back Back

Marqeta introduces new credit card issuing platform

By Pavithra R

February 19, 2021

  • America
  • Marqeta
Share

Jason Gardner, Founder and CEO of Marqeta

Marqeta, the global payment processing and cash issuing platform provider, has announced its expansion into the consumer credit card market, supporting innovative businesses launching modern credit card programs. 

Being a leader in prepaid and debit card issuing, Marqeta’s credit card issuing platform completes its feature set, allowing it to power any card type through its modern card issuing platform. For this launch, the firm has partnered with U.S. based digital-first innovator Deserve, which will provide program management services through its feature-rich, open API platform.

The shift in consumer expectations in financial services is creating new opportunities for companies to reinvent the credit card experience, but given the current technological barriers to launching a new card, traditional banks currently dominate the credit scene. Marqeta’s API-driven credit card issuing platform will enable its customers to launch new, customized credit card products seamlessly with more flexible controls and features. 

“Expanding the Marqeta platform to service modern innovators building disruptive new credit products establishes us as a truly comprehensive modern card issuing platform. We’re excited to bring a decade of experience pushing the boundaries of what a card can do, toward helping our customers build truly modern credit card products. This past year has shown us that the future of digital payments is arriving faster than we could have anticipated, and the demand for seamless and intuitive experiences for any type of payment is not going to slow down,” said Jason Gardner, Founder and CEO of Marqeta.

Through the launch, companies will have a modern credit system of record that gets adjusted in real-time to account parameters such as APR, rewards, and credit lines based on custom rules. The platform provides access to an intuitive dashboard to configure credit products. Customers may instantly activate cardholders upon approval and provision cards directly into digital wallets.

“Today, any business that wants to launch a credit card usually faces high upfront investment, legacy technology, and little control over their end-user experience. With Marqeta’s APIs and our credit partners, like Deserve, customers can design a customized credit card program that reflects their brand experience and easily iterate with granular controls to impact credit offers, rewards, and other card features, allowing them to respond instantly to changing preferences of their user base,” said Marqeta Chief of Product, Kevin Doerr.

Marqeta, as part of its solution, will offer program management services, such as underwriting, risk management, and compliance through an ecosystem of partners, including Deserve.

“The credit market is dominated by legacy technologies, high cost of operations, and lack of customization and speed. Marqeta’s leading card-issuing platform paired with Deserve’s digital card expertise will enable further innovation in the credit industry and provide consumers with superior card experiences. We’re excited to launch this partnership and help bring this disruptive credit solution to market,” said Kalpesh Kapadia, Deserve Co-founder and CEO. 

Previous Article

February 19, 2021

Aviva launches new cash savings platform with Raisin UK

Read More
Next Article

February 19, 2021

Varo Bank announces $63mn strategic investment led by NBA MVP Russell Westbrook

Read More






IBSi Daily News Analysis

Data privacy

July 16, 2024

America

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Mangopay & ManoMano simplify payments for marketplace sellers

Read More

Today

Alawneh Exchange taps TerraPay to enhance cross border payments

Read More

Today

Jordan Kuwait Bank launches eliWallet with Mastercard and FOO

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024