Marqeta Signs Five-Year Deal with Varo Bank to Become Exclusive Issuer Processor in the US
Through its mobile app, Varo’s innovative financial platform empowers customers, improves their financial health and helps them make real progress with their money. With Marqeta’s platform, Varo will also enable digital wallet tokenization with Apple and Google Wallets for its cardholders. Varo is the first bank to receive a de novo national bank charter as a consumer techbank in the
Marqeta’s 2024 State of Payments report found that consumers are open to switching their primary bank to a digital-only or non-traditional offering that’s a better fit for their lifestyle and habits – with 51% of US consumers surveyed citing they’ve already changed their primary bank—and an additional 18% of consumers currently considering changing. Additionally, 20% of US consumers surveyed were intrigued by a better mobile app experience in searching for a bank.
"We sought an issuer partner that complements our unique position as both a technology company and a regulated financial institution," said
“Marqeta is proud to announce this deal with
About
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards and embedded finance offerings. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides 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 transactions.
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 changing consumer preferences; increasing consumer adoption of certain digital payment methods, products, and solutions; which payment, banking, and financial services products and solutions may succeed; technological and market trends; Marqeta’s business and growth; Marqeta’s products and services; and statements made by Marqeta’s senior leadership. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: any factors creating issues with changes in domestic and international business, market, financial, political and legal conditions; and those risks and uncertainties included in the “Risk Factors” disclosed in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806420776/en/
Media:
530-913-0844
jrobinson@marqeta.com
Source: