With Evolve’s Unique Banking-as-a-Service Solutions, Marqeta Diversifies its Offering, Increasing Flexibility and Speed for Customers
Marqeta (NASDAQ: MQ), the global modern card issuing platform, today announced the addition of Evolve Bank & Trust as a new bank partner to offer additional solutions for customers that take advantage of Marqeta’s full program management capabilities. Evolve is a technology-focused bank that works with a diverse portfolio of fintech companies to provide a range of services, including a dedicated Open Banking division in which they offer innovative “Banking as a Service” (BaaS) payment and technology solutions.
As a bank partner for Marqeta’s platform in the U.S., Evolve will support the full range of Marqeta’s program management capabilities, including BIN management, on-demand fulfillment, compliance reporting and settlement services as a customer is guided through onboarding to launch a program in-market. Customers will benefit from Marqeta and Evolve’s expertise, enabling them to accelerate time to market and implement a card program using the latest in card issuing and processing technology through this partnership. The addition of Evolve into the stable of bank partners that Marqeta has deployed allows Marqeta to find the best match for a customer’s specific needs, to streamline operations, and to ultimately derive more value for each customer program.
“We strive to empower our customers’ ability to grow and diversify their businesses through innovative card programs on our platform, and by expanding our bank partnerships, we provide more flexibility and scalability for the future,” said Salman Syed, SVP and General Manager of North America, Marqeta. “Given our own focus on digital banking and money movement, Evolve’s dedication to powering fintechs makes them a strategically important partner for us and we’re looking forward to building customer programs together with Evolve.”
“As an experienced fintech sponsor bank, we seek partnerships that align with our values and support our mission of helping forward-thinking, disruptive companies expand their financial capabilities to accelerate their growth,” said Hank Word, President of the Open Banking division at Evolve. “We’re looking forward to a partnership with Marqeta, who closely aligns with this mission, to deliver cutting-edge innovation to card programs.”
Source: Company Press Release