UK-based spend management platform Soldo has extended its partnership with Mastercard to bring card issuance and settlements in-house.

The spend management platform has become a principal member of the Mastercard.

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Soldo has been a partner of Mastercard for five years. The renewed partnership will make Soldo more independent in developing payment products and minimise reliance on third parties.

In addition to cards directly, the Mastercard principal membership will give Soldo access to a new array of products and services.

Mastercard head of fintech Edoardo Volta said: “Soldo’s elevation to principal member status is a natural development of our long-term partnership.

“Soldo’s rapid growth and consistent commitment to innovation align perfectly with Mastercard’s ideals, as we are constantly evolving our offering to support our fintech partners.”

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The move follows Soldo’s successful migration of its 60,000 customers to the in-house card issuing for operational continuity.

The migration was scheduled for next month. However, the suspension of Wirecard’s services by the UK regulator Financial Conduct Authority (FCA) has accelerated the migration.

Soldo CEO Carlo Gualandri said: “Soldo has reached an outstanding milestone with our principal membership and we’re incredibly proud of everything that the team has contributed to getting here.

“The team at Mastercard was fantastic to work with during the rapid card-issuing migration process.

“We look forward to continuing together to reinvent the way that businesses manage their spending, making the process more efficient, less painful, and ultimately saving money.”