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April 22, 2022

Synovus picks majority stake in payments platform Qualpay

US-based Synovus Bank has acquired a 60% ownership stake in Qualpay by making an undisclosed investment in the cloud-based payments technology provider.

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Qualpay’s platform combines a payment gateway with merchant processing solutions to enable merchants and independent software vendors (ISVs) to integrate payments into their software or websites.

Synovus will use Qualpay’s technology to power its new money-as-a-service offering, called Maast, which is slated to launch later in 2022. 

The new offering will club embedded payment and embedded banking on one platform and enable ISVs to offer financial services such as payment processing, debit cards and loans. 

Synovus president and CEO Kevin Blair said: “This investment in Qualpay demonstrates our commitment to delivering innovative solutions that scale at the speed of business. 

“Maast will help ISVs simplify the integration and delivery of value-added solutions while deepening customer relationships, enabling them to become the go-to provider for software, payments, and banking services in the markets they serve.”

Meanwhile, the proceeds from Synovus will be used by Qualpay to foray into new vertical markets, expand the range of industries bridge to a better payment and reporting experience and boost its offerings for ISVs. 

Qualpay CEO Craig Gass said: “Qualpay is excited to partner with Synovus to propel our growth into platform-as-a-service and augment with embedded finance.

“As we enter this new phase of growth, we will provide ISVs best-in-class customer service from both the merchant and partner side in a way that is simply unmatched by other industry players. 

“We have enjoyed a long, fruitful relationship with Synovus, and we are extremely pleased to be chosen to support Maast in the delivery of this innovative fintech solution.”

Free Report
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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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