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
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.
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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.”
“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.”
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.
Qualpay is a technology-first payments platform. Qualpay
simplifies and improves the payments process for merchants across a
range of industries. Qualpay also helps ISVs create value for their
customers with elegantly embedded banking and payment services.
Their solutions utilize the most up-to-date technology to reduce
costs and streamline back-office operations. Qualpay’s
comprehensive system addresses and resolves the payment challenges
B2B and B2C businesses face, ensuring a stronger, more robust
infrastructure that allows companies to focus on growing their
business. Qualpay's reporting intelligence and data analytics allow
customers to manage their payment finances quickly and efficiently,
saving time and money. Simply put, Qualpay provides a better way to
manage payments. For more information, please visit
www.qualpay.com.
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.
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements” within the meaning of, and subject to
the protections of, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical fact
are forward-looking statements. You can identify these
forward-looking statements through Synovus’ use of words such as
“believes,” “anticipates,” “expects,” “may,” “will,” “assumes,”
“should,” “predicts,” “could,” “would,” “intends,” “targets,”
“estimates,” “projects,” “plans,” “potential” and other similar
words and expressions of the future or otherwise regarding the
outlook for Synovus’ future business and financial performance
and/or the performance of the banking industry and economy in
general. These forward-looking statements include, among others,
our expectations regarding our future operating and financial
performance; expectations on our growth strategy, strategic
initiatives, expense and revenue initiatives, capital management,
balance sheet management, and future profitability; and the
assumptions underlying our expectations. Prospective investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve known and unknown
risks and uncertainties which may cause the actual results,
performance or achievements of Synovus to be materially different
from the future results, performance or achievements expressed or
implied by such forward-looking statements. Forward-looking
statements are based on the information known to, and current
beliefs and expectations of, Synovus’ management and are subject to
significant risks and uncertainties. Actual results may differ
materially from those contemplated by such forward-looking
statements. A number of factors could cause actual results to
differ materially from those contemplated by the forward-looking
statements in this press release. Many of these factors are beyond
Synovus’ ability to control or predict.
These forward-looking statements are based upon information
presently known to Synovus’ management and are inherently
subjective, uncertain and subject to change due to any number of
risks and uncertainties, including, without limitation, the risks
and other factors set forth in Synovus’ filings with the Securities
and Exchange Commission, including its Annual Report on Form 10-K
for the year ended December 31, 2021, under the captions
“Cautionary Notice Regarding Forward-Looking Statements” and “Risk
Factors” and in Synovus’ quarterly reports on Form 10-Q and current
reports on Form 8-K. We believe these forward-looking statements
are reasonable; however, undue reliance should not be placed on any
forward-looking statements, which are based on current expectations
and speak only as of the date that they are made. We do not assume
any obligation to update any forward-looking statements as a result
of new information, future developments or otherwise, except as
otherwise may be required by law.
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Synovus Media Contact Sara Bagdadi
sarabagdadi@synovus.com (706) 644-8009
Qualpay Media Contact Calli Haramaras
calli@milkandhoneypr.com (847) 502-4063
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