Marqeta has agreed to acquire two-year-old fintech infrastructure startup Power Finance for $223 million in cash, marking the first acquisition in the publicly-traded company’s 13-year history. About one-third of the purchase price is payable over a two-year period subject to certain undisclosed conditions.

“Marqeta, a fintech company focused on payments services, is launching a suite of new banking products in a major push to deepen its relationships with customers which include Coinbase, Uber and DoorDash. The new “banking as a service” platform includes 40 new application programming interfaces, or APIs, that will be offered through Marqeta’s existing bank partners to provide customers with “demand deposit” accounts (such as checking accounts), early-pay capabilities and instant funding, along with other features.”

“Marqeta Inc. is expanding into banking products as the company looks to cash in on the wave of businesses that want to add financial-services offerings to their applications. The company is introducing demand-deposit accounts, which provide a traditional bank-account experience that’s tied to a debit card, along with the capacity for direct deposits and early access to pay. The company will also provide support for cash-loading and fee-free ATMs, bill payments and instant funding. It will further allow for automated clearing house (ACH) payments through a Plaid integration (subscription required).”

“Algbra, a sustainable and values-focused digital finance innovator dedicated to providing ethical money solutions and promoting financial wellbeing, has announced a partnership with Marqeta. Marqeta is the global modern card issuing and payments processing platform, that empowers its partners to create customised and innovative payment cards, giving them the ability to build more configurable and flexible payment experiences. Through this new partnership, Algbra will leverage Marqeta’s open API technology to enable payments via its ethical finance app. The Algbra app’s features include a carbon footprint calculator for purchases, the easy ability to offset that carbon, transparent fixed rate fees and spending round-ups for good causes. This is underpinned by the company’s commitment for 10% of its profits to be directed to community projects. The partnership reflects a growing demand in the financial sector for digital solutions capable of supporting ethical and environmental objectives.”

“Actively rising inflation rates and continued consumer uncertainty are denting Australian consumer confidence and raising awareness of credit and BNPL options, according to a new survey published today from Marqeta, the global modern card issuing platform. The company released its annual State of Credit report for 2022, which surveyed 4,000 consumers globally – including 1,000 in Australia – highlighting consumer sentiment around spending trends, alongside consumer credit experiences and preferences. In Marqeta’s 2022 State of Credit report almost one-third (31%) of Australian consumers surveyed said that they struggled more with making credit card payments in the last 12 months.”

Marqeta, the global modern card issuing platform, today released new data from a survey of European consumers on their attitudes to and experiences of lending. The findings – part of Marqeta’s new report “Seeking out the alternatives: how consumers are engaging with the lending 3.0 landscape” – show many consumers are frustrated with how outdated the lending industry is, saying it is a decade behind online banking. Consumers also want more clarity, with 75% of respondents saying they “switch off” when prospective lenders use industry jargon and 80% believing that lenders try to obscure the final cost of a loan. This lack of clarity is often compounded by consumer experiences of lending, with 55% saying it takes too long for money to come in once a loan has been accepted.

“Alviere, the leading global embedded finance platform that enables any brand to deliver a full suite of financial products and services to customers, fans, and employees, today announced a groundbreaking partnership with Marqeta, the global modern card issuing platform. With Alviere’s expansion across Europe, Marqeta will provide key services to enable the delivery of advanced financial services to customers across Europe and the United Kingdom. Alviere will be operating as an Electronic Money Institution and Principal Member Card Issuer across the region.”

“Marqeta Inc, the U.S. payment card issuing start-up whose investors include Goldman Sachs Group Inc, is seeking to hire investment banks to advise on a potential initial public offering (IPO), according to people familiar with the matter. Later this month, Marqeta is planning to interview investment banks that are seeking roles in its IPO, the sources said. The IPO could come later this year or in 2021, the sources said.”

“Australia is the first Asia-Pacific market that Marqeta has entered, following its announcement last October that it is certified to process payments in 10 countries across APAC in partnership with Visa. Marqeta’s first live Australian transactions took place in early January.”