The corporate credit card provider, which serves small and medium-sized enterprises, is ending its card program on Dec. 27, The Logic has learned. In an email to customers, Caary said its new focus will be licensing its platform functionality to financial institutions issuing credit cards to SMEs. (The Logic)

Talking point: Jason Sawyer, co-founder and CEO of Caary, said the pivot reduces risk for Caary and is appealing because there are fewer players in the credit card platform-as-a-service space. Partnering with financial institutions and fintechs with larger customer bases and greater cushion on their balance sheets is a “more desirable business model,” he said, adding that Caary’s system will change how SMEs “access credit and manage their spend and expense management.” In October, The Logic reported that Caary slashed some of its customers’ credit card limits in response to rising interest rates and inflation.