Global payment processor Mastercard has revealed a USD 1 billion investment commitment to financial technology (fintech) development in India over the next five years, reports online fintech portal Techiexpert.
According to the source, this follows an earlier investment of the same amount made in the previous five years ending 2019. This second tranche of funding will go towards a complete on-site domestic transactions processing center at Pune as well as other fintech startups in the country.
Last year, Indian tech firm ToneTag received significant investment from Mastercard’s India Investment Fund, which also recently backed a new B2B digital entity-centric app developed by Syntizen.
MasterCard which had also invested in ToneTag last year is constantly evaluating opportunities to invest in the financial technology startups with its India Investment Fund, one of whose investment in some of the recent months was in Syntizen, a B2B digital entity-centric product startup.
Mastercard Asia Pacific co-president Ari Sarker commented on the strategic investment:
“India is a unique country with a progressive payments ecosystem. We are excited with our incremental and significant investment plans for this market, which we believe will be compelling differentiators for us. This investment builds on what is an enduring and focused strategy for us in this market, and will also enable us to explore avenues to expand our local collaborations and partnerships while deepening our commitment to the government’s vision of moving towards a cashless society.”
Mastercard has opened offices in Gurgaon and Bangalore, a lab and operations hub in Pune and a tech center in Vadodara. Indian fintech has been called “insanely addictive” by foreign investors.
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