Brim Financial, a Canada-based credit-card-as-a-service provider, has announced a partnership with Mastercard to embed the latter’s open banking capabilities into its own platform. The collaboration aims to fuel innovation in credit card platforms in the US market, catering to consumer, small-and-medium-sized-business, and commercial segments.
“This partnership with Mastercard will be transformational for companies seeking a sophisticated, modern credit card platform to better serve their customers,” said Rasha Katabi, Founder and CEO of Brim Financial.
Brim Financial, founded in 2015, offers a credit-card-as-a-service solution for organizations such as Air France KLM and Canadian Western Bank. With Brim’s platform, clients can quickly deploy, run, and scale their own branded commercial and consumer credit card offerings.
By integrating Mastercard’s open banking capabilities, Brim will enhance its platform’s payment experience by embedding payment solutions across its end-to-end offering. This will provide clients with a more seamless and secure payment experience.
“In partnership with Brim, we’re able to help our customers and partners remain competitive, with innovative payment solutions that create seamless, secure experiences,” explained Hunter Woolley, EVP of North America Business Development at Mastercard.
Mastercard’s involvement in the open banking scene has grown since its acquisition of Finicity in 2020 for $825 million. Through partnerships with brands like Brex, LoanPro, and Experian, Mastercard connects customers’ permissioned financial data to their apps. Currently, Mastercard is connected with 95% of financial institution accounts in the US.
The partnership between Brim Financial and Mastercard comes at a time when there is significant momentum in the US market for innovating credit card infrastructure. Companies are looking for sophisticated and modern credit card platforms to meet the evolving needs of their customers.
With the integration of Mastercard’s open banking capabilities, Brim Financial aims to provide a competitive edge to companies seeking a comprehensive credit card platform. By offering a seamless payment experience and embedding payment solutions, Brim enables its clients to better serve their customers and stay ahead in the rapidly evolving financial landscape.
The collaboration between Brim Financial and Mastercard highlights the importance of partnerships in driving innovation and delivering enhanced financial services. As the demand for more personalized and convenient payment solutions continues to grow, companies that can offer comprehensive credit card platforms with seamless payment experiences will be well-positioned to succeed in the market.
Overall, the partnership between Brim Financial and Mastercard is set to transform credit card platforms in the US market. By leveraging Mastercard’s open banking capabilities, Brim Financial will provide companies with a sophisticated and modern credit card platform that caters to the evolving needs of their customers. This collaboration exemplifies the importance of innovation and collaboration in the financial industry, as companies strive to deliver seamless and secure payment experiences.
