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Marqeta moves into credit card issuing and processing

Marqeta moves into credit card issuing and processing

On the heels of filing for an IPO, Marqeta has added credit cards to its open API issuing and processing platform.

Already a major player in the prepaid and debit card issuing market, Marqeta’s credit card platform completes its feature set.

The firm has partnered with digital-first credit card player Deserve for the launch, which will provide programme management services through its own feature-rich, open API platform.

Yesterday it emerged that Marqeta has filed confidentially with US regulators for a proposed IPO that could happen as early as April at a $10 billion valuation.

The move into credit cards opens another front into Marqeta's assault on a multi-trillion dollar card issuing market that is changing fast as new entrants disrupt the dominance of big banks.

Its platform allows companies of all sizes to authorise their own card transactions, fundamentally changing how they engage with issuing and processing.

Jason Gardner, CEO, Marqeta, says: "Expanding the Marqeta platform to service modern innovators building disruptive new credit products establishes us as a truly comprehensive modern card issuing platform."

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