Swipe partners with Marqeta and launches LendFi

By Pavithra R

Swipe, a multi-asset digital wallet and Visa debit card platform designed to let users buy, sell and spend their cryptocurrencies has announced partnering with Marqeta to launch the LendFi Visa Card which is connected to Swipe Issuing and Marqeta for near-instant access to lending balances borrowers make on the LendFi App.

LendFi is a decentralized lending platform which is digitally connected with the borrower on their mobile device at all times. Its blockchain-based lending system approves a loan for a user, disburse it to their account and make it available to be spent almost near-instantly. The platform uses decentralized finance (DeFi) protocols to give borrowers access to instant liquidity to over-collateralized loans while being in complete control of the borrowing process.

“We are excited to work with the innovators over at Marqeta who help power our LendFi Visa Card. Borrowers will get access to an instant Visa card upon successful verification that immediately gives real-time access to their loan balances,” said Swipe CEO, Joselito Lizarondo.

LendFi Visa Cards are available for borrowers to begin using their balances in the United States by downloading the LendFi App, signing up, and completing their identity verification. The company has plans to issue users an instant Virtual Visa card that can be be tokenized on Apple and Google Pay for free. Cardholders can earn up to 4% cashback on all purchases.

“Being able to issue a loan directly on to a card, further extends our innovations to help remake the lender-borrower relationship, allowing borrowers to access funds almost instantly and giving the lender real-time insight into how the funds are used. We’re excited at Marqeta to power LendFi and see the next generation of lending come to life,” said Marqeta VP, Business Development, Salman Syed.

Recently, Marqeta unveiled Tokenization-as-a-Service Product.

LendFi is a real-time lending platform that enables borrowers to get near-instant access to their loans with the LendFi Visa Card. It is a Swipe Wallet product that is offered in the United States to give borrowers the ability to get loans directly from a mobile application and then issue a Virtual Card to get access to the loan while they wait for physical cards to arrive.