Mastercard invests in Polish FinTech Verestro

Warsaw headquartered Verestro has picked up an investment from payment giant Mastercard.

Neither party revealed the amount injected into the Polish FinTech venture.

As part of the deal, Verestro has changed its name from uPaid. The FinTech has provided payment solutions to banks and partners across four continents for the past ten years.

It specialise in the development, integration and management of API for banks and FinTech partners.

“Poland is an advanced market when it comes to the development of non-cash payments, especially contactless,” said  Bartosz Ciołkowski, general director for Poland, the Czech Republic and Slovakia at Mastercard Europe. “This makes our country an excellent candidate for a regional FinTech hub in which promising payment companies with the potential of international success develop.

“At Mastercard, we strongly believe in this success, which is why we support companies such as the BLIK operator – Polish Payment Standard or Verestro. I have had the opportunity to observe the development of Verestro in recent years. All the more I’m convinced that there are more spectacular business projects ahead of her. I am glad that we can support its further international development.”

Krzysztof Drzyzga, CEO of Verestro, said that Mastercard’s vote of confidence was a great honour and opportunity for the company. “We owe a lot to Mastercard; the first project, world-class technology and global presence that allows us to cooperate from Sao Paulo, through Warsaw to Singapore, “says Krzysztof Drzyzga, CEO of Verestro.

“Changing the name is part of the company’s development. “Verestro” (Epo: vere estro; “true leader”) was taken from Esperanto, the most widespread international auxiliary language in the world, developed by a Pole, Ludwik Zamenhof. This name fits perfectly in our thinking about the roots and future of the company; we are a Polish leader and we provide solutions that work well all over the world.

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