Marqeta and Credi2 Team Up to Provide New Instalment Capabilities for Banks in Europe
November 22 2023 - 4:00AM
Business Wire
Credi2 and Marqeta’s partnership will create a
card-led instalment platform that enables issuers to more easily
offer flexible instalment plans for credit and debit cardholders in
Europe
Marqeta (NASDAQ: MQ), the global modern card issuing platform
enabling some of the world’s most innovative embedded finance
solutions, today announced a new partnership with Credi2 to provide
an end-to-end instalments platform designed for banks, helping them
deliver instalment payments on cards to meet growing consumer
demand for more flexible and seamless digital payments
experiences.
Consumer and merchant demand for Buy Now, Pay Later instalment
solutions continues to grow. According to Deloitte, the BNPL market
is forecast to become a €300 billion industry in Europe by 2025,
making up about 11% of the continent's ecommerce market. Marqeta’s
recent State of Credit report found that 38% of UK respondents have
used Buy Now, Pay Later (BNPL) services to make ends meet during
the last 12 months, increasing to 61% amongst 26-34 year olds,
showing broad appeal of flexible payment options.
“We’re proud to partner with Marqeta to offer more flexible
checkout options for cardholders in Europe, leveraging both of our
experiences working with some of the largest banking and BNPL
players in Europe,” said Christian C. Waldheim, Co-CEO, Credi2.
“Together with Marqeta, we’re enabling our customers to seamlessly
integrate instalment capabilities directly into their applications,
managing the heavy lifting of creating new payments offerings and
bringing them to market much faster than legacy solutions.”
Developed in partnership with Visa, Credi2’s platform for loan
originations, account management and servicing will integrate with
Marqeta’s modern card issuing platform to empower banks to build
flexible payment card programs that embrace digital trends and
seamlessly issue and process virtual cards. As a result of this
partnership, banks will be able to go to market more quickly with
an end-to-end instalments solution for their debit and credit card
cardholders, saving valuable time and resources.
“Launching new payments solutions is incredibly time consuming
and complex, not to mention the stakes are incredibly high when
dealing with stringent regulatory requirements and cross-border
payments,” said Todd Pollak, Chief Revenue Officer, Marqeta. “With
Marqeta and Credi2, our bank customers will be able to focus on
creating a delightful experience for their customers that gives
them greater flexibility, while we navigate the complexities on the
backend. We’re proud to work with an innovative partner like Credi2
to bring more banks to the forefront of innovation in BNPL.”
By integrating payments directly to the bank’s app, cardholders
will enjoy greater flexibility and be able to use instalment
payments both online and in-store. Cardholders will choose to pay
in instalments either before the purchase is made, or
post-purchase, with the cardholder splitting the payment directly
in their banking app. Additionally, the solution will incorporate
smart budgeting and responsible lending by linking to the existing
card limit for each cardholder.
“Consumers seek a highly personalised, intuitive, and seamless
payment experience that caters to their individual needs. The
combination of Marqeta’s modern capabilities with the existing
white-labelled instalment solution developed by Credi2 in
partnership with Visa, will empower financial institutions to meet
these changing needs of their customers through modern and flexible
propositions on cards,” said Federico Sanavio, Head of Credit
Products Solutions & Partnerships Europe, Visa. “All whilst
enabling an embedded finance ecosystem.”
About Marqeta (NASDAQ: MQ)
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 more than 40 countries
globally. For more information, visit www.marqeta.com, Twitter and
LinkedIn.
About credi2
credi2 is the EU specialist for embedded finance solutions in
the area of instalments, BNPL and subscriptions. Based on its
white-label platform, the Fintech enables banks to operate fully
digitalized financing solutions with a fast time to market.
Customers include, among others: Volkswagen Bank, Raiffeisen Bank
International and Apple Resellers. The Vienna-based scale-up was
founded in 2015.
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 and international
business, market, financial, political and legal conditions; the
effect of and uncertainties related to the U.S. and global
economies and demand for Marqeta’s services and products; the risk
of ongoing financial services and banking sector instability and
follow on effects to fintech companies, general economic conditions
in either domestic or international markets, including inflation
and recessionary fears, conditions resulting from geopolitical
uncertainty and instability or war, including the direct and
indirect effects of the significant military action against Ukraine
launched by Russia on U.S. and global economies, our business,
results of operations, and financial condition; 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, 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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version on businesswire.com: https://www.businesswire.com/news/home/20231122209257/en/
Media: James Robinson 530-913-0844 jrobinson@marqeta.com
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