Proven P2P and B2B Network to Accelerate Scale
and Growth
Mastercard (NYSE: MA) today announced it has entered into an
agreement to acquire Transfast, a global cross-border
account-to-account money transfer network.
Transfast will complement Mastercard’s wide range of payment
solutions by increasing worldwide connectivity in the
account-to-account space, enhancing compliance capabilities and
offering more robust foreign exchange tools. Transfast currently
supports the Mastercard Send solution for business-to-business and
person-to-person payment services.
“We believe Transfast gives us the strongest platform to
immediately enhance our cross-border capabilities and further
deliver on our strategy,” said Michael Miebach, chief product
officer for Mastercard. “The addition of Transfast adds to our
leading position in meeting business, government and consumer
payments needs – whether B2B, P2P or other flows. Today’s news
cements our collaboration and sets the stage to provide our
customers a unique, ready-to-go solution upon closing.”
Greater Transparency, Enhanced Connectivity
When businesses send cross-border payments to their vendors and
partners, they face higher costs, compliance requirements, and
limited predictability of when the transaction will be completed.
The combination of Mastercard and Transfast will offer applications
that solve these challenges and provide greater transparency and
certainty in such transactions.
It will also support financial institutions, digital platforms
and other partners as they provide people and businesses the
ability to send and receive money how and when they want to
virtually any end point across more than 100 markets.
“There are substantial synergies with Mastercard for even
further growth across our products,” said Samish Kumar, CEO of
Transfast. “Over the past 12 years, we have grown our capabilities
to connect, track and settle transactions with almost every bank
around the world via our curated and extensive network. We’ve
worked in support of Mastercard Send and this feels like the
natural next step in our relationship.”
Prior to this announcement, Mastercard lapsed its offer for
Earthport in order to focus on the integration and expansion of
Transfast.
Terms of the agreement were not disclosed. The transaction,
which is anticipated to close in the second half of 2019, is
subject to customary closing conditions.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a
technology company in the global payments industry. Our global
payments processing network connects consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on
Twitter @MastercardNews, join the discussion on
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the Engagement Bureau.
About Transfast
Transfast is a global cross-border payments network provider
that covers over 125 countries across Asia, Europe, Africa,
Americas and Australia. Our proprietary payment network, consisting
of direct integrations with 300+ banks and other financial
institutions enables person-to-person, business-to-person and
business-to-business payments services to our partners via APIs,
SFTP, web and mobile product applications. Our applications deliver
compliance, risk management, currency conversion, liquidity
management and multi-format messaging solutions to our clients,
which include banks, financial institutions, e-commerce companies,
and service marketplaces, as well as small businesses and
individual consumers.
Transfast is backed by GCP Capital Partners, a private equity
investment firm managing three active funds with $1.4 billion in
committed capital with financial technology as one of its core
focus areas, and Apis Partners, a private equity investment firm
managing two active funds focused on growth stage financial
services, financial technology and financial infrastructure
businesses.
Forward-Looking Statements
This press release contains forward-looking statements pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. All statements other than statements of
historical facts may be forward-looking statements. When used in
this press release, the words “believe,” “expect,” “could,” “may,”
“would,” “will,” “trend” and similar words are intended to identify
forward-looking statements. Examples of forward-looking statements
include, but are not limited to, statements that relate to
Mastercard’s future prospects, developments and business
strategies, as well as Mastercard’s acquisition and operation of
Transfast’s business. We caution you to not place undue reliance on
these forward-looking statements, as they speak only as of the date
they are made. Except for the company’s ongoing obligations under
the U.S. federal securities laws, the company does not intend to
update or otherwise revise the forward-looking information to
reflect actual results of operations, changes in financial
condition, changes in estimates, expectations or assumptions,
changes in general economic or industry conditions or other
circumstances arising and/or existing since the preparation of this
press release or to reflect the occurrence of any unanticipated
events.
Many factors and uncertainties relating to the proposed
transaction, our operations and our business environment, all of
which are difficult to predict and many of which are outside of our
control, influence whether any forward-looking statements can or
will be achieved. Any one of these factors could cause our actual
results or the impact of the acquisition to differ materially from
those expressed or implied in writing in any forward-looking
statements made by Mastercard or on its behalf. Such factors
related to the completion and impact of the acquisition include,
but are not limited to, whether all necessary conditions will be
met, and whether the transaction will close on agreed terms and in
a timely manner.
For additional information on other factors related to
Mastercard’s overall business that could cause Mastercard’s actual
results to differ materially from expected results, please see the
company’s filings with the Securities and Exchange Commission,
including the company’s Annual Report on Form 10-K for the year
ended December 31, 2018, and any subsequent reports on Forms 10-Q
and 8-K.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190308005308/en/
Investor Relations: Gina Accordino,
investor.relations@mastercard.com, 914-249-4565Communications: Seth
Eisen, Seth.Eisen@mastercard.com, 914-249-3153
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