On April 21, 2022, Synovus Bank announced that it has signed an agreement to strategically invest in Qualpay resulting in a 60 percent ownership interest. Qualpay is a provider of a cloud-based platform that combines a payment gateway with robust merchant processing solutions, which allows merchants and independent software vendors (ISVs) to easily integrate payments into their software or websites. The completion of the investment is subject to the satisfaction or waiver of customary closing conditions, including receipt of necessary regulatory approvals. Wilson Sonsini Goodrich & Rosati represented Qualpay in the transaction.

Synovus will help to grow Qualpay’s core business and leverage Qualpay’s payments technology as an integral part of Maast, the bank’s new money-as-a-service offering that will launch later this year. Maast will combine embedded payments and embedded banking on one platform, accessed via a common integration layer and a single onboarding experience, and will provide a quick and easy way for ISVs to offer payment processing, deposit accounts, debit cards, and loans as features in their software, under their brand, backed by Synovus. Additionally, the investment will boost Qualpay's unique offering to ISVs of an easy-to-use, flexible, configurable, and individually-branded experience aligned with customer needs and the growing payment facilitator market.

The Wilson Sonsini team that represented QualPay in the transaction includes Rezwan Pavri, Adam Bloom, Lang Liu, Kathy Rothman, and Michael Klippert.

For more information, please see the press release.