News from the Wire

Xformative issues over 1.5 million cards, moves nearly $1 billion in 2020

Wednesday, January 20, 2021 — 12:17:17 (EST)

NEW YORK, Jan. 20, 2021 – Xformative Payment Systems, a cloud-native issuer processor, today announced it issued more than 1.5 million cards and processed over $851 million in transactions and disbursements via its platform, ending 2020 on a high note. This fuels Xformative’s momentum of being selected as one of 11 startups for Mastercard’s award winning Start Path program last summer – a program that brings a global pool of innovators together to build the future of commerce.

Xformative’s strong growth is attributed to its flexibility in solving unique business challenges. Its suite of “function as a service” microservices can be architected to enable and configure case-specific issuing, money movement, accounting, security, and reconciliation services that allows clients to choose which API-driven services they want or need without ingesting its entire platform.

“In 2020, we were able to see our ‘wake up, tell the truth and work hard’ philosophy come to life as we delivered uniquely configurable payment solutions that exceeded our partners’ business needs,” said Brad Bialas, CEO, Xformative. “Our customers and prospects trust us as advisors and view our solution as an industry disruptor that doesn’t disrupt their ability to move as fast as they want to but empowers them with the nimbleness to better serve their customers with speed and flexibility. We are in position to make 2021 the strongest year yet.”

An example of Xformative’s configurability is how quickly the company was able to work with a client to develop crisis/emergency funding accounts for businesses and their employees impacted by the pandemic, including furloughs and layoffs. Xformative was able to stand up multiple emergency relief accounts in a matter of days, which allowed businesses to better serve their employees with much-needed financial resources, including donated paid time off. Legacy payments processors were not able to meet these timely requests in a short period of time or at all.

Xformative provides rapid and reliable scalability, expedites time to market, fills product gaps, and reduces operating costs by creating operational efficiencies, all while offloading compliance liability. The company plans to triple its employee size this year with key roles in technology, operations and compliance.

About Xformative

Xformative eliminates limitations and empowers embedded financial services via its cloud-native issuer processor platform, architected with a unique suite of modular APIs that can be configured to almost any use case. Led by an experienced team, Xformative processed nearly $1B in 2020 on its disruptive platform. The company provides rapid and reliable scalability, expedites time to market, fills product gaps, and reduces operating costs by creating operational efficiencies, while offloading compliance liability. For more information, please visit www.xformative.com.

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Source: Company press release.