Glint, the global gold-based payments system that allows customers to instantly and securely buy, save, spend and share real gold, has announced that it has secured “Principal Member” status with Mastercard, meaning it can now issue the Glint card directly to UK customers and issue on behalf of other institutions and corporates, unlocking new commercial opportunities.
Glint now holds a UK Mastercard Licence.
Glint is one the first companies to allow customers to use gold as an everyday global currency and use the Glint card to spend it anywhere that accepts Mastercard. Customers can use Glint's secure app to instantly buy, sell, save, spend and share their physical gold and other currencies.
This announcement follows the recent launch of a peer-to-peer facility, known as Glint It!, which allows customers to instantly send or receive money, including real, spendable gold and other currencies.
To continue its on-going growth Glint also recently announced that it had secured an additional £2.5m in funding to support growth plans. This latest funding brings the total amount Glint Pay has secured to over £24m since launch in 2016.
Jason Cozens, Founder & CEO of Glint, says: “This development in our relationship with Mastercard has long been highlighted as a key step in our journey to fulfil our potential as a global financial company.”
“Whilst the ability to issue cards directly to customers allows us to grow our core customer base; the opportunity to partner with other fintechs and corporates to issue cards on their behalf has unlocked access to an entirely new revenue stream. This can be leveraged to drive our ambitious strategy and expansion plans.”
“The entire industry’s focus has intensified around compliance and customer security. Transparency and trust are two of our core values and by taking this responsibility into our own hands our customers know that their finances are fully secure and protected.”
Edoardo Volta, Head of Fintech, Mastercard UK & Ireland commented: “Mastercard has already established itself as the partner of choice for Fintechs across Europe and this next step for Glint is a great example of Fintech’s growing with us. We are committed to driving innovation in payments to ultimately give consumers choice and convenience on how they pay.”
To prepare for the end of the Brexit transition period, Glint is set to partner with an EU issuer to issue cards to European customers in order to ensure consistency of service.