This new development aims to establish a comprehensive solution for launching both consumer and commercial credit programmes, as it allows brands to set a fresh standard for credit cards by fostering increased customer loyalty through personalised rewards and taking full control of the customer experience.
Marqeta's expanded credit offering aims to solidify the platform as an all-encompassing solution for Embedded Finance, accommodating various card types and formats within the same platform. It gives customers the ability to create personalised credit card products designed to enhance cardholder engagement, all without the need to contend with outdated legacy technology or piece together solutions from various vendors.
In essence, customers can now bypass the intricacies of working with legacy infrastructure or disparate solutions, using a single, modern tech stack that has been proven at scale. They can develop credit products tailored to the specific needs of both consumer and commercial cardholders, integrating these experiences into their existing web and mobile applications.
Marqeta's enhanced credit features are a result of the integration with Power Finance, which was acquired by Marqeta in January 2023. With this offering, the company wants to position itself as the first modern end-to-end card issuing and processing solution for both commercial and consumer card programs. This initiative builds on Marqeta's previous endeavours, having introduced one of the industry's first open-API-powered card issuing platforms and innovative features like Just-in-Time Funding and instant card tokenization.
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