Goldman Sachs partners with Marqeta on Marcus checking offering

By Pavithra R

Marqeta, the global payment processing and cash issuing platform provider, has announced that Goldman Sachs has partnered with the firm on its Marcus by Goldman Sachs checking accounts, to be launched in 2021.

Launched in 2016, Marcus by Goldman Sachs offers a fixed-rate, no fee personal loan. It’s upcoming digital checking product is another milestone for the company’s growing consumer portfolio of digital-first banking initiatives. In its mission to build the leading digital consumer bank, checking will continue to help them better address their customers’ financial needs.

Under the partnership, Marcus’ digital checking product will leverage different capabilities offered by Marqeta’s modern card issuing platform such as open APIs & webhooks and cutting-edge developer experience, built from the ground up to power future-forward banking experiences.

“We take pride in providing best-in-class solutions to our customers and are excited to partner with Marqeta on our journey. Integrating with Marqeta’s platform will allow us to create a personalized, feature-rich banking experience for our checking customers,” said Omer Ismail, global head of the Consumer business at Goldman Sachs.

COVID-19 has continued to increase the need for a customer-centric banking experience and the adoption of digital banking offerings. According to Marqeta’s research, over 50% of consumers say that the pandemic has led them to do their banking primarily online, with the same amount saying they would switch to a digital bank in the future, or have already moved online.

“We’re incredibly proud to work with Marcus by Goldman Sachs to help power this work, which we think is a true validation of the power of our technology. Our modern card issuing platform helps digital innovators build the sorts of customer experiences that can be industry game changers, and we’re looking forward to working alongside Marcus to bring a powerful new digital banking experience to life,” said Jason Gardner, Founder and CEO of Marqeta.

Founded in 2010, Marqeta brings speed and efficiency to card issuing and payment processing with its open API platform. Innovators powered by Marqeta include Square, Uber, Affirm, Instacart, and DoorDash. The company is established in the US, Canada, Europe, and Asia, and Australia.