US modern card issuer Marqeta signs first Europe deals
Modern card issuer Marqeta has secured its first four partnerships in Europe following its launch in-market in the region last October, reports Jane Connolly.
Marqeta originates from California
The California fintech has signed up digital banks Morning and YAPEAL – from France and Switzerland respectively – along with Spain’s point-of-sale lender Aplazame and Scandinavian mobile payments platform Auka.
Marqeta, which has created an advanced payments infrastructure and open-API platform defining a new standard for modern card issuing, sees the UK and Europe as a key market in its global expansion plans.
According to Marqeta’s research, Europeans are 2.5 times more likely to be already using a digital bank than someone in the United States.
Ian Johnson, head of European growth at Marqeta, says: “[The UK and Europe] has a thriving ecosystem of digital banks and fintech start-ups that have already had a lot of success in market. To be able to bring on customers of this calibre is true validation of the global possibilities around modern card issuing and of our early work in the market.”
Marqeta has been awarded a valuation of nearly $2 billion. The fintech views modern card issuing as a $40 trillion addressable opportunity.
