Marqeta (NASDAQ: MQ), the global modern card issuing platform, and Payfare (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for contract workers, today announced a strategic partnership to expand the reach of Payfare's platform across the global gig economy.
Marqeta's modern card issuing platform is certified to operate in 36 countries with focused efforts to quickly enter into new growth markets. This partnership lays the foundation for Payfare and Marqeta's powerful collaboration to bring Payfare's instant payout and digital banking solutions to gig platforms and their workforces worldwide.
The Marqeta-Payfare partnership will combine Payfare's full-service digital banking apps and modern UI, relied upon by some of the largest on-demand platforms in the world to power instant payouts, with Marqeta's card issuing and payment processing capabilities, offered through its modern, open-API platform. It comes at an opportune time as workers around the world are considering contract work in increasing numbers, attracted by the faster pay, flexibility and control that comes with the gig economy.
"It's clear that the gig economy is here to stay and is driving both an evolution in the future of work and how people expect to get paid and want to access their earnings," said Darren Mowry, Chief Revenue Officer at Marqeta. "Payfare's impactful innovations delivering instant pay solutions have helped bring about a paradigm shift, with faster and flexible payments now considered table stakes to retain workers. We're excited to partner together with Payfare to scale these solutions across the globe."
"The use of on-demand services has skyrocketed since the start of 2020, and with the world reopening this is only picking up. In light of this, both Payfare and our clients are eyeing international growth opportunities," said Marco Margiotta, Payfare CEO and Founding Partner. "Working alongside a global leader like Marqeta, we are able to leverage their reach and modern card issuing capabilities to further Payfare's mission to empower financial security for every gig worker."