Mastercard extends partnership with ANNA Money

Mastercard is extending a partnership with business banking FinTech ANNA Money to support the roll-out of value-added services.

ANNA combines a mobile business account, Mastercard debit card and virtual assistant rolled into one app, aimed at startups, freelancers and small businesses.

It has worked with Mastercard since launch in 2018 to provide customers with digital tools to take care of financial admin including invoicing and direct debits.

The extended partnership for its Premium Business Debit Mastercard comes after ANNA added tax accounting, expense management tools and connected bank accounts to its suite of services.

In the next stage of the partnership, ANNA is preparing to become a licensed e-money institution and Mastercard Principal member - and resultantly a direct issuer.

ANNA was in the process of migrating from Wirecard Card Solutions UK, but in light of recent developments, ANNA said it was focusing on obtaining its own e-money licence.

As part of its ongoing growth ambitions, ANNA will ultimately move towards obtaining a full banking licence.

In May, ANNA formed a strategic alliance with ABH Holdings, with the group investing over $21 million into the company and acquiring a majority stake in ANNA at an implied valuation of $110 million.

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