London-based global fintech Unlimint has, today, announced a partnership with digital neobank Credits to issue Mastercard debit cards for users in Europe and LatAm, providing an enhanced banking experience. Unlimint is an award-winning global all-in-one fintech offering advanced payment capabilities through an evolving financial interface to startups and businesses across the globe with 16 offices across five continents.
By leveraging Unlimint’s in-house developed payments infrastructure and global reach, Credits will be able to strengthen its offering with an innovative suite of services backed by pioneering payment technology. The project will allow cards to be integrated into the Credits app and ordered directly within it.
To receive a card, customers will be required to register in the Credits app, pass a Know Your Customer (KYC) verification and place an order. The project, set to be launched in Q1 2023, will target the European market at first, with plans to further expand it to Mexico and Brazil. The first stage of the launch will include the functionality to release virtual cards followed by issuing of physical cards.
The partnership between Unlimint and Credits aims to create a unique product on the market that will embody an innovative proposition for crypto users across Europe and LatAm. Users will have the option to spend crypto more conveniently and seamlessly, without having to convert their crypto assets through centralised exchanges. With the new debit card powered by Unlimint, Credits will be able to expand its product and service offering globally and claim its place as a digital banking world leader.
The collaboration will boost the growth of the digital banking market. According to Statista, the fintech market’s largest segment will be digital payments with a total transaction value of $9,471 billion USD (£7,791 billion) in 2023. The average transaction value per user in the neobanking segment is projected to amount to $18.08k USD (£14,8k) in 2023 with the segment expected to show a revenue growth of 28.9 percent in 2024.
Commenting on the new partnership, Jovi Overo, managing director of Banking as a Service (BaaS) at Unlimint, said: “We are excited to partner up with Credits on this mission to revolutionise the modern world of banking services and help build a seamless connection between Web 2 and Web 3. Unlimint’s BaaS product was developed to help innovative companies like Credits accelerate their geographic footprints in existing and new market verticals, and we believe that this partnership is another great step towards our mission of creating a new fintech world with limitless possibilities, without legacy and banking technology limitations.”