Marqeta announced today that it is expanding further into the banking world beyond card issuance. The California-based company unveiled a suite of seven banking products through what it’s calling Marqeta for Banking.
Marqeta for Banking offers the company’s businesses customers access to more than 40 banking APIs that enable them to create customized banking services. The capabilities are made available through Marqeta’s banking partners and include Demand Deposit Accounts, Direct Deposit with Early Pay, ACH with Plaid Integration, Cash Loads, Fee-Free ATMs, Bill Pay, and Instant Funding capabilities.
“Consumers increasingly expect their financial services to be digital-first and mobile friendly, delivered by a brand they trust,” said Marqeta Founder and CEO Jason Gardner. “This is especially true for a rising generation of consumers who are less likely to have visited a physical bank branch or use a plastic card, and will instead begin their banking relationship on a mobile phone, which is doubling as a payment tool. Marqeta for Banking is fully designed to help customers meet the needs of today’s changing behaviors while building products for tomorrow’s consumer.”
Marqeta for Banking includes:
- Demand Deposit Accounts are tied to a debit card and are offered by an FDIC-insured institution. These accounts offer higher spend limits and no maximum balances.
- Direct Deposit and Early Pay is an earned wage access tool that enables users to receive their paycheck up to two days early.
- ACH with Plaid integration enables ACH payments between bank accounts.
- Cash Loads allow end users to deposit cash into their account at more than 180,000 retail locations. The deposited funds are available immediately in the user’s account.
- Fee-Free ATMs enable Marqeta customers to provide access to fee-free ATMs via the Allpoint and MoneyPass networks.
- Bill Pay will enable end users to pay their bills from within the app.
- Instant Funding will enable end users to instantly fund their accounts using an external debit or prepaid card.
All but the last two products in the Marqeta for Banking suite are available in the U.S. The beta versions of Bill Pay and Instant Funding will launch early next year. A handful of customers are already leveraging elements of Marqeta for Banking, including Coinbase, Branch, and Fold.
Marqeta’s card issuing platform enables its clients to manage their own card programs by creating configurable and flexible payment tools as well as customizing payment cards for their end customers. The company was founded in 2010 and is a publicly traded company listed on the NASDAQ under the ticker MQ. Marqeta has a market capitalization of $4.14 billion.