Synovus Announces Strategic Investment in Qualpay to Help Deliver New Embedded Finance Platform

COLUMBUS, Ga. & SAN MATEO, Calif.–(Enterprise WIRE)–Synovus Lender right now introduced that it has signed an agreement to strategically spend in Qualpay ensuing in a 60% possession desire. Qualpay is a provider of a cloud-dependent platform that brings together a payment gateway with strong merchant processing solutions, which allows merchants and unbiased software package suppliers (ISVs) to conveniently integrate payments into their application or internet websites. The completion of the expenditure is subject matter to the fulfillment or waiver of customary closing disorders, such as receipt of essential regulatory approvals.

Past increasing Qualpay’s main business – propelling the platform’s skill to enter new vertical markets and assist a widening vary of industries bridge to a improved payments and reporting encounter – Synovus has also picked out to leverage Qualpay’s payments technologies as an integral element of Maast, the bank’s new revenue-as-a-services featuring that will start later this 12 months. Maast will blend embedded payments and embedded banking on one platform, accessed through a prevalent integration layer and a single onboarding working experience. Maast will provide a fast and simple way for ISVs to give payment processing, deposit accounts, debit cards, and loans as attributes in their application, beneath their model, backed by Synovus.

Moreover, the investment will raise Qualpay’s exclusive giving to ISVs of an simple-to-use, versatile, configurable, and individually-branded experience aligned with client wants and the escalating payment facilitator marketplace.

“This financial commitment in Qualpay demonstrates our commitment to delivering revolutionary solutions that scale at the speed of business,” claimed Kevin Blair, Synovus president and CEO. “Maast will support ISVs simplify the integration and shipping of price-added options whilst deepening purchaser associations, enabling them develop into the go-to provider for program, payments, and banking products and services in the markets they provide.”

“Qualpay is energized to spouse with Synovus to propel our progress into platform-as-a-company and augment with embedded finance,” reported Craig Gass, CEO of Qualpay. “As we enter this new phase of expansion, we’ll give ISVs most effective-in-course buyer service from equally the service provider and husband or wife side in a way that is basically unmatched by other industry gamers. We have loved a lengthy, fruitful partnership with Synovus, and we are exceptionally happy to be selected to assist Maast in the shipping of this revolutionary fintech remedy.”

Synovus Bank, a Ga-chartered, FDIC-insured lender, gives business and retail banking and a total suite of specialized products and solutions and products and services, including non-public banking, treasury administration, wealth administration, house loan companies, high quality finance, asset-dependent lending, structured lending, and worldwide banking by 272 branches in Ga, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Terrific Area to Function-Qualified Enterprise and is on the world-wide-web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.

Qualpay is a technological know-how-initial payments platform. Qualpay simplifies and enhances the payments approach for retailers across a variety of industries. Qualpay also aids ISVs build price for their consumers with elegantly embedded banking and payment companies. Their methods make use of the most up-to-day technological know-how to reduce expenditures and streamline again-office environment functions. Qualpay’s extensive method addresses and resolves the payment troubles B2B and B2C firms confront, making certain a much better, more robust infrastructure that enables businesses to aim on increasing their enterprise. Qualpay’s reporting intelligence and information analytics allow for consumers to manage their payment finances immediately and efficiently, preserving time and money. Just set, Qualpay delivers a much better way to deal with payments. For additional information, please stop by www.qualpay.com.

Maast, a wholly owned subsidiary of Synovus Financial institution, is a new money-as-a-services fintech system predicted to launch in late 2022 that will blend embedded payments and embedded banking on a single system, accessed by means of a popular integration layer and a solitary onboarding expertise. Maast will present a brief and uncomplicated way for impartial software sellers (ISVs) to offer you their clients payment processing, deposit accounts and loans as functions built-in with their application, underneath their brand, backed by Synovus. Maast will assistance a strong set of payment acceptance capabilities aligned with vertical marketplace prerequisites and buyer demands, and its totally free connected organization checking account will simplify enrollment, funding, reconciliation, reporting, and assistance. To discover extra, check out www.maast.com.

Centerview Partners LLC served as money advisor to Synovus on this transaction, even though Alston & Chook served as lawful advisor. Nomura Securities Global, Inc. acted as exceptional economical advisor to Qualpay, though Wilson Sonsini Goodrich & Rosati acted as its authorized advisor.

Forward-Searching Statements

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