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News

Neem partners with Mastercard

Monday 4 December 2023 13:53 CET | News

Neem, an Embedded Finance platform, has partnered with Mastercard to enable financial wellness for underserved communities in Pakistan. 

As per the official press release, the partnership marks Mastercard’s first view into the Embedded Finance space in Pakistan. This collaboration spans multiple aspects of Neem's business, including the issuance of cards, which range from debit and virtual cards to a co-branded offering. Additionally, it involves strengthening synergies through product-driven initiatives like remittances, loyalty reward programs, and more in the future. 

Neem, an Embedded Finance platform, has partnered with Mastercard to enable financial wellness for underserved communities in Pakistan.

Embedded Finance enables companies from any sector to integrate financial services directly into their products via application programming interface (API) implementation. It gives businesses the opportunity to provide payments, lending, insurance, and other financial services without the need to build a proprietary financial infrastructure themselves. 

The press release emphasised that both Neem and Mastercard believe that Embedded Finance has the potential to spark a financial wellness shift in Pakistan, as it has already been demonstrated by Embedded Finance operators across Africa, Asia, and the Pacific. 

Neem is on a mission to enable digital businesses in Pakistan to offer financial services to their customers. The company's platform provides a range of Embedded Financial services, including full payments infrastructure, embedded lending, and insurance, across diverse industries, like mobility, agriculture, gaming, ecommerce, and more.  

In Pakistan, the level of financial wellness is notably low, with less than 30% of its 230 million population having access to any form of financial services. This is where the Embedded Finance model can help address the finance wellness gap. Pakistan's market remains largely untapped and initiatives like this have the potential to create a substantial impact. By adopting globally proven models tailored to local use cases, this partnership aims to position Pakistan on the global map of Embedded Finance. 

About Neem

Neem is an Embedded Finance company with a vision for financial wellness. Neem's BaaS platform enables digital businesses across various industries to provide Embedded Financial services to their customers. The firm is backed by global investors, including DNI Group, Arif Habib, Outrun Ventures, SparkLabs Fintech, and more. 

In September 2023, Neem launched an embedded payments infrastructure to meet the needs of digital businesses in Pakistan and streamline digital transactions. Neem’s embedded payments infrastructure was also aimed at enabling financial wellness for the underserved in Pakistan and across emerging markets, leveraging the powerful model of Embedded Finance. 

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Keywords: partnership, embedded finance, embedded payments, financial inclusion
Categories: Banking & Fintech
Companies: Mastercard, Neem
Countries: Pakistan
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Banking & Fintech

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