PAYMENTS, FINTECH
Marqeta | January 31, 2023
On January 30, 2023, Marqeta, the world's leading modern card issuing platform, announced that it reached an agreement to acquire Power Finance, Inc. ('Power'), a provider of software for managing credit card programs. The transaction is anticipated to close in the first quarter of 2023, subject to the fulfillment of customary closing conditions.
Simon Khalaf, the newly-appointed CEO at Marqeta, expressed, "We're thrilled to welcome the Power team and product to Marqeta. We already see considerable demand for differentiated credit products from companies looking to innovate in this space who are held back by the constraints of legacy technology." He added, "We thoroughly examined possible acquisitions to more quickly establish Marqeta's leadership in the modern credit space. It became clear to us that Power would strengthen Marqeta's platform with a best-in-class tech stack for credit card program management."
(Source – Business Wire)
Meanwhile, Randy Fernando, CEO of Power Finance, will now oversee the product management of Marqeta's credit card platform as part of this deal.
The merging of Marqeta and Power platforms will enable the former's customers to create customized credit solutions that meet the changing needs of consumers and businesses. Both organizations were founded on these product ideas to meet developers' current and scalable needs. This arrangement allows Marqeta customers to introduce many credit products and structures, including Power's data science toolbox and Marqeta's rewards innovations. The company intends to swiftly improve its credit offering after acquiring Power.
Randy Fernando, Co-Founder and CEO at Power Finance, stated, "Companies like ours were made possible because of the path Marqeta blazed in modern card issuing, demonstrating the possibilities in payments with flexible and modern payment infrastructure." He added, "At Power, we built a full-stack, cloud-native credit card issuance platform, and by becoming a part of Marqeta we have the ability now to bring this innovation to a much larger market at global scale."
(Source – Business Wire)
Subject to customary adjustments, the purchase price comprises $223 million in cash, of which about one-third is due over two years, subject to certain conditions, while $52 million is subject to a 12-month milestone.
About Marqeta
With the first open API platform, Marqeta makes issuing cards and processing payments lightning-fast and efficient. The company's platform was designed to facilitate a novel payment experience across a wide range of apps and services that are used regularly. Currently, it employs more than 800 people in the United States, the United Kingdom, Europe, Canada, and Asia-Pacific. Its products are used by industry leaders in digital banking, lending, e-commerce, on-demand services, and more. The company has broad agreements with banks and card networks like Visa, Mastercard, and Discover.
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PAYMENTS, FINTECH
SUNRATE | January 17, 2023
SUNRATE, a leading global fintech firm, announced today that it has successfully integrated Mastercard Cross-Border Services into its intelligent global payment and treasury management platform thereby, enhancing its customers' worldwide cross-border payment capabilities.
Mastercard Cross-Border Services integration is the latest expansion of the two firms' ongoing global partnership. In 2020, SUNRATE secured the Mastercard principal membership, providing the company with direct access to Mastercard's leading global payments network and resources.
Mastercard Cross-Border Services facilitates businesses to send and receive money safely and confidently through a single, secure point of access. SUNRATE's successful integration implies that its clients can send money to five designated Asian nations, including the Philippines, Thailand, Malaysia, Vietnam, and China.
SUNRATE Head of Product, Qincheng Wang, stated, "We have a vision for SUNRATE to be the go-to B2B payment and treasury management platform, especially for emerging markets. As such, the flexibility brought about by Mastercard Cross-Border Services, such as the capability to make cross-border payments to the most popular and emerging markets worldwide is something that our customers are very excited about. Our collaboration with Mastercard will allow our customers to focus on what is more important in their scaling journey, such as localization efforts and potentially establishing new revenue streams for their businesses."
(Source – PR Newswire)
"Mastercard is pleased to further its collaboration with SUNRATE via its Cross Border Services solution, enriching SUNRATE's remittance service in a faster, safer, more transparent and cost-effective way. Mastercard Cross Border Services reaches over 100 markets and 90% of the world's population and this partnership will continue to expand in hopes of enhancing the cross-border service for businesses," said Helena Chen, Managing Director, Hong Kong and Macau, Mastercard.
(Source – PR Newswire)
About SUNRATE
Founded in 2016, SUNRATE is a global payment and treasury management platform for enterprises worldwide. It has been recognized as a leading solutions provider, enabling companies in over 130 countries to accelerate local as well as global growth through its cutting-edge proprietary platform, broad global network, and robust APIs. Headquartered in Singapore and offices in Indonesia, the United Kingdom, Japan, and China, SUNRATE collaborates with the world's leading financial institutions, including Standard Chartered, Citibank, and Barclays, and is a Mastercard and Visa principal member.
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FINANCIAL MANAGEMENT, FINTECH
Axiom Bank | January 25, 2023
In a recent development, Axiom Bank, N.A., headquartered in Florida, announced that it will leverage automated assurance and oversight processes across its partner programs by integrating with Cable's comprehensive financial crime compliance effectiveness testing platform thereby, enhancing its ability to provide partners with an elegant, agile experience while ensuring regulatory compliance.
Aleem Jackson, Senior Vice President, BSA/AML Program Head at Axiom Bank expressed, “We are excited to work with Cable to continue advancing our innovative fintech sponsorship program." He further added, “We take very seriously our responsibility to ensure our fintech partners maintain their compliance with regulatory requirements and expectations, including applicable financial crime obligations.”
(Source – Cision PR Web)
Nigel Prince, Senior Vice President, Partnerships, Ventures, and Delivery at Axiom Bank said, “Integrating with Cable’s platform is fully in line with our vision of being a compliance-led, innovation-focused institution. Cable offers us enhanced visibility across and into each of our fintech programs, enabling us to respond promptly and appropriately to any issues or concerns and ultimately empowering us to move quicker and offer a superior end-to-end experience for our fintech partners.”
(Source – Cision PR Web)
Cable's all-in-one platform provides partner banks with tech-enabled risk assessments, automated assurance, quality assurance, management information, reporting, and more to boost financial crime compliance.
Natasha Vernier, Cable CEO stated, “We’re thrilled to partner with Axiom Bank to help build its fintech sponsorship program."
“With the bank-fintech regulatory landscape shifting rapidly in recent months, it’s clear that leading partner banks like Axiom Bank set themselves apart with an emphasis on compliance as an integral part of their fintech sponsorship offering. It’s a privilege to work with a community-focused partner bank that also similarly embraces innovation and compliance at its core," she concluded.
(Source – Cision PR Web)
About Axiom Bank
Axiom Bank, founded in 1963, helps customers simplify banking and attain their financial goals. The company, a well-capitalized and qualified public depository institution, is committed to its personal and business clients, along with integrating the latest technologies into its platform. As the future of better banking, Axiom Bank empowers people with financial solutions to improve their daily lives. The bank is redefining the customer experience through differentiated partnerships and innovative solutions.
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