Italian Open Finance fintech Fabrick has expanded its partnership with Mastercard to develop embedded finance solutions for businesses in Europe.
As part of the strategic partnership, Mastercard made a minority investment in Fabrick.
Mastercard and Fabrick have been working together on developing digital financial services for the commercial ecosystem since 2019.
More than 400 counterparties are connected to the Fabrick platform, generating in excess of 330 million API calls per month.
Paolo Zaccardi, chief executive officer and co-founder of Fabrick, said: “Being able to count on the collaboration of a partner of the calibre 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.
“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.”
Michele Centemero, country manager Italy at Mastercard, added: “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.”
Earlier this month, Fabrick acquired UK-based mobile payments company Judopay for an undisclosed amount.
The acquisition is part of Fabrick’s expansion in the UK market, as Zaccardi said in a statement at the time.
“The UK remains a significant financial hub and world economy and by deepening our penetration into this market, Fabrick underscores its ambition to provide innovative open payment solutions to customers Europe wide,” he added.
“In the European context the UK has a leading position in the adoption of digital payment tools and is at a high level of maturity, on a global scale it is third place worldwide right after China and the US for total transaction values via digital payments.”