MasterCard said on Tuesday that it's buying Vyze, makers of a technology platform that facilitates lending options to merchants' customers. Financial terms of the deal were not disclosed.
MasterCard is aiming to use the acquisition to become a more strategic partner to lenders and merchants. The credit card giant will rely on Vyze's platform to process consumer financing applications to lenders, pitching it as a scalable, end-to-end platform that doesn't require a slew of APIs.
"Vyze adds to our ability to empower banks and other lending partners to participate in the growing trend of retail financing," said Blake Rosenthal, EVP of global acceptance at MasterCard. "The combination of their platform with our technology and network complements our existing payments programs."
In a separate announcement, MasterCard unveiled an expanded rewards program and enhanced ID theft identification features for cardholders. The company is partnering with Lyft, Fandango, Boxed and Postmates to offer its World Elite cardholders cash back rewards. Meantime, cardholders who register for MasterCard ID Theft Protection will now have access to the company's end-to-end digital monitoring service, which tracks personal information for consumers to deter identify theft.
The tech that changed us: 50 years of breakthroughs