Stripe, a firm whose tools allow merchants to accept payments, is partnering with Goldman Sachs and Citibank on a business bank account offering for their clients, the Wall Street Journal reported.

Why should we care?
Business bank accounts from Stripe, which processes payments for millions of digital merchants and e-commerce platforms, will help the company expand its product suite on the way becoming a comprehensive operating platform for businesses. The company, which was valued at $36B in April, is reportedly in the process of raising more money, which could push its valuation beyond $70B. One of Stripe’s clients for the banking offering is e-commerce platform Shopify, which will be tapping Stripe’s banking services to support its merchant bank account product, Shopify Balance. While Shopify Balance accounts will be held at a partner bank, Stripe is partnering with Goldman in the U.S. and Citi and Barclays internationally to store and move money. “For the partner banks we’re working with, our intent for it is to be a shockingly effective customer-acquisition channel for them,” Stripe Co-founder and President John Collison told the Wall Street Journal.