Qualpay's payments technology is a key part of Maast, Synovus' new money-as-a-service offering that will combine payment processing, banking, and lending solutions.
Columbus, Ga. and San Mateo, Calif., April 21, 2022 — Synovus Bank today announced that it has signed an agreement to strategically invest in Qualpay resulting in a 60% ownership interest. Qualpay is a provider of a cloud-based platform that combines a payment gateway with robust merchant processing solutions, which allows merchants and independent software vendors (ISVs) to easily integrate payments into their software or websites. The completion of the investment is subject to the satisfaction or waiver of customary closing conditions, including receipt of necessary regulatory approvals.
Beyond growing Qualpay's core business – propelling the platform's ability to enter new vertical markets and help a widening range of industries bridge to a better payments and reporting experience – Synovus has also chosen to leverage Qualpay's payments technology as an integral part of Maast, the bank's new money-as-a-service offering that will launch later this year. Maast will combine embedded payments and embedded banking on one platform, accessed via a common integration layer and a single onboarding experience. Maast will provide a quick and easy way for ISVs to offer payment processing, deposit accounts, debit cards, and loans as features in their software, under their brand, backed by Synovus.
Additionally, the investment will boost Qualpay's unique offering to ISVs of an easy-to-use, flexible, configurable, and individually-branded experience aligned with customer needs and the growing payment facilitator market.
"This investment in Qualpay demonstrates our commitment to delivering innovative solutions that scale at the speed of business," said Kevin Blair, Synovus president and CEO. "Maast will help ISVs simplify the integration and delivery of value-added solutions while deepening customer relationships, enabling them become the go-to provider for software, payments, and banking services in the markets they serve."
Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 272 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.
Maast, a wholly owned subsidiary of Synovus Bank, is a new money-as-a-service fintech platform expected to launch in late 2022 that will combine embedded payments and embedded banking on one platform, accessed via a common integration layer and a single onboarding experience. Maast will provide a quick and easy way for independent software vendors (ISVs) to offer their customers payment processing, deposit accounts and loans as features integrated with their software, under their brand, backed by Synovus. Maast will support a robust set of payment acceptance features aligned with vertical market requirements and customer needs, and its free linked business checking account will simplify enrollment, funding, reconciliation, reporting, and support. To learn more, visit www.maast.com.
Centerview Partners LLC served as financial advisor to Synovus on this transaction, while Alston & Bird served as legal advisor. Nomura Securities International, Inc. acted as exclusive financial advisor to Qualpay, while Wilson Sonsini Goodrich & Rosati acted as its legal advisor.
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"Qualpay is excited to partner with Synovus to propel our growth into platform-as-a-service and augment with embedded finance," said Craig Gass, CEO of Qualpay. "As we enter this new phase of growth, we'll provide ISVs best-in-class customer service from both the merchant and partner side in a way that is simply unmatched by other industry players. We've enjoyed a long, fruitful relationship with Synovus, and we are extremely pleased to be chosen to support Maast in the delivery of this innovative fintech solution."