Marqeta (NASDAQ: MQ) has announced a new partnership with First National Bank of Omaha (FNBO), on a next generation credit card programs.
Marqeta is a modern card issuing platform that works with Fintechs as well as traditional financial services firms. The company notes that the COVID health crisis has caused banks to issue 42 percent more credit cards to consumers in the first six months of 2021, compared to 2020.
Jerry J. O’Flanagan, Executive VP of Partner Customer Segment at FNBO, said that his bank is always looking for new technology:
“This partnership with Marqeta will allow us to continue to modernize our credit offering and meet demand for a more flexible, digitally-native experience. We’re proud to be on the leading edge of banking-as-a-service and look forward to expanding our offerings with Marqeta.”
The Marqeta and FNBO partnership is said to facilitate launching new credit cards quickly and seamlessly using Marqeta’s open APIs, and embed that card experience within their app ecosystem. Clients may instantly extend credit applications, decision and onboard accounts, create cards, and manage them all via the API.
“We’ve seen demand for credit products increase substantially in the past year as consumers get back to pre-pandemic levels of spending,” stated Vidya Peters, Chief Operating Officer, Marqeta. “Credit cards are top of wallet and Marqeta’s State of Credit survey found that people are looking for more innovation from their credit cards. By partnering with FNBO, we combine FNBO’s decades of deep experience in credit card programs with the flexibility and control of Marqeta’s modern card issuing platform. We are excited to see even more innovation in the credit industry as a result of this partnership.”
