Express has inked deals with creators like Keith Lee, while MasterCard erected a Creator Studio at the Arnold Palmer Invitational, which it sponsors.
The creators who sign up for the Manifest Business Debit Mastercard will be able to accept payments, speed up transactions, send invoices, and prepare for tax season. Manifest’s platform puts all of those functions in a central hub.
“Creators are building some of today’s most dynamic small businesses,” said MasterCard Small and Medium Business Lead for North America Ginger Siegel in a statement. “They’re managing customers, cash flow, taxes, global audiences and multiple income streams often without tools designed for how they work. Together with Manifest, we’re helping creators access the trusted payments, security, and infrastructure they need to grow sustainable businesses in the digital economy.”
The new debit card is a win-win: It brings more legitimacy to the creator economy while allowing a legacy credit card company to grab a bigger share of that pie. An increasing number of Americans are getting their financial advice from YouTube, and the people dispensing that advice can now make stronger money moves of their own.
