UK-based issuer-processor firms Paymentology and Tutuka have combined their businesses, creating a payments and card processing firm with a presence across 49 countries globally.
Financial terms of the transaction were not disclosed.
Adopting the Paymentology brand, the merged entity will issue and process Mastercard, Visa, and UnionPay cards in 49 countries.
It will have a team of more than 270 payments and technology experts, across developed and emerging markets.
Paymentology’s multi-cloud platform offers shared and dedicated processing instances, and real-time data.
This platform is said to have been already processing $10bn transactions annually.
Paymentology will allow banks and fintech firms to go live and issue cards ‘almost anywhere in the world’ by integrating into one API.
It also provides these firms with the ability to process client cards on its platform and upgrade clients to a dedicated platform, or for specific countries.
Paymentology CEO Rowan Brewer said: “Banks and fintechs are racing to provide customers with digital and data-driven features. They are highly receptive to working with a single issuer-processor that can provide that, across the globe.
“People want to be able to pay with a virtual card – sometimes online, sometimes tapping their phone – but everything digitally. Banks, digital banks and fintechs need support and expertise to help them issue cards and process payments.”
Last year, Paymentology expanded its presence into the Middle East by opening a regional office in Dubai.
The move aligned with its previously announced strategy to hit the projected growth target in the region.