Mastercard has purchased Vyze, a financing option offered at the retail POS that connects merchants with multiple lenders. Terms of the acquisition were not disclosed.
“Both consumers and businesses want the best choice and service, exactly when they need it,” said Blake Rosenthal, EVP of Global Acceptance at Mastercard in a statement. “Vyze adds to our ability to empower banks and other lending partners to participate in the growing trend of retail financing. The combination of their platform with our technology and network complements our existing payments programs.”
Several leading U.S. retailers work with Vyze for special financing options. Build.com saw ticket sizes triple in the first week after introducing a Vyze-powered financing program.
“Shoppers looking for new ways to pay and merchants looking to sell higher ticket items and deter abandonments has driven a flurry of activity in the ‘Buy now, Pay Later’ market,” said Raymond Pucci, Director of Merchant Services Practice at Mercator Advisory Group in a statement.
“Mastercard has a long history of building an incredibly powerful network, connecting some of the world’s most influential financial institutions, merchants and innovators,” said Keith Nealon, CEO of Vyze. “With their relationships and scale, we see a great opportunity to reach exponentially more partners and consumers.”