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Marqeta unveils credit card platform

Source: Marqeta

Marqeta (NASDAQ: MQ), the global modern card issuing platform enabling some of the world’s most innovative embedded finance solutions, today introduced its new credit card issuing platform, adding intuitive credit card program management tools and creating a one-stop shop for launching consumer and commercial credit programs.

With this launch, brands can create a new standard for credit cards that encourage greater customer loyalty with personalized rewards, completely owning the experience for their customers from end-to-end.

Marqeta’s expanded credit offering cements the platform as a complete solution for embedded finance, able to support any card type and any format, all from the same platform. It will allow customers to build credit card products that are innovative, personalized and designed to boost cardholder engagement, unburdening customers from the need to work with cumbersome legacy technology or patch together solutions across vendors.

“Brands wanted to reach customers on a laptop, and then their pocket, and now they have the opportunity to be in their wallet, as the credit card becomes a new launchpad of the digital experience. We believe this launch can help reimagine what a credit card can be, and show that beautifully designed, embedded credit cards can help innovative brands engage with customers in a whole new way,” said Simon Khalaf, CEO of Marqeta. “The possibility is huge, but the incumbent solutions are simply not giving consumers what they need. We want our credit card platform to completely change the consumer experience and the brand loyalty equation.”

How Marqeta customers will benefit from enhanced credit capabilities
Through Marqeta, customers won’t have to build credit cards with black box legacy infrastructure or from a patchwork of different solutions. Instead, through one single, modern tech stack that has been proven at scale, they can build out a credit product closely tailored to the needs of consumer and commercial cardholders and embed the experiences directly inside their existing web and mobile apps. Marqeta’s platform is targeted primarily at fintechs and non-financial services companies, offering them the following benefits:

• Own the full customer experience of your card:
• When a brand looks to launch a credit card today, current limitations
• force them to deliver cardholders to the banks website to access card information and limit their ability to engage with their customers on their own terms. Marqeta enables brands to own the entire experience by embedding a credit card into their own digital
• experience, allowing them to increase overall customer engagement with their product. According to Marqeta’s
• 2023
• State of Credit Report,
• 55% of consumers surveyed held the brand responsible for customer
• service of a co-branded card, showing that brands are taking risks in outsourcing card management to a third-party bank.

• Build a card that promotes customer loyalty through personalized rewards:
• Marqeta’s credit card platform allows customers to redefine how
• they build customer loyalty. Marqeta research showed that 44% of consumers surveyed felt that rewards are the main factor in deciding which credit card is top of wallet for them. The company’s next-generation personalized rewards engine will help its customers
• build reward programs that adapt to cardholder preference, or for commercial cards, help customers reinvest back in the business with customized rewards categories.

• Harness real-time data and flexible funding models to build cards that better meet cardholder
• needs: Through Marqeta, customers can tailor card products to
• closely match customer needs. They can access real-time data to gain cardholder insights and help them tailor their products, set spend controls that determine how a card can be used, and easily generate cards for new users that can be issued instantly. Customers
• building commercial card programs can choose from a range of flexible funding models for their cardholders, such as Net 30 Charge Cards, Receivables Purchase, and Revolving Credit, to allow them to take control of their business’ financial health and access
• capital more easily.

Enhanced credit card capabilities built upon a decade-plus long legacy of innovation
Marqeta’s enhanced credit features are a result of the completed integration with Power Finance, which Marqeta acquired in January 2023. With this offering, Marqeta has solidified a position as the first modern end-to-end card issuing and processing solution for commercial and consumer card programs. This continues Marqeta’s long track record of working to free up brands and companies from needing to build payment products on top of legacy financial solutions, and builds on a long history of innovation. Its modern card issuing platform was one of the first in the industry to be powered by open APIs, and it has led the industry with its Just-in-Time Funding functionality and instant card tokenization features. Marqeta has scaled its platform to support more than $160 billion in total payment volume in 2022 and is enabled in more than 40 countries.  

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