COLUMBUS, Ga. & SAN MATEO, Calif.–(BUSINESS WIRE)–Aug. April 2022–
Synovus Bank announced today that it has signed a strategic investment agreement in Qualpay, resulting in a 60% stake. Qualpay is a cloud-based platform provider that combines a payment gateway with robust merchant processing solutions that enable merchants and Independent Software Vendors (ISVs) to easily integrate payments into their software or websites. Closing 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 – driving the platform’s ability to enter new vertical markets and helping a broader range of industries achieve better payment and reporting experiences – Synovus has also chosen to leverage Qualpay’s payment technology as an integral part of Maast, the new bank’s Money-as-a-Service offering, which will be launched later this year. Maast will combine embedded payments and embedded banking on one platform, accessible through a common integration layer and single onboarding experience. Maast offers ISVs a quick and easy way to offer payment processing, deposit accounts, debit cards and credit as features in their software under their brand, powered by Synovus.
In addition, the investment will strengthen Qualpay’s unique offering for ISVs of an easy-to-use, flexible, configurable and individually branded experience, tailored to customer needs and the growing payment intermediary market.
“This investment in Qualpay demonstrates our commitment to providing innovative solutions that scale at the speed of business,” said Kevin Blair, President and CEO of Synovus. “Maast will help ISVs simplify the integration and delivery of value-added solutions while deepening customer relationships, making them the software, payments and banking providers of choice in the markets they serve.”
“Qualpay is excited to partner with Synovus to fuel our growth into Platform-as-a-Service and to expand into embedded finance,” said Craig Gass, CEO of Qualpay. “As we enter this new phase of growth, we will provide ISVs on both the merchant and partner side with superior customer service that is simply unmatched by other industry players. We have a long, fruitful relationship with Synovus and are delighted to have been chosen to help Maast deliver this innovative fintech solution.”
Synovus bank, a Georgia-registered, FDIC-insured bank, offers commercial and retail banking and a full range of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium financing, asset-based lending, structured lending, and international banking over 272 offices in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work certified company and can be found online at synovus.com and beyond TwitterFacebook, LinkedIn and Instagram.
Qualpay is a technology-oriented payment platform. Qualpay simplifies and improves the payment 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 use the latest technology to reduce costs and streamline back office operations. Qualpay’s comprehensive ecosystem addresses and solves the payment challenges faced by B2B and B2C businesses, ensuring a stronger, more resilient infrastructure that allows businesses to focus on growing their business. Qualpay’s reporting intelligence and data analysis enables customers to manage their payment finances quickly and efficiently, saving time and money in the process. Simply put, Qualpay offers a better way to manage payments. Visit www.qualpay.com for more information.
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 can be accessed. Maast offers Independent Software Vendors (ISVs) a quick and easy way to offer their customers payment processing, deposit accounts and credit as features built into their software under their brand, powered 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 registration, funding, reconciliation, reporting and support. To find out more, visit www.maast.com.
Centerview Partners LLC acted as financial advisor to Synovus on this transaction while Alston & Bird acted as legal advisor. Nomura Securities International, Inc. acted as exclusive financial advisor to Qualpay, while Wilson Sonsini Goodrich & Rosati acted as legal advisor.
This press release contains statements that constitute and are protected as “forward-looking statements” within the meaning 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 by the use of words such as “believes”, “anticipates”, “expects”, “may”, “will”, “assumes”, “should”, “forecast”, “could” by Synovus ”, “would”, “intends”, “goals”, “estimates”, “projects”, “plans”, “potential” and other similar words and phrases relating to the future or otherwise relating to the prospects for the future business and finances of Synovus and/or the performance of the banking industry and the economy generally. These forward-looking statements include, among other things, our expectations regarding our future operational and financial performance; expectations of our growth strategy, strategic initiatives, cost and revenue initiatives, capital management, balance sheet management and future profitability; and the assumptions underlying our expectations. Prospective investors are cautioned that such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties that could cause Synovus’ actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or achievements differ or be implied by such forward-looking statements. Forward-looking statements are based on information known to Synovus management and the current beliefs and expectations of Synovus management and are subject to significant risks and uncertainties. Actual results could differ materially from those contained in such forward-looking statements. A number of factors could cause actual results to differ materially from the forward-looking statements contained in this press release. Many of these factors cannot be controlled or predicted by Synovus.
These forward-looking statements are based on information currently known to Synovus management and are inherently subjective, uncertain and subject to change as a result of a number of risks and uncertainties, including but not limited to the risks and other factors that 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 headings “Caution 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 forward-looking statements, which are based on current expectations and speak only as of the date they are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.
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CONTACT: Synovus media contact
(706) 644-8009 Qualpay media contact
KEYWORD: CALIFORNIA GEORGIA UNITED STATES NORTH AMERICA
INDUSTRY KEY WORD: FINANCE BANKING PROFESSIONAL SERVICES OTHER TECHNOLOGY TECHNOLOGY
SOURCE: Synovus Financial Corp.
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PUB: 4/21/2022 12:00 PM / DISC: 4/21/2022 12:02 PM