Andaria Taps Mastercard to Enhance Embedded Finance Solutions
FinTech company Andaria has partnered with Mastercard to strengthen its embedded finance proposition.
This strategic collaboration will enhance the quality of Andaria’s card and payment solutions as a principal member of Mastercard, Andaria said in a Tuesday (Jan. 9) press release.
As a United Kingdom and European Union (EU) regulated FinTech company, Andaria offers scalable and customized solutions that enable non-financial businesses to integrate payment services into new and existing platforms, reducing costs and increasing customer satisfaction, according to the press release.
By joining forces with Mastercard, Andaria aims to redefine the financial landscape and solidify its position as a key player in the embedded finance ecosystem, the release said. Leveraging Mastercard’s expertise and global network, Andaria aims to deliver innovative solutions to its customers.
“This collaboration with Mastercard is in line with our intentions to redefine the financial landscape,” Andaria CEO Nirav Patel said in the release. “It solidifies our position as a key player in the embedded finance ecosystem and underscores our commitment to delivering innovative, cutting-edge solutions.”
Andaria’s embedded finance offering already includes dedicated international bank account numbers (IBANs), business accounts and a suite of services tailored to meet the specific needs of businesses, according to the release.
With the integration of Mastercard’s capabilities, Andaria aims to further enhance financial empowerment and convenience for businesses and end-users, the release said.
The integration of Andaria and Mastercard’s technologies is expected to be completed by early 2024, per the release.
PYMNTS Intelligence has found that embedded finance promotes customer loyalty and engagement by creating more avenues for them to interact with their favorite brands.
Eighty-eight percent of companies that offered some type of embedded finance options reported increased engagement, and 85% said it helped them acquire new customers, according to “How Nonfinancial Brands Can Benefit From Offering Embedded Financial Services,” a PYMNTS and Galileo collaboration.
In another recent development in this space, embedded finance company Enfuce raised $9.3 million in November to expand across key European markets. Enfuce aims to expand the deployment of its modular, scalable and advanced payment solutions and shape “the future of embedded finance.”
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