Mastercard Partners with Areeba for Card-as-a-Service in the Middle East

On November 20, 2023, Mastercard announced a partnership with Areeba, a payment technology company, to enable modern payment platforms for fintechs operating in the Middle East. The Card-as-a-Service collaboration allows fintechs to leverage Areeba's processing platform combined with Mastercard's global network to issue cards and build embedded payment solutions. The partnership is designed to lower barriers to entry for fintechs seeking to offer card-based products in the MENA region.

Areeba contributes its payment processing infrastructure and regional expertise, while Mastercard provides its global acceptance network and card program frameworks. The initiative addresses growing demand from Middle Eastern fintechs for turnkey card issuance and payment capabilities. Financial terms of the partnership were not disclosed.

The deal strengthens embedded finance infrastructure in a region experiencing rapid fintech growth.