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Marqeta Adds Evolve Bank & Trust as Bank Partner to Expand Program Management Capabilities
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Marqeta (NASDAQ: MQ) has partnered with Evolve Bank & Trust to enhance its offerings in Banking-as-a-Service (BaaS). This collaboration allows Marqeta to provide a wider range of program management capabilities, including BIN management and compliance reporting. Evolve's technology focus aligns well with Marqeta's mission of supporting fintech innovation. The partnership aims to accelerate customer onboarding and streamline operations, ultimately enhancing service quality and flexibility for Marqeta's clients.
Positive
Partnership with Evolve Bank & Trust to enhance program management capabilities.
Increased flexibility and scalability for customers through the partnership.
Accelerated time to market for card programs using cutting-edge technology.
Negative
None.
With Evolve’s Unique Banking-as-a-Service Solutions, Marqeta Diversifies its Offering, Increasing Flexibility and Speed for Customers
OAKLAND, Calif.--(BUSINESS WIRE)--
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."
About Marqeta (NASDAQ: MQ)
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s modern architecture gives its customers the ability to build more configurable and flexible payment experiences, accelerating time-to-market and democratizing access to card issuing technology. Marqeta's open APIs provide 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 payment transactions. Marqeta is headquartered in Oakland, California and is certified to operate in 39 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.
About Evolve Bank & Trust
Evolve Bank & Trust, a technology focused financial services organization and Banking-as-a-Service (“BaaS”) provider, is a best in class financial institution offering specialized services in Open Banking, Personal and Business Banking, Mortgage, SBA Lending, Physicians Capital, Community Funding and Trust. Evolve is recognized as a global leader in the payments industry delivering ACH, Debit/Credit Sponsorship, Card Issuance and unique technology strategies to clients around the world. Evolve has been voted a Top Workplace USA and has been named in Inc. Magazine’s 5000 List of the fastest-growing private companies.
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 the relationship and partnership between Marqeta and Evolve; the benefits to customers from Marqeta and Evolve’s partnership and offering; and capabilities and adoption of Marqeta’s and Evolve’s offering. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: the uncertainty and unpredictability of customer preferences regarding program management offerings; the effect of and uncertainties related to the global COVID-19 pandemic on U.S. and global economies and demand for Marqeta’s and Evolve’s services and products; the uncertainties and direct and indirect effects of the significant military action against Ukraine launched by Russia, including threats of attacks against U.S. financial institutions as retaliation against financial institutions for sanctions imposed against Russia; the risk that Marqeta and Evolve are unable to further attract and grow their customer base; the risk that consumers will not perceive the benefits of Marqeta’s and Evolve’s products and services; the risk that Marqeta's and Evolve’s products and services do not operate as intended; the risk that Marqeta’s and Evolve’s products and solutions will not achieve the expected market acceptance; and the risk that competition could reduce expected demand for Marqeta’s and Evolve’s 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 Quarterly Report on Form 10-Q for the quarterly period ended March 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.
