American payments firm Stripe has announced plans to launch a corporate card, a week after it forayed into the lending business.

The Stripe Corporate Card is a Visa credit card aimed at enabling online businesses to simplify their payments.

Companies can receive and start using the virtual credit card by uploading their logo directly into the Stripe Dashboard. The physical card will be delivered by post.

The Stripe Corporate Card is free and does not carry annual fees, foreign transaction fees, late fees or card replacement charges.

It comes with built-in dynamic spending controls for better expense management and real-time expense reporting. The card can also be integrated with various financial tools including Quickbooks and Expensify.

Additionally, the businesses are entitled to receive 2% back on its top two spending categories on a monthly basis.

Stripe announced the launch of the corporate Visa card at its user conference called Sessions.

At the conference, the company also announced that the US platforms using its payments platform Connect can now make pay outs to recipients in 45 countries in local currencies and utilising local bank networks.

Besides, the company added new functionalities to its Billing and Terminal products.

Last week, the company launched a new arm called Stripe Capital to foray into small business lending. The new platform will cater to online businesses which struggle to borrow from conventional lending channels.

Earlier this week, Stripe launched its services in eight new European countries. These countries are Estonia, Greece, Latvia, Lithuania, Poland, Portugal, Slovakia, and Slovenia.