Italian open finance firm Fabrick, has announced a new embedded finance partnership with Mastercard as the global payments giant has acquired a minority stake in Fabrick. It is part of a in a €40 million raise in which Mastercard and others joined the shareholding structure.
Operating in Italy, France, Spain, Portugal and the UK, Fabrick's new funding will be used to support the consolidation process in Italy, investments in products and services, infrastructure scale-up and expansion into other European markets.
“Being able to count on the collaboration of a partner of the caliber of Mastercard with a new level of commitment will allow us to strengthen our international presence and open a new phase of growth and evolution," says Paolo Zaccardi, CEO, and Co-Founder of Fabrick. "We have already made payments a core asset of our platform, but today with 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”.
Fabrick just acquired UK leading payments platform Judopay as part of its strategy to take on new markets.
“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, we think will be a big driver for 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," says Michele Centemero, Country Manager Italy Mastercard.