Why fintechs like Brex and SoFi are switching from Visa to Mastercard

  • Fintechs like Brex, Dave, MoneyLion, and SoFi have all switched from Visa to Mastercard to power their payments.
  • Mastercard formed a new fintech-focused team in February led by Sherri Haymond, executive vice president of digital partnerships.
  • Part of Mastercard’s draw, the fintechs said, is that it treats fintechs like any major enterprise client, with bespoke product strategies and consulting-like collaboration.
  • Both Mastercard and Visa have platforms just for fintechs up and running on their payments rails.
  • The networks don’t differ materially in terms of where they can process payments. So courting fintechs often comes down to what the networks offer beyond that. 
  • Got a tip? Contact this reporter via email at sbalogh@businessinsider.com, Signal (801-824-5318), or direct message on Twitter @shannen_balogh.

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