Financial services major Mastercard Inc. (MA) recently announced that the company has partnered with an all-in-one expense management platform for startups, Jeeves, to cater to the credit needs of Mexican businesses. Shares of the company declined 4.7% to close at $323.96 on Friday.
The companies will be issuing a physical card that allows businesses to pay in any local currency from all countries Mastercard currently operates.
Jeeves is an expense management and business banking company in Mexico, which is a fully-approved Mastercard Principal Member with both physical and virtual cards.
The Director of New Payments Flows at Mastercard México, Pablo Cuarón, said, “In recent years, we have seen an exponential growth of the fintech ecosystem in the market. We are very excited about this alliance with Jeeves. Through these collaborations, we can contribute to a fast digital transformation that provides startups with the products that directly align with their needs and facilitate access to financial services.”
Recently, Robert W. Baird analyst David Koning reiterated a Buy rating on the stock with a price target of $494, which implies upside potential of 52.7% from current levels.
Consensus among analysts is a Strong Buy based on 11 unanimous Buys. The average Mastercard price target of $441.09 implies upside potential of 36.4% from current levels. Shares have declined 3.7% over the past year.