Marqeta (NASDAQ: MQ), the global modern card issuance platform, today announced a major expansion of its credit platform with a new, intuitive dashboard and over 40 new credit APIs that enable customers to design, test and launch differentiated credit card experiences. Marqeta’s lending platform offers customers more flexibility and control than traditional lending solutions, while in addition to these new capabilities, customers also have the option to leverage First National Bank of Omaha’s (FNBO) leading program management and banking capabilities.
Demand for credit cards has continued to grow as consumer spending habits that have evolved during the pandemic have become increasingly entrenched, but the technology behind credit cards has largely not kept pace. More than a quarter of US consumers applied for a new credit card in the 12 months leading up to October 2021 — up from 15.7% in October 2020, according to data from the New York Fed.1 The increased demand for credit cards is creating more opportunities for businesses to differentiate themselves from the competition and offer enticing rewards to meet unique consumer needs, retain existing customer bases and attract new ones.
“Initialization of credit card programs has historically been time-consuming and inflexible, particularly for large banks, requiring months of manual configuration before development could even begin. And once cards were in market, it was often extremely difficult to make changes to rewards or customer experience once development was complete,” said Randy Kern, chief technology officer, Marqeta. “We’ve brought the power of modern card issuance to the credit card market to bring much-needed innovation and give our customers more agility to respond to rapidly changing consumer demands. With these new features offered by FNBO, our customers have a much more intuitive experience and can leverage APIs to design compelling card programs with personalized rewards, digital-first experiences, and fast onboarding. Additionally, as consumer preferences change, these card programs can be seamlessly updated to meet new user expectations.”
With these new credit capabilities, fintechs, brands and banks can integrate directly with Marqeta’s APIs and leverage Marqeta’s dashboard and workflows to design and embed a native credit card experience. Key features include:
- Intuitive dashboard experience: A breakthrough “no-code” workflow will allow customers to configure key parameters of their card such as APRs, rewards and fees with built-in approval and compliance checks, allowing businesses to launch cards faster and with more control than legacy cards Solutions.
- Flexible Rewards Engine: Marqeta’s rewards tools allow clients to expand beyond the traditional cash back rewards common in the market today. Customers can earn rewards based on merchant category spending and various cardholder behaviors such as: B. On-time payments, combine and adapt. This allows them to implement new reward options in real-time, creating more opportunities for higher spending. For example, customers can reward users by investing in a crypto or investment account on their own platform, or make a timely payment to encourage healthy financial habits.
- Streamlined Authorization with Gateway Just-in-Time (JIT) Financing: Marqeta’s lending platform is also now equipped with its industry-leading Gateway JIT capability, allowing companies to participate in the authorization of lending transactions. This will unlock unique spend use cases such as: For example, declining recurring subscription spend, converting purchases into installment credit, or extending additional credit beyond a user’s current credit limit.
- Instant decision: Customers can now give their users an instant credit decision via Marqeta’s API connection to FNBO’s decision engine.
“FNBO has been a pioneer in the credit card landscape for decades, and by partnering with Marqeta, we continue to modernize our offering to reach new markets and support new brands that are at the forefront of financial services innovation,” said Marc Butterfield, SVP, Innovation & disruption for FNBO. “We are proud to partner with Marqeta to offer customizable and flexible credit card products that can set a new standard for what a credit card can be, and look forward to unlocking even more potential with our industry-leading program management capabilities in partnership with Marqeta. ”
Learn more about Marqeta’s credit card issuance platform here
About Marqeta (NASDAQ:MQ)
Marqeta’s modern card issuance platform enables its customers to create customized and innovative payment cards. Marqeta’s modern architecture empowers its customers to build more configurable and flexible payment experiences, reduce time to market and democratize access to card issuance technology. Marqeta’s open APIs provide instant access to a highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards, and authorize and process payment transactions. Headquartered in Oakland, California, Marqeta is certified to operate in 39 countries worldwide. For more information, visit +www.marqeta.com, +Twitter and +LinkedIn.
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied by this press release include, but are not limited to: offerings and statements relating to capabilities and acceptance of the credit card products and services of Maqeta, its customers and partners, Marqeta’s relationship with FNBO and the business prospects for Marqeta, its customers and its partners. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including but not limited to the following: risks to the continued partnership between Marqeta and FNBO, as the case may be; the risk that Marqeta may be unable to continue attracting and retaining its customer bases; the risk that consumers will not take advantage of Marqeta’s products and services; the risk that Marqeta ce’s products and services may not perform as intended; the risk that Marqeta’s products and solutions may not achieve anticipated market acceptance; the risk that competition may reduce anticipated demand for Marqeta’s products and services; the impact of uncertainties related to the global COVID-19 pandemic on the US and global economy and demand for Marqeta’s products and services; and the uncertainties and direct and indirect implications of Russia’s significant military action against Ukraine, including threats of attacks on US financial institutions in retaliation against financial institutions for sanctions imposed on Russia. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition and results of operations are included in “Risk Factors” included in Marqeta’s quarterly report on Form 10-Q dated March 31, 2022 For the quarter ended as indicated, such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, which are available at www.sec.gov and on Marqeta’s website at http%3A%2F%2Finvestors.marqeta.com. The forward-looking statements in this press release are based on information available to Marqeta as of the date of this release. Marqeta disclaims any obligation to update any forward-looking statement, except as required by law.
First National Bank of Omaha (FNBO) is a leader in credit card partnerships with partners in a variety of industries including retail, travel, entertainment, automotive, oil, nonprofits and more. For over 60 years, FNBO has specialized in providing comprehensive credit card programs with personalized service to help its customers achieve their goals. Visit card.fnbo.com for more information about FNBO or bendbyfnbo.com to learn more about FNBO’s new credit card-as-a-service efforts.
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