Under the terms of the new deal, Mastercard will support EedenBull’s product development and digital services.
The announcement comes a month after the FinTech companies agreed to expand in Europe to support EedenBull’s operations in Oslo and Edinburgh with the implementation of a new digital platform to process spending and payments.
“With Mastercard’s leading advisory experience, sophisticated commercial solutions and wide network of customers and partners, we will be able to help EedenBull thrive in this market of significant opportunities,” said Yunsok Chang, a Mastercard executive vice president, in a statement.
Mastercard said as a result of the expanded partnership in Europe, Mastercard will support EedenBull’s commercial cards platform to banks seeking to tap into Asia Pacific’s B2B payments market.
Based in Norway, Scotland and Singapore, EedenBull calls itself a “technology-agnostic innovation company built by banking, payment and technology professionals.”
Among the new products is Q Business, EedenBull’s spend management platform that offers what it calls a sophisticated yet simple solution to digitize check and cash processing. The service, offered by a network of banks in the Nordics, has been adopted by more than 10,000 registered businesses, the FinTech company said.
“While payment products and services are now more user-friendly, product management is growing more complex and requires access to specialists in marketing, revenue management, IT, legal, regulatory and many other areas,” said Nicki Bull Bisgaard, EedenBull’s CEO, in a statement. “Selecting Mastercard as our preferred partner to support us in creating real value for our partner banks and their customers and to support our expansion in Asia Pacific was easy as we share the same view on what businesses require and how we can best meet those requirements in an ever-changing world.”
Last month, PYMNTS reported EedenBull rolled out its commercial card platform to banks to take advantage of improved B2B payment capabilities. The card program allows financial institutions to establish commercial cards and rewards programs and to manage those accounts. The program extends its Q Business spend management program to simplify digital services, the FinTech firm said.