Local fintech firm Tutuka has merged with London-based Paymentology, to establish a global payments and cards processor.
This move will see the companies operate under the Paymentology name, in an effort to drive global payments.
According to a statement, the merger will give banks and fintech firms the technology, teams and experience to issue and process Mastercard, Visa and UnionPay cards.
Additionally, it will bring together over 270 payments and technology experts, working across both developed and emerging markets, serving customers in 49 countries, across 14 time zones, says the statement.
Rowan Brewer, CEO of Paymentology, says: “Banks and fintechs are racing to provide customers with digital and data-driven features. They are highly receptive to working with a single issuer-processor that can provide that, across the globe.
“People want to be able to pay with a virtual card – sometimes online, sometimes tapping their phone – but everything digitally. Banks, digital banks and fintechs need support and expertise to help them issue cards and process payments.”
Tutuka is a third-party processor that provides payment solutions to fintech firms, telcos, money transfer providers and digital banks. It facilitates the creation and issuance of physical or virtual Visa, Mastercard or UnionPay cards.
UK-based Paymentology was founded in 2014, and has developed what it describes as the first cloud-native payments processing platform.
In the statement, Tutuka notes that previously, banks and fintech firms had to work with a multitude of card processors to reach a global market. With Paymentology, they can integrate into a single application programming interface, go live and issue cards almost anywhere in the world.
“They can then rapidly scale beyond that, as Paymentology can process client cards on the company’s shared platform, and upgrade clients to a dedicated platform just for that client, or in particular countries – a feature not available through any other processor.”
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