QNTMPAY, the official digital banking partner of McLaren F1, is working with global embedded finance platform Railsbank to support upcoming product and services launches in the UK. The companies made the announcement at today’s Money20/20 event.
Railsbank is supporting QNTMPAY, to launch in the UK, with plans to rapidly expand to Europe and Asia. QNTMPAY’s ambition is to tap into the “fan economy” which is worth an estimated £8.5 billion annually in the UK.
Designed to enhance the Formula 1 fan experience, QNTMPAY’s partnership with McLaren will offer new and relevant rewards and experiences to fans to drive engagement and loyalty. The next phase of the partnership will also see the launch of McLaren Mastercard branded debit cards. Railsbank CEO Nigel Verdon will be joined by QNTMPAY founder Adam Pearsall and McLaren Automotive’s CMO Gareth Dunsmore on the main stage on September 23 at Money2020.
The union with McLaren is the latest example of the growing trend of sports and entertainment industries growing their reach through partnerships with financial services companies.
“Consumer brands are increasingly under pressure to keep hold of the digital grip of their customers or fans,” said Verdon. “Brands must unlock untapped opportunities that can deliver relevant experiences to enhance their brand value. Embedding finance experiences into existing offerings is an attractive path for brands looking to increase regular engagement and revenues. Railsbank is supporting forward-thinking brands like QNTMPAY to build these new financial use-cases they always imagined, at a pace previously unimaginable.”
“London is the world’s fintech capital, so we’re excited to be launching in the UK before anywhere else,” Pearsall added. “Railsbank will support us in exploring new opportunities as our partner. We choose to only work with businesses that share our vision of a new way of banking, built on experiences. Railsbank understands experience is invaluable, to us as a brand, and to the modern consumer.”