Proven P2P and B2B Network to Accelerate Scale and Growth
PURCHASE, N.Y.--(BUSINESS WIRE)--
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,
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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
,
914-249-4565
Communications: Seth Eisen,
Seth.Eisen@mastercard.com
,
914-249-3153
Source: Mastercard Investor Relations