Mastercard will launch with the fintech Pagantis a virtual credit card, which will offer customized financing solutions.
According to what both companies have explained, the card will be available in the coming months in Spain, Italy, France and Portugal.
A step to the long-term plan
Paloma Real, the general director of Mastercard Spain, has said that this initiative is another step in our long-term plan to become the preferred partner of fintechs around the world. And has underlined the flexibility and transparency of this form of payment can be extended to any physical or online trade.
On the other hand, Rolf Cederström, the CEO and co-founder of Pagantis, explained that Mastercard’s business model allows them to have a single partner both for issuing and processing the cards. Which has been key to the time to work together.
The fintech, which this year closed a round of financing of 75 million dollars, more than 65 million euros, with the support of Prime Ventures, SPF Investment Management and Rinkelberg Capital Group, wants to become a benchmark in the sector of financing for online consumption in Southern Europe.
Pagantis an entity regulated by the Bank of Spain
Pagantis operates as an entity that is regulated by the Bank of Spain. So far, it has generated more than 500 million euros in consumer loans online through its platform driven in data science, technology, compliance and finance.
Since the signing they have highlighted that, thanks to a recent agreement with Paypal, their product of “Pay plus Afternoon with Paypal” tries to boost consumer finance online as a payment method between retail and consumer in Spain.
In addition, they have pointed out that this system allows consumers to finance their purchases immediately through a scoring algorithm that is responsible for analyzing the risk of fraud and delinquency based on big data and machine learning techniques.
Also published on Medium.