Mastercard and Fabrick have expanded their partnership to develop embedded finance solutions for European businesses, financial institutions and FinTechs.
The strategic partnership builds on the companies’ existing relationship and includes Mastercard making a minority investment in Fabrick, the companies said in a Wednesday (May 31) press release.
“Being able to count on the collaboration of a partner of the caliber of Mastercard with a new level of commitment will allow us to strengthen our international presence and open a new phase of growth and evolution,” Fabrick CEO and Co-founder Paolo Zaccardi said in the release.
PYMNTS research has found that embedded finance benefits consumers by allowing them to expand and personalize their interactions with their preferred brands.
Many consumers want to stay within their favorite brands’ ecosystems for a variety of interactions instead of needing to leave for another provider, according to “How Nonfinancial Brands Can Benefit From Offering Embedded Financial Services,” the April edition of the “Embedded Finance Tracker®,” a PYMNTS and Galileo collaboration.
Fabrick’s Open Finance platform enables embedded payments solutions worldwide, allowing companies and banks to provide their customers with a wide range of digital payments and embedded finance offerings, according to the press release.
With the newly expanded partnership with Mastercard, the platform can add new offerings and grow faster, according to the release.
“Our work with Fabrick and the digital financial services we will develop together will support our collective goal to offer digital payment solutions to businesses and to deliver a seamless experience for their customers in a time of need,” Mastercard Country Manager Italy Michele Centemero said in the release.
This news came two weeks after Fabrick acquired British mobile payments firm Judopay and said it would marry Fabrick’s payments orchestration product, Payment Orchestra, with Judopay’s digital commerce expertise.
In addition to Judopay’s digital commerce capabilities, the purchase marks a key step in Fabrick’s expansion into the United Kingdom, which is Europe’s largest digital payments market.
The news also comes about three weeks after Mastercard launched a solution designed to help businesses implement secure digital account opening.
The enhanced Open Banking for Account Opening provides account owner verification and identity insights in a single API.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More