US-based Synovus Bank has acquired a 60% ownership stake in Qualpay by making an undisclosed investment in the cloud-based payments technology provider.

Qualpay’s platform combines a payment gateway with merchant processing solutions to enable merchants and independent software vendors (ISVs) to integrate payments into their software or websites.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Synovus will use Qualpay’s technology to power its new money-as-a-service offering, called Maast, which is slated to launch later in 2022. 

The new offering will club embedded payment and embedded banking on one platform and enable ISVs to offer financial services such as payment processing, debit cards and loans. 

Synovus president and CEO Kevin Blair said: “This investment in Qualpay demonstrates our commitment to delivering innovative solutions that scale at the speed of business. 

“Maast will help ISVs simplify the integration and delivery of value-added solutions while deepening customer relationships, enabling them to become the go-to provider for software, payments, and banking services in the markets they serve.”

Meanwhile, the proceeds from Synovus will be used by Qualpay to foray into new vertical markets, expand the range of industries bridge to a better payment and reporting experience and boost its offerings for ISVs. 

Qualpay CEO Craig Gass said: “Qualpay is excited to partner with Synovus to propel our growth into platform-as-a-service and augment with embedded finance.

“As we enter this new phase of growth, we will 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 have 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.”