Mastercard announced today its investment in the fintech company Verestro – formerly uPaid Payment Solutions. The company, with HQ in Warsaw and offices in Sofia, NewYork and SaoPaulo, has been cooperating with Mastercard and providing payment solutions to banks, merchants and payment providers on four continents for 10 years.
Verestro specializes in the development, integration and management of APIs for banks and fintech partners, incl.: NFC, HCE, QR and person-to-person payments, loyalty solutions, virtual cards or card and expense management.
The company’s solutions are already present in more than 20 markets, and 85% of its revenues are generated from activities in foreign markets, such as Central and Eastern Europe, The Balkans, The Middle East, USA and South-East Asia.
Mastercard has been cooperating with Verestro since 2011. Verestro is a long time partner to Mastercard Engage Program.
„In addition to the investment, Mastercard will also support the relationship through introductions and access to financial and retail partners around the world. This will help Verestro scale its operations on foreign markets much faster,” according to the press release.
„Now, we have a strong organic growth in 20 more countries around the world and we are planning IPOs in a foreign market within a year” – said Cezary Smorszczewski, investor and the head of Verestro’s supervisory board.
“Outside Europe, we are strongly committed to acquiring new customers in the USA, South America and South-East Asia. We have already started projects there and we have a very good reputation. All this makes us look into new locations for our operation; as we want to be closer to our clients and partners we are planning offices in Dubai and Singapore” – adds Tomasz Kupka, the Head of Sales at Verestro.
„Poland is an advanced market when it comes to the development of non-cash payments. This makes our country a candidate for a regional fintech hub in which promising companies with the potential of international success develop. At MasterCard, we believe in this success, which is why we support companies such as the operator Blik, i.e. Payment Standard, or Verestro,” Bartosz Ciołkowski, general director for Poland, the Czech Republic and Slovakia at Mastercard Europe, pointed out.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
