Easy Payment & Finance, which claims to be a leading financial payment and technology enabler in Spain, announced it has chosen digital payments platform, Carta Worldwide, a subsidiary of Mogo Inc. (NASDAQ:MOGO), to support its new card offering.
Easy EP is reportedly among Spain’s major banking and payments infrastructure providers. It supports an array of financial services for its corporate and private clients, which includes real-time SEPA fund transfers, cross-border transactions and IBAN banking account management.
Through the partnership, Carta Worldwide will offer the issuer processing services that connect Easy EP to Visa’s payment network. The collaboration should allow Easy EP to offer white-labelled prepaid card products to clients across European markets. The product should give customers more options in integrating virtual and physical card products into their embedded finance solutions.
Atomico’s State of European Tech report notes that the continent had a record-breaking year in 2021 ($100 billion capital invested, 98 new unicorns and more than $1 trillion in “value” created).
However, significant geographical differences still remain, with Southern Europe lagging well behind Northern Europe.
As mentioned in the report, the five largest hubs by total capital invested (London, Berlin, Stockholm, Munich and Paris) are home to companies that between them “captured 54% of total investment into the region in 2021, up from 49% in 2017.”
Cities like Barcelona, Madrid and Milan rank 7th, 10th and 19th respectively. The role of innovative, non-traditional financial providers is key in closing this gap.
Easy EP, which claims to be one of the first non-banking institutions to provide banking services in Spain, is focused on challenging the status quo and driving transformative change.
Easy EP’s card products follow its authorization as a principal member of Visa – among the first Spanish non-banking institutions to have been awarded direct membership.
Leveraging Carta Worldwide’s API and expertise, Easy EP claims that it is pulling away from the competition, offering clients with improved access to financial services.
Jazmin Achi, CEO/Co-founder, Easy EP, said:
“At Easy, we don’t shy away from solving the biggest financial technology challenges, punching far above our weight to pioneer ground-breaking financial services. We’re proud to be leading the embedded banking revolution in Spain by becoming one of the first Spanish non-bank financial institutions licensed to provide banking services to customers. We remain hyper-focused on building simplified solutions to help European businesses achieve their full potential. Our partnership with Carta Worldwide is the next major step in our mission to offer world-class card services for our customers.”
Richard Wray, Chief Operations Officer, Carta Worldwide, remarked:
“European fintech has a hard-earned and well-deserved reputation for driving innovation across the region’s economies, but this success is not evenly distributed. For the rising tide to lift all boats, we need to unlock access for Europe’s sleeping southern giants. That’s why we’re particularly excited to be helping Easy EP and its customers access the full breadth of card services to help drive innovation and growth in a key Southern European country.”