Mastercard and Fabrick sign partnership to boost Embedded Finance
By Gloria Methri
Mastercard and Fabrick have expanded their partnership to develop Embedded Finance solutions that will improve the digitalisation of businesses, financial institutions, and FinTechs across Europe.
Embedded Finance enables companies to integrate financial services directly into their products via API implementation, enabling businesses to provide payment, banking, and insurance services without the need to build a proprietary financial infrastructure themselves.
Fabrick’s Open Finance platform enables embedded payment solutions worldwide. This service empowers companies and banks to enhance their relationship with customers by providing a value-added offering in digital payments and embedded finance.
As part of the agreement, Mastercard has made a minority investment in Fabrick. To date, over 400 counterparties are connected to the Fabrick platform, generating over 330 million API calls per month.
Paolo Zaccardi, CEO and Co-founder of Fabrick said, “We have already made payments a core asset of our platform, but today with the even greater intensity we will be able to define a new and even more complete offer deriving from the coming together of our respective strengths, to grow faster thanks to new resources and know-how, with the aim of establishing ourselves in other European countries as a benchmark in Open and Embedded Finance, which is already registering an extraordinary response from corporates, but which we are certain is only the tip of the iceberg of the infinite possibilities it enables.”
Michele Centemero, Country Manager Italy Mastercard said, “We are glad to reinforce our collaboration with Fabrick, and value their great vision and model to face, govern and design the evolution of embedded finance, which we think will be a big driver for the development of digitization in the next years. 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.”
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