Marqeta (NASDAQ: MQ), a credit card management service, has updated is platform with new tools and a “one-stop shop” for launching credit programs.
Marqeta said that the new offerings provide a complete solution for embedded finance, and it is able to support any type of card and any format.
Simon Khalaf, CEO of Marqeta, said that clients want to reach customers on their laptops and mobile phones as a card becomes the “new launchpad” of the digital experience. Khalaf said the launch will “re-imagine” what a credit card can be, and the incumbent solutions are not providing what consumers need.
Marqeta referenced its 2023 State of Credit Report that claimed 55% of consumers surveyed held the brand responsible for customer service of a co-branded card, showing that brands are taking risks in outsourcing card management to a third-party bank. By incorporating features such as personalized rewards, issuers can boost customer loyalty by catering to individual needs.
Marqeta’s new personalized rewards engine aims to help its customers build reward programs that adapt to cardholder preferences.
Marqeta said its enhanced credit features are a result of the integration with Power Finance, which Marqeta acquired in January 2023.