Open finance fintech Fabrick raises €40m, expands partnership with Mastercard
Deepening its relationship with Mastercard, Fabrick held its first fundraise since launching in 2018.
Italian fintech Fabrick has raised €40m and expanded its partnership with Mastercard to “speed up” embedded finance.
Fabrick, which enables embedded payments solutions worldwide, allows companies to integrate financial services into their products through API implementation.
Mastercard, which was involved in the round alongside a number of other unnamed shareholders, now holds a minority stake in the open finance platform, doubling down on the partnership the companies have had since 2019.
“Being able to count on the collaboration of a partner of the calibre of Mastercard with a new level of commitment will allow us to strengthen our international presence and open a new phase of growth and evolution,” Fabrick co-founder and CEO Paolo Zaccardi said.
“We have already made payments a core asset of our platform, but today with even greater intensity we will be able to define a new and even more complete offer deriving from the coming together of our respective strengths, to grow faster thanks to new resources and know-how, with the aim of establishing ourselves in other European countries as a benchmark in Open and Embedded Finance.”
Fabrick currently operates in Italy, France, Spain, Portugal and the UK and reported net revenue of €50m in 2022 (with its subsidiaries), up 14 per cent year on year.
According to the fintech, the resources from the new raise and partnership will be used to support its consolidation process in Italy and expansion into more European markets, building on its acquisition of UK payments platform Judopay.
It will also use the funds to build on investments in products and services and infrastructure scale-up, accelerating the implementation of its plan to cement itself as an international player in open finance.
“Our work with Fabrick and the digital financial services we will develop together, will support our collective goal to offer digital payment solutions to businesses and to deliver a seamless experience for their customers in a time of need,” Mastercard Italy country manager Michele Centemero said.