Payfare partners with Marqeta to bring instant payout and digital banking solution to the gig economy
By Pavithra R
Marqeta, the global payment processing and cash issuing platform provider has announced entering into a strategic partnership with Payfare, a leading financial technology company powering instant payout and digital banking solutions for contract workers, to expand the reach of Payfare’s platform across the global gig economy.
Founded in 2010, Marqeta brings speed and efficiency to card issuing and payment processing with its open API platform. Its modern card issuing platform is certified to operate in 36 countries with focused efforts to quickly enter into new growth markets. The alliance lays the foundation for Payfare and Marqeta’s collaboration to bring Payfare’s instant payout and digital banking solutions to gig platforms and their workforces worldwide.
“It’s clear that the gig economy is here to stay and is driving both an evolution in the future of work and how people expect to get paid and want to access their earnings. Payfare’s impactful innovations delivering instant pay solutions have helped bring about a paradigm shift, with faster and flexible payments now considered table stakes to retain workers. We’re excited to partner together with Payfare to scale these solutions across the globe,” said Darren Mowry, Chief Revenue Officer at Marqeta.
The Marqeta-Payfare alliance will combine Payfare’s full-service digital banking apps and modern UI, with Marqeta’s card issuing and payment processing capabilities, offered through its modern, open-API platform. The partnership accelerates the expansion of Payfare’s platform across North America, Europe, Asia Pacific and beyond.
“The use of on-demand services has skyrocketed since the start of 2020, and with the world reopening this is only picking up. In light of this, both Payfare and our clients are eyeing international growth opportunities. Working alongside a global leader like Marqeta, we are able to leverage their reach and modern card issuing capabilities to further Payfare’s mission to empower financial security for every gig worker,” said Marco Margiotta, Payfare CEO and Founding Partner.
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