View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
  2. Company news
February 19, 2021

Marqeta enters the consumer credit card space

US-based card issuing platform provider Marqeta has branched out into the consumer credit card market, soon after filing for an IPO.

The addition of credit card to its platform completes the feature set of Marqeta, which is already a key player in prepaid and debit card issuing.

The firm’s API-driven credit card issuing platform is said to help customers roll out personalised credit card products quickly and is said to incorporate more flexible controls.

It will help companies have a modern credit system of record to adjust account parameters including rewards, APR and credit lines in real-time depending on custom rules.

Customers can activate newly approved cardholders instantly and provision cards directly into the cardholder’s digital wallet.

Marqeta chief of product Kevin Doerr said: “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 customised credit card programme 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.”

Marqeta will offer underwriting, compliance, and risk management, through various partners. Its first alliance is with digital-first innovator Deserve, which will offer program management services via its open API platform.

Deserve co-founder and CEO Kalpesh Kapadia said: “The credit market is dominated by legacy technologies, high cost of operations, and lack of customisation 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.”

Earlier this week, a report said that Marqeta has reportedly filed confidentially with the US Securities and Exchange Commission (SEC) for an IPO.

Plans are on to complete the IPO by April, according to the report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International