The regulated payment services provider becomes one of the first European fintechs to join the start-up engagement initiative
Fintech and trusted payment service provider Paynetics AD has joined the Mastercard Accelerate programme to support its ambitious growth plans. The regulated e-money institution becomes one of the first European fintechs to join the initiative, which aims to equip next-generation technology partners with the expertise and resources they need to scale more quickly.
Benefits for businesses participating in the programme include better access to Mastercard’s proprietary technology, insights and cybersecurity services; expert support in identifying and reaching new business verticals and the chance to collaborate with Mastercard in the development of new products and services.
Built around a mission to democratise and simplify payments, Paynetics brings together next-generation payment technologies, including card acquiring and issuing, IBAN accounts, money transfers, e-wallets and software POS, all under one roof.
Antonina Martinova, CEO, Paynetics, said: “We’re excited to become the latest Mastercard Accelerate partner as we continue to embark on our ambitious growth journey. Offering unrivalled access to industry insights, resources and expertise, the Mastercard Accelerate programme will give us a significant boost as we continue to develop innovative new products for the market. As a fintech, we have a responsibility to push the envelope and deliver these kinds of cutting edge technologies to our customers and, with the support of the Mastercard team, we’re confident we can do this more quickly and efficiently than ever.”
As a principal member of Mastercard, Paynetics is at the forefront of innovation in the banking sector and was the fastest to implement Mastercard’s Digital Enablement Service (MDES) in Europe. It was also one of the first organisations to launch Mastercard’s Digital First payment card, in partnership with telecoms firm VIVACOM and digital banking platform provider phyre.
Edoardo Volta, Head of Fintech, Mastercard UK & Ireland, commented: “Mastercard is well established as a partner of choice for fintechs in Europe, driving innovation across the industry. We are delighted to be expanding our relationship with Paynetics to further empower them to fulfil their ambitions of scale and speed.”
Ivo Gueorguiev, Co-Founder and Executive Chairman, Paynetics, added: “Our longstanding relationship with Mastercard is enabling us to scale more quickly and is helping us to enter new business verticals. But to the benefit of our customers, it is also allowing us to collaborate on new products and accelerate the time it takes for us to launch these. As a principal partner, Paynetics continues to benefit from the expertise of a major global player, without which it would be much more difficult to revolutionise the payments landscape. Put simply, Mastercard helps us bring innovation to the market faster.”
This month, Paynetics has also been featured as a global success story in Mastercard’s 2020 European Evolution of Banking study.
With its track record of innovation, Paynetics is highlighted as a leading example of a new generation of financial services firms, which are successfully combining the trust that comes with being a regulated e-money institution with the disruptive digital DNA of a fintech.
Founded by financial sector veteran Ivo Gueorguiev and serial entrepreneur Valeri Valtchev, Paynetics is an e-money institution, providing end-to-end payment services across the EU. As a principal member of Mastercard, VISA, SWIFT and SEPA, the company is able to serve all payment needs of its clients, including card acceptance and issuance, account management and bank transfers, as well e-wallet solutions.
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