Equals Group Plc (LON:EQLS), the e-banking and international payments group, revealed Tuesday that it has entered into a new five-year agreement with US financial services giant Mastercard inc (NYSE:MA).
Under the deal, the company said in a statement, Mastercard will provide assistance to Equals to grow its various card-based businesses through improved economic terms based on transaction volumes and also assist in the process of Equals becoming an issuer of all its cards.
Ian Strafford-Taylor, Equals Group CEO, commented: “We have been a Mastercard-affiliated Company for many years but this deal further cements our relationship and the closer ties and improved economics will enable Equals to accelerate its growth prospects in all areas of its business.”
Last month, Equals Group raised a total of £14.3mln through a placing and an open offer which the firm said would be used to accelerate plans for corporate products, as well as providing opportunities for bolt-on acquisitions.
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