Payment Expert’s Fintech Unwrapped delivers the latest and developing news that has shaped the sector over the course of the week.
This week, there have been moves made by Europe’s two largest mobile taxi services, Uber and Bolt, as the former has struck a new payment partnership with Mastercard, while the latter worked with Deutsche Bank for card acquiring.
Mastercard & Uber to deliver more payment benefits
Uber extended its partnership with Mastercard on July 24 to provide a range of new payment integrations, as well as launch the Uber Pro Card in the UK.
Mastercard will provide Mastercard Move for real-time disbursements, Mastercard One Credential to support multiple payment methods, as well as enable the Mastercard Offers platform to provide more benefits for Uber customers.
Having already been active in the US and Canada, the Uber Pro Card will be expanded into the UK. The card enables Uber drivers to receive instant payments for every trip while gaining benefits such as cashback rewards on gas purchases.
“This partnership connects over 3.5 billion cards and more than 150 million merchants that accept Mastercard globally together with Uber’s community of over 8.5 million earners and 170 million users worldwide,” said Sherri Haymond, co-president, Global Partnerships at Mastercard.
Deutsche Bank provides card acquiring to Bolt
In similar news, Bolt has received card acquiring services from Deutsche Bank to process card transactions from Mastercard and Visa.
This will see Bolt tap into card acquiring services in Europe and UK via the use of its Deutsche Bank membership, which is also powered by Silverflow’s payment infrastructure which supports transaction routing.
“This partnership marks another milestone in our strategy to deliver modern, scalable, and regulatory-resilient payment solutions for platform businesses across Europe,” said Kilian Thalhammer, Head of Merchant Solutions at Deutsche Bank
Starling & Monzo Co-Founder invest in MONET
Paul Rippon, the Co-Founder of the UK’s most successful challenger banks, Monzo and Starling, has invested into financial cashflow startup MONET.
The startup focuses on the creative industry sector to help recover up to £1.1bn in unpaid invoices, delayed supplier payments and weak financing impacting the sector.
Founded in 2020, MONET has attracted the attention of Rippon as he was part of a £17m early stage funding commitment this month, while also targeting to raise a further £10m in debt funding to further its growth.
“These teams are high-performing but often underfunded. We’ve built MONET to deliver financial products that plug directly into campaign operations – making capital, payments, and admin seamless from day one,” said Jacob Casson, Founder and CEO of Monet.
Pinterest selects Checkout.com to streamline payments
Checkout.com announced Pinterest as a new customer of its global digital payments platform on July 24. The partnership will enable the website’s customers to perform new payment capabilities.
Checkout.com’s global digital payments platform seeks to build fast, reliable, and more secure transactions across global markets where Pinterest customers are present, while also leveraging AI to perform transaction routing and increase acceptance rates
“At Checkout.com, we’re digital by design, with a platform built to help innovative businesses like Pinterest succeed in the digital economy, using payments as an enabler for trust,” said Antoine Nougué, Chief Revenue Officer at Checkout.com.
“Working with a visionary platform like Pinterest allows us to demonstrate the scalability and intelligence of our platform, ensuring consistent performance, globally.”
PXP gains new cross-border capabilities
PXP partnered with Moneycorp on July 24 to help customers meet the simplification and speed demands of cross-border commerce payments.
PXP’s customers will now be able to gain greater control and transparency by equipping them with Moneycorp’s FX capabilities, enabling businesses to make international payments more seamlessly in a bid to help them grow their business operations internationally.
“T By integrating Moneycorp’s proven foreign exchange capabilities into our platform, PXP can now offer foreign exchange solutions alongside our existing omnichannel orchestration gateway, card acceptance and in-store offerings,” said Alex Apergis, CRO at PXP.
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