Mastercard has invested in Verestro to support the Polish payment firm's international expansion efforts. The size of the investment was not disclosed.
Formerly called uPaid, Verestro specialises in the development, integration and management of APIs for banks and fintech partners, helping them with NFC, HCE, QR and P2P payments, as wells as loyalty solutions and virtual cards.
The firm has been working with Mastercard since 2011 and operates in more than 20 markets in central and eastern Europe, the Balkans, Middle East, US an South East Asia. With the Mastercard investment, as well as wider support from the card giant, Verestro is planning to expand its international reach.
"In recent years I have had the opportunity to observe Verestro’s development up close. I am convinced that there are more spectacular business projects ahead of this venture," says Bartosz Ciołkowski, GM, Poland, Czech Republic and Slovakia, Mastercard Europe.