Maast, a start-up whose mission is to make true embedded finance attainable, announced today the launch of its ground-breaking embedded finance solutions. Software providers and independent software vendors (ISV), can partner with Maast to attract new customers, increase revenue per customer, and deepen existing client relationships by seamlessly incorporating payment acceptance, banking solutions and more as features in their platform and under their brand. This combination of benefits provides “money-as-a-service and more” to a wide array of growing businesses. 

Embedded finance, integrating financial products within a nonfinancial software application, is rapidly becoming a core software component. According to Bain & Company, embedded finance accounted for $2.6 trillion, or 5%, of total US transactions in 2021. By 2026 that number is expected to grow to over $7 trillion, more than 10% of all US transactions. 

Maast believes true embedded finance only begins with payments and should include the entire money value chain across payments, banking, and more. By partnering with Maast, software providers can create new revenue streams, get to market fast, and offer business owners a better payment acceptance experience and a more modern business checking account. Maast streamlines the integration and manages funding, underwriting, compliance, security, and support. 

Unique to Maast, the payment and banking onboarding and money movement experiences are connected and brandable. This results in an easier, faster onboarding experience, money movement, and reconciliation. SMBs/business owners can “follow the money” end-to-end with a brand they know and trust, their software provider. 

Along with securely accepting payments, software providers can now offer their customer a white-labeled, 100% digital business checking account. Features include a contactless Visa® debit card, online banking, and mobile app as well as cashflow and budgeting insights, banking and tax statements, user role and card management, and secure email or in-app customer support messaging. Money-movement capabilities include bill pay, peer-to-peer, account-to-account, mobile deposits, 24-hr ATM access, and in- and out-bound ACH. Business owners can also enjoy $0 required to open, no minimum deposits, no bill pay fees, and unlimited deposits all while being FDIC insured up to $250,000 per depositor by Synovus Bank.

“Embedded finance is hard. Maast removes technical and operational barriers so software providers can focus on what they do best, providing the software and tools their customers use to run their business,” said Maast CEO Tom Bell. “By offering a single relationship, contract, and integration to embed not only payments but also banking solutions, we allow software providers to deepen their relationship with their customers. Our hyper-verticalized approach simplifies how business owners, move money by combining payments, banking, and more into one centralized experience.” 

Maast is slated for general availability this summer. Software providers who would like to explore this new powerful solution can schedule a demo today at maast.com. 

Synovus’ strategic investment for the best of payments and banking

Maast is a wholly-owned subsidiary of Synovus Bank, Member FDIC, a trusted banking partner in the Southeast with a rich 130-year history of innovation and approximately $62 billion in assets. The strategic investment Synovus made with Maast benefits both parties. Synovus expands its distribution model from five to 50 States and can boast a digital banking offering and a platform for delivery of new products and services. Maast can offer software providers a built-in bank sponsor, FDIC insurance and a proven risk, compliance, and regulatory framework.

ClerkHound Software Suite partners with Maast to support music store owners

Maast is powering BillingHound and CheckingHound, two of the solutions offered as part of the ClerkHound Software Suite. When one of the co-founders, Chris Mitchell, couldn’t find adequate software to run his multidisciplinary business - which includes a music store, instrument rental and repair, lessons and even manufacturing - he built his own. This partnership allows music store owners to start accepting payments fast with BillingHound, enjoy an easier enrollment and flow funds directly into a CheckingHound business checking account, including Visa debit card and CheckingHound branded online banking portal and mobile app.

“Anyone who owns a music shop knows what an incredibly rewarding experience it can be, but they also know it comes with unusual demands, most of which can’t be easily addressed with traditional small business software,” said Chris Mitchell, CEO and co-owner of ClerkHound LLC. “We designed our software for music stores so that owners can manage all aspects of their businesses. Partnering with Maast on BillingHound and CheckingHound helps music store owners to get paid quickly and bank from anywhere, with options specifically designed to solve their everyday problems.”