Marqeta (NASDAQ: MQ), the global modern card issuing platform, and Payfare (TSX: PAY), a Fintech firm focused on offering instant payout and digital banking services for contract professionals, have formed a new partnership in order to expand the reach of Payfare’s platform to the fast-evolving global gig economy.
Marqeta‘s card issuing platform has been certified to operate in 36 different countries with efforts to enter into new growth or emerging markets. Through this partnership, the firms will lay the foundation for their initiative to bring Payfare’s instant payout and virtual banking services to gig platforms.
The Marqeta-Payfare partnership will aim to combine Payfare‘s full-service virtual banking apps and user interface, which is relied upon by various on-demand platforms to support instant payouts, with Marqeta’s card issuing and payment processing capabilities, provided via its open-API platform. It comes at a good time as workers across the globe are looking into contract work which can offer faster payouts, greater flexibility and control (which usually comes with the gig economy).
Darren Mowry, Chief Revenue Officer at Marqeta, stated:
“It’s clear that the gig economy is here to stay and is driving both an evolution in the future of work and how people expect to get paid and want to access their earnings. Payfare’s impactful innovations delivering instant pay solutions have helped bring about a paradigm shift, with faster and flexible payments now considered table stakes to retain workers. We’re excited to partner together with Payfare to scale these solutions across the globe.”
Marco Margiotta, Payfare CEO and Founding Partner, remarked:
“The use of on-demand services has skyrocketed since the start of 2020, and with the world reopening this is only picking up. In light of this, both Payfare and our clients are eyeing international growth opportunities. Working alongside a global leader like Marqeta, we are able to leverage their reach and modern card issuing capabilities to further Payfare’s mission to empower financial security for every gig worker.”