Marqeta Announces New Customers Giftbit, Vivian and Whistle, Continuing Embedded Finance Momentum
August 24 2023 - 8:00AM
Business Wire
Giftbit, Vivian and Whistle showcase the power
of Marqeta’s platform for delivering new experiences and incentive
cards aimed at increasing customer loyalty and driving worker
retention.
Marqeta (NASDAQ: MQ), the global modern card issuing platform,
today announced new embedded finance customers Giftbit, Vivian and
Whistle, showcasing how Marqeta’s platform enables non-financial
services customers to integrate embedded banking and payment
solutions into their products. This allows Marqeta customers to
create seamless experiences that delight their users and result in
greater customer loyalty and worker retention. Marqeta has
continued to see momentum in embedded finance, with embedded
finance customers counting for over half Marqeta’s bookings in the
first half of 2023.
Embedded finance is also a key component in the $176B rewards
and incentives market. Fast and flexible disbursement solutions are
critical for companies looking to reward loyalty or payout for
research participation, or employers seeking a modern way to
incentivize their employees. Giftbit is an elegant platform for
enterprises and small businesses, as well as schools and
universities, to offer rewards and incentives to their employees
and customers. Giftbit leverages Marqeta's platform for faster,
more flexible, disbursement solutions to their growing
international customer base.
"Our customers value choice and flexibility, so modern prepaid
cards are critical for rewards and incentives," said Leif Baradoy,
CEO of Giftbit. "Using Marqeta's platform, Giftbit delivers a
simple and remarkable prepaid reward experience to our customers
and their recipients. We're pleased to partner with Marqeta because
of their expertise in payments and their innovative
technology."
Vivian Health is transforming how the healthcare industry hires.
As the leading healthcare jobs marketplace, Vivian empowers a broad
range of healthcare professionals to find jobs they love. The
Vivian VIP program offers participating clinicians first access to
new job openings. It also flags them to recruiters so clinicians
hear back sooner on opportunities, and recruiters fill jobs faster.
Now, with Marqeta, Vivian is providing cash rewards to travel
clinicians with VIP Elite status – those who find roles on their
platform. By leveraging Marqeta's cutting-edge technology, Vivian
can seamlessly issue disbursement cards, ensuring that these
rewards are easily accessible to their valued healthcare
professionals. Vivian believes that by recognizing their efforts
and providing tangible rewards, they can foster a sense of loyalty
and appreciation that extends far beyond the job search
journey.
"We deeply value the tireless efforts and unwavering commitment
of healthcare professionals who dedicate themselves to the
well-being of patients," expressed Parth Bhakta, CEO at Vivian. "In
recognition of their exceptional contributions, we are delighted to
introduce Vivian VIP Elite, a program designed to reward these
hard-working individuals who find employment opportunities through
our platform. Through our partnership with Marqeta, we are able to
extend our gratitude with cash rewards to travel clinicians who
achieve VIP Elite status," continued Bhakta. "This small token of
appreciation is our way of expressing our profound gratitude for
their dedication to helping patients and overcoming the challenges
they face in their noble profession."
Whistle is an employee loyalty platform helping companies
improve employee retention and productivity – in some cases by more
than 25% in a few months. At the heart of the Whistle platform is a
digital, rewards wallet powered by Marqeta. The reward and
incentive technology has proven so effective, Whistle launched
Whistle Rewards, a Reward-as-a-Service API that is among the
easiest ways for software platforms to integrate rewards and
incentives with any workflow. Technology companies from healthcare
to construction are leveraging this new capability.
“It's remarkably easy for our clients to send a reward, buy
lunch for a remote team, or give everyone a budget to make a
charitable contribution,” said Drew Carter, CEO of Whistle. “We are
changing how companies build culture, reward employees, and
motivate teams. Marqeta plays a critical role in making that
experience effortless.”
“Embedded finance enables companies to create a seamless
payments experience, helping them build loyalty among employees and
reduce friction with their customers,” said Todd Pollak, Chief
Revenue Officer, Marqeta. “In a highly competitive environment for
talent, embedded finance offerings can make a lasting impression on
potential workers and customers. Marqeta is thrilled to work with
dynamic companies like Giftbit, Vivian and Whistle to help them
develop innovative payments offerings with embedded finance,
resulting in greater loyalty and retention for their customers and
workforce.”
About Marqeta
Marqeta’s embedded finance and modern card issuing platform
empowers its customers to create customized and innovative payment
cards and embedded finance offerings. Marqeta’s platform,
powered by open APIs, gives its customers the ability to build more
configurable and flexible payment experiences, accelerating product
development and democratizing access to card issuing technology.
Its modern architecture provides instant access to highly scalable,
cloud-based payment infrastructure that enables customers to launch
and manage their own card programs, issue cards and authorize and
settle transactions. Marqeta is headquartered in Oakland,
California and is certified to operate in 40 countries globally.
For more information, visit www.marqeta.com, Twitter and
LinkedIn.
Forward-Looking Statements
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 in this press release include, but
are not limited to, quotations and statements relating to changing
consumer preferences; increasing consumer adoption of certain
digital payment methods, products, and solutions; which payment,
banking, and financial services products and solutions may succeed;
technological and market trends; Marqeta’s business; Marqeta’s
products and services; and statements made by Marqeta’s senior
leadership. Actual results may differ materially from the
expectations contained in these statements due to risks and
uncertainties, including, but not limited to, the following: any
factors creating issues with changes in domestic business, market,
financial, political and legal conditions; the effect of and
uncertainties related to the global COVID-19 pandemic on U.S. and
global economies and demand for Marqeta’s services and products;
the uncertainties and direct and indirect effects of the
significant military action against Ukraine launched by Russia,
including threats of attacks against U.S. financial institutions as
retaliation against financial institutions for sanctions imposed
against Russia; the risk that Marqeta is unable to further attract
and grow its customer base; the risk that consumers will not
perceive the benefits of Marqeta’s products and services, including
digital payment and banking products and services; the risk that
Marqeta's products and services do not operate as intended,
including digital payment and banking products and services; the
risk that Marqeta’s products and solutions will not achieve the
expected market acceptance, including digital payment and banking
products and services; and the risk that competition could reduce
expected demand for Marqeta’s products and services, including
digital payment and banking products and services. Detailed
information about these risks and other factors that could
potentially affect Marqeta’s business, financial condition and
results of operations are included in the “Risk Factors” disclosed
in Marqeta's Annual Report on Form 10-K for the year ended December
31, 2022 and subsequent Quarterly Reports on Form 10-Q, as such
risk factors may be updated from time to time in Marqeta’s periodic
filings with the SEC, available at www.sec.gov and Marqeta’s
website at http://investors.marqeta.com. The forward-looking
statements in this press release are based on information available
to Marqeta as of the date hereof. Marqeta disclaims any obligation
to update any forward-looking statements, except as required by
law.
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James Robinson 530-913-0844 jrobinson@marqeta.com
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