Marqeta Expands Credit Program with New APIs and More

A FinTech that specializes in creating credit card experiences is rolling out some new features. This week, Marqeta announced what it calls a “significant expansion” of its credit platform. This includes more than 40 new credit APIs that will further help clients craft and launch their own credit card products. Additionally, the company notes an updated intuitive dashboard. Using this platform, businesses can create unique card options that can not only help them stand apart from the competition but also engage customers with unique and rewarding card solutions. Additionally, customers have the option of utilizing First National Bank of Omaha’s (FNBO) banking capabilities and provide users with instant credit decision using FNBO’s engine.

As Marqeta notes, credit card demand has grown and evolved since the pandemic began. Between October 2020 and October 2021, 25% of consumers in the United States applied for a new credit card. That’s up 15.7% from a year prior.

Speaking to the idea behind Marqeta, the company’s Chief Technology Officer Randy Kern said in a statement, “Launching credit card programs has historically been time-consuming and inflexible, especially for large banks, requiring months of manual configuration before development could even begin. And once cards were in the market, it was often extremely difficult to make any changes to rewards or the customer experience once development was complete. We’ve brought the power of modern card issuing to the credit card market to bring much needed innovation and give our customers increased agility to respond to rapidly changing consumer demands.”

Kern went on to say, “With these new features offered with 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. In addition, when consumer preferences change, these card programs can be seamlessly updated to meet users’ new expectations.”

On that note, commenting on FNBO’s partnership with Marqeta, the bank’s SVP of Innovation & Disruption Marc Butterfield stated,”FNBO has been a pioneer in the credit card landscape for decades, and by partnering with Marqeta, we continue to modernize our offering to go after new markets and support new brands that are on the forefront of financial services innovation. We’re proud to work with Marqeta to help bring 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 through continued partnership with Marqeta.”

Marqeta’s expansion comes as the “custom credit card” space continues to grow. For example, Cardless has recently diversified its niche by unveiling a co-branded card with LATAM Airlines. Elsewhere, Concerto not only recently raised $21 million in early-stage funding but also announced it was partnering with PayPal for that company’s new small business card. Nevertheless, the demand for these products remains strong, seemingly putting Marqeta in a good position to keep on rising.

Leave a Reply

Your email address will not be published.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

July Report: U.S. Economy Regains Jobs Lost During Pandemic

In March of 2020, following a month that saw unemployment fall to 3.5%, the United States economy shed 459,000 jobs. This was followed up by a massive 20.5 million job loss in April, bringing unemployment to 14.7%. Now, 27 months later, the U.S. has returned to that February 2020 high. According to the latest Bureau of Labor Statistics report, the economy added 528,000 jobs in July. This was more than...

American Express Global Pay for Small Businesses Launches

A new offering from American Express is aiming to make international business-to-business payments easier for owners. This week, the company announced the launch of Global Pay. Using this digital platform, U.S. small businesses can make secure B2B payments to suppliers in more than 40 countries. With the mobile-friendly service, businesses will be able to see exchange rates at the time that they create payments and will be able to view...

Truebill App Rebrands to Rocket Money

In recent years, one of the most talked about personal finance apps has been Truebill. Founded in 2015, the platform has since helped users save a reported $250 million — including $150 million this year. Now, Truebill is changing its name and will continue on as Rocket Money. This name change comes following Rocket Companies' acuqision of Truebill in December 2021. The purchase cost Rocket $1.275 billion in cash. When the...