Vanta rolls out new credit card offering via Marqeta’s card issuing platform

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Marqeta today announced that it is supporting Berlin FinTech Vanta for launching its next-generation credit card for startups. The FinTech has built its credit card offering using the Marqeta’s platform in three months, thus offering startups with a solution for obtaining credit.

“Startups have always been an underserved segment in Germany when it comes to obtaining credit cards – particularly those with sufficient credit limits for their needs – a task that has become even harder since the onset of COVID-19,” commented Ante Spittler, CEO at Vanta.

“Additionally, traditional providers typically fail to provide startups with intuitive software to suit their business needs, making it much more difficult to issue cards to employees and put in place individualised spending controls. Marqeta was the perfect partner to help us create a highly differentiated product and achieve speed to market. With a traditional payment processor, it would have taken significantly longer, but Marqeta’s API driven approach meant we were able to build the platform in three months.”

Marqeta stated that its instant card issuing capabilities would equip Vanta’s customers with access to physical and virtual cards for employees and departments. The customers will also be able to set spending controls and limits on individual cards, thus allowing for real-time control and transparency overspend.

Vanta is also utilising Marqeta’s powerful fraud detection capabilities, which work in real-time to make decisions about whether a transaction is fraudulent prior to authorisation, providing more security to customers and reducing risk and unnecessary investigation time.

“Not only has the Marqeta platform supported us in providing the flexibility to offer customers complete control over their spending; it has also given us the confidence that we can quickly create new features or launch new programmes with ease,” concludes Spittler. “In the future, we expect to incorporate more of Marqeta’s capabilities into our offering – such as the recently launched 3D Secure solution, which will further bolster our fraud mitigation capabilities. We also want to expand our offering to other segments of the market, such as SMEs and corporate customers.”

ALSO, READ: Payments & Cards Systems and Suppliers Report 2020 by IBS Intelligence