Wealthon Becomes Mastercard Principal Member, Plans New Card

Polish fintech Wealthon, which provides financing for small and medium-sized businesses, has obtained Principal Member status in Mastercard. The company says the move lets it issue payment cards entirely on its own and drop the intermediary it has used so far, Quicko, which lost its payment institution licence.

According to CEO Aleksander Majchrzak, a direct agreement with the processor is the foundation for further development of the firm's financial platform for SMEs.

Independence and better economics

The earlier intermediary model allowed Wealthon to launch quickly, but the long-term strategy always assumed a switch to a direct relationship with the payment organisation. The new status gives the company freedom to design and roll out card features without delays caused by external partners.

Direct cooperation should also reduce operating costs. Management says this will allow it to offer entrepreneurs more favourable financial terms, and describes the change in technology infrastructure as a key step towards scaling the business.

A card for restaurants in November

Customers will see the first results this month. In mid-November Wealthon will add a new payment card designed around the specific needs of the food service sector. It is meant to address payment and operational challenges faced by restaurant and eatery owners in Poland.

Expansion abroad next year

Independence from third-party infrastructure also opens the door to geographic growth. The company declares plans for foreign expansion next year. Majchrzak argues that building an international financial platform is not possible while relying on external intermediaries.

Principal Member status, he says, lets Wealthon enter foreign markets at its own pace, with its own product and on fully independent terms. For Polish SMEs, the practical test will be whether the lower costs and the tailored restaurant card arrive as promised.