COLUMBUS, Ga. & SAN MATEO, Calif. — Synovus Bank announced 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 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.
“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.”
