Qualpay's payments technology is a key part of Maast, Synovus' new money-as-a-service offering that will combine payment processing, banking, and lending solutions.
Columbus, Ga. and San Mateo, Calif., April 21, 2022 — Synovus Bank today announced that it has signed an agreement to strategically invest in Qualpay resulting in a 60% ownership interest. Qualpay is a provider of a cloud-based platform that combines a payment gateway with robust merchant processing solutions, which allows merchants and independent software vendors (ISVs) to easily integrate payments into their software or websites. The completion of the investment is subject to the satisfaction or waiver of customary closing conditions, including receipt of necessary regulatory approvals.
Beyond growing Qualpay's core business – propelling the platform's ability to enter new vertical markets and help a widening range of industries bridge to a better payments and reporting experience – Synovus has also chosen to leverage Qualpay's payments technology as an integral part of Maast, the bank's new money-as-a-service offering that will launch later this year. Maast will combine embedded payments and embedded banking on one platform, accessed via a common integration layer and a single onboarding experience. Maast will provide a quick and easy way for ISVs to offer payment processing, deposit accounts, debit cards, and loans as features in their software, under their brand, backed by Synovus.
Additionally, the investment will boost Qualpay's unique offering to ISVs of an easy-to-use, flexible, configurable, and individually-branded experience aligned with customer needs and the growing payment facilitator market.
"This investment in Qualpay demonstrates our commitment to delivering innovative solutions that scale at the speed of business," said Kevin Blair, Synovus president and CEO. "Maast will help ISVs simplify the integration and delivery of value-added solutions while deepening customer relationships, enabling them become the go-to provider for software, payments, and banking services in the markets they serve."
Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 272 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.
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. Maast will provide a quick and easy way for independent software vendors (ISVs) to offer their customers payment processing, deposit accounts and loans as features integrated with their software, under their brand, backed 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 enrollment, funding, reconciliation, reporting, and support. To learn more, visit www.maast.com.
Centerview Partners LLC served as financial advisor to Synovus on this transaction, while Alston & Bird served as legal advisor. Nomura Securities International, Inc. acted as exclusive financial advisor to Qualpay, while Wilson Sonsini Goodrich & Rosati acted as its legal advisor.
This press release contains statements that constitute "forward-looking statements" within the meaning of, and subject to the protections 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 through Synovus' use of words such as "believes," "anticipates," "expects," "may," "will," "assumes," "should," "predicts," "could," "would," "intends," "targets," "estimates," "projects," "plans," "potential" and other similar words and expressions of the future or otherwise regarding the outlook for Synovus' future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our growth strategy, strategic initiatives, expense and revenue initiatives, capital management, balance sheet management, and future profitability; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus' management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus' ability to control or predict.
These forward-looking statements are based upon information presently known to Synovus' management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in 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 captions "Cautionary Notice 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 any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.
Qualpay Media Contact
Calli Haramaras
847.502.4063
calli@milkandhoneypr.com
Synovus Media Contact
Sara Bagdadi
706.644.8009
sarabagdadi@synovus.com.
"Qualpay is excited to partner with Synovus to propel our growth into platform-as-a-service and augment with embedded finance," said Craig Gass, CEO of Qualpay. "As we enter this new phase of growth, we'll 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've 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."
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