Tymit selects Marqeta to power app-based credit card offering launch
By Megha Bhattacharya
UK-based credit card provider Tymit has selected Marqeta to propel the launch of its new app-based credit card offering for consumers. The partnership will allow Tymit to instantly issue virtual cards that allow users to opt-in for “buy now, pay later” instalments or access traditional credit on their mobile devices. Users will also be able to set personalised spending limits, thus giving users the choice and flexibility they need to manage spend in a way that suits their budget.
“The Marqeta platform has been fundamental in terms of supporting our vision to deliver a new type of credit card that puts consumers in control of their spending and borrowing. Not only has the technology given our developers the tools to create the product we envisaged, but the Marqeta team are experts in their fields and took an open-minded and helpful approach throughout the build, test and launch process.”
“The result is a credit card product that will change the way consumers borrow, bringing a sense of responsibility and fairness to the experience of using finance on a day-to-day basis,” Tymit founder Martin Magnone said.
Tymit stated that the new app will do away with minimum payments and give customers the ability to create bespoke repayment plans, with interest paid on purchases rather than across the entire balance.
Ian Johnson, Managing Director of Europe at Marqeta, said, “Tymit is proving that credit cards don’t have to follow a predetermined approach. With the right digital tools and innovative mindset, it’s possible to deliver an exciting new credit experience that helps consumers acquire the products and services they need whilst managing spending in a way that suits different budgets. This partnership is an exciting milestone for Marqeta in Europe, demonstrating yet again that our modern card issuing and payment processing platform has the resilience and flexibility to support a wide range of card programme propositions.”
Last year, Tymit secured £4 million in funding in a bid to develop an enhanced customer servicing platform along with an underwriting practice.
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