Fabrick raises €40m in funding, extends deal with Mastercard
European open finance fintech Fabrick has raised €40 million in a new funding round and has extended its strategic partnership with Mastercard.
The funding round, which saw Mastercard and other investors taking up a minority stake in Fabrick’s shareholding structure, will be used to finance its next phase of growth.
Fabrick says the funding will go towards supporting its consolidation process in Italy, invest in products and services, scale up infrastructure, and expand into new European markets, following its recent acquisition of UK paytech Judopay.
Founded in 2017 with its headquarters in Milan, Italy, Fabrick describes itself as “a European pioneer in open finance”. Its open finance platform enables embedded payments solutions worldwide, as well as promoting the development of digital financial services.
Partnership with Mastercard
As part of its extended partnership with Mastercard, with whom it has been working since 2019, Fabrick will develop embedded finance solutions to help businesses, financial institutions and fintechs across Europe improve their digitalisation.
“Our work with Fabrick and the digital financial services we will develop together, will support our collective goal to offer digital payment solutions to businesses and to deliver a seamless experience for their customers in a time of need,” says Michele Centemero, country manager, Italy Mastercard.
Fabrick operates in Italy, France, Spain, Portugal and the UK, employs more than 400 people, and has reported a consolidated net revenue of €50 million in 2022, up 14% year-on-year, including its subsidiaries.