Fabrick, a banking, payment, and lending FinTech infrastructure platform, has raised EUR 40 million (~USD 43 million) in funding from Mastercard and other unnamed shareholders. Along with the funding, Mastercard is also expanding its partnership with Fabrick (formed in 2019) to develop embedded finance solutions for European businesses.

The company plans to invest the newly raised funds in expansion across Europe, further developing products and services, and scaling infrastructure.

Based in Italy, Fabrick offers API-based banking, payment, and lending FinTech infrastructure for financial institutions and enterprises. Its open banking-based solutions include account aggregation services through Account Information Service Provider (AISP) and account-to-account payment initiation through Payment Information Service Provider (PISP). The company also provides payment orchestration solutions (through Payment Orchestra) that include multichannel acquisition, smart routing, and split payments. Meanwhile, its payment gateway aggregator solution enables payment acceptance from over 250 alternative payment methods and ~20 acquirers as of May 2023. 

Analyst QuickTake: Mastercard’s investment and partnership expansion with Fabrick comes less than a month since it launched “Open Banking for Account Opening,” an API that provides customer account ownership and digital identity verification in real-time. This launch was part of Mastercard’s continued expansions in the open banking space, which consists of including open banking services to its “Engage” partner network last July and rolling out the “Payment Success Indicator” and “Payment Routing Optimizer” tools in March 2022.