“Humans of Finance” is a series about how embedded finance helps people and businesses in the real world.

Stylish shoes with a global footprint

Mickey Ashmore is the owner of Sabah, a footwear brand that specializes in handmade leather slippers. He got the idea while traveling in Turkey. 

“I was given a pair of traditional Turkish shoes that had been handmade by a family of craftsmen,” says Ashmore. “I ended up wearing them everywhere.”

As Sabah expanded, owner Mickey Ashmore had a hard time understanding his cash flow: where the money was coming from and how it was getting spent.

The shoes were also a hit with Ashmore’s friends. They kept asking where they could get a pair, so he ordered more. Before long, he was selling them out of his East Village apartment.

In the early days, Ashmore sold his shoes by hosting parties in his living room. Word of mouth spread; within a few years, the business was generating millions of dollars in revenue.

But, as Sabah expanded, Ashmore had a hard time understanding his cash flow: where the money was coming from and how it was getting spent. He also needed access to working capital—and found himself in a cycle of taking on loans that were too large and too expensive.

Shining a light on small-business finances

To grow the business, Ashmore needed to make strategic investments—for example, to open a new retail location or build a second workshop.

But, with his existing set of tools, it was difficult for him to understand the impact these expenditures would have on his cash flow. As a result, he would sometimes overextend himself, making too many investments at once.

Sabah is privately owned, so Ashmore was relying on short-term financing to fund these investments. Because they came from legacy lenders, these loans were typically too large for what he needed, and the interest rates were often very high. Financially speaking, it was far from ideal.

“When you're an entrepreneur with a growing business, cash is often your biggest challenge,” says Ashmore. “You’re betting on yourself, and you’re trying to go as far as you can with what you have. You need capital, and you’ll take what you can get.”

That's when he found Highbeam, a platform that gives ecommerce businesses the financial tools they need to scale. With Highbeam, Ashmore got approved for a business line of credit. He only draws the funds he needs, and he can pay them back using an automated repayment plan. 

He also opened a business deposit account and debit card, both of which are made available by Highbeam and Thread Bank*. Because all business transactions are routed through this one bank account, Highbeam can generate real-time insights into Sabah’s profits, sales, and spend.

“Highbeam has lowered my cost of capital and provided me with much more flexible funding.” says Ashmore. “It truly fits my business needs and cycles.”

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Powered by embedded finance

When Ashmore deposits Sabah’s revenues in a Highbeam business checking account*, that’s an example of embedded finance.

Embedded finance is when a bank partners with a tech company to make financial products (e.g., bank accounts, charge cards) available inside the tech company’s app or website. In this case, Highbeam partners with Thread Bank to enable access to business bank accounts and debit cards via Highbeam’s web app. 

What sets Highbeam and Thread Bank apart from legacy business banking solutions are the following:

1. Actionable insights. Highbeam uses sales data across different channels and payment providers to generate revenue projections and real-time cash flow insights for their customers.

2. Tailored financing options. To help store owners scale up, Highbeam provides charge cards and lines of credit, both of which are tailored to their needs. For example, the charge card offers 1.5% cashback on ad spend.

3. A financial operating system. All incoming and outgoing transactions are routed through a Highbeam business bank account. Store owners manage corporate spend via debit cards that are highly programmable.

For Ashmore, Highbeam has completely changed how he views the relationship between his business and his bank. He’s also been impressed with Highbeam’s UX and efficiency of the platform . “Now I can do financial tasks in five minutes that used to take me hours with my previous bank,” says Ashmore. 

“Using Highbeam is one of the best decisions I’ve made,” says Ashmore. “I feel confident running my business, and I’ve got the financial clarity I need to thrive.”

Since he started using Highbeam, Ashmore has expanded into several new product lines: knitwear, travel pants, and leather goods. He’s also planning to open a new retail location.

‍*Highbeam is a financial technology company, and is not a bank. Banking services provided by Thread Bank, Member FDIC. The Highbeam Debit card is issued by Thread Bank, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa is accepted. The Highbeam Card is issued by Thread Bank, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa is accepted.

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