Marqeta, a US-based open API card issuing and processing platform, has signed up its first three European customers.
The platform has been signed up by French digital bank Morning, Swiss digital bank Yapeal, and Spanish POS lender Aplazame.
Marqeta, which forayed into the European card issuance industry last October, offers an open-API platform with infrastructure required for businesses to issue payment cards. Its platform enables companies of all sizes to authorise their own card transactions.
The American fintech firm, which is backed by Goldman Sachs Group, has an office in London.
Morning CEO Frédéric Senan said: “Morning is currently issuing cards for our mobile banking application Morning Pay. Partnering with Marqeta would enable us to strengthen our real-time core banking platform in order to keep on providing cutting edge services for our B2C customers and for our B2B clients as well.”
YAPEAL co-founder Daniel Capraro said: “As we prepare YAPEAL for its launch in-market in mid-2019, we’ve taken an API-based, cloud native and technical focus to building a modern private account and card payment product. Marqeta fits perfectly into this strategy and mindset and keeps us legacy free.”
Concurrently, Marqeta also announced the launch of a new digital banking solution for fintech innovators in Europe.
The digital banking solution, according to the company, will enable fintech innovators develop, test and enhance new features in a developer sandbox.
Using the solution, fintech innovators can develop new platform that integrate with existing systems and software.
The digital banking solution supports instantly issued virtual cards and delivers advanced spend controls to engage users and grow card use, the company added.
Marqeta head of European growth Ian Johnson said: “We see the UK and Europe as a key market as we continue to expand our global footprint and the first step in a much larger international expansion.
“The UK and Europe have a thriving ecosystem of challenger banks and financial services startups that have already had a lot of success in the market. To be able to bring on customers of this caliber is true validation of the global possibilities of modern card issuing and our technology platform.”
Last month, reports emerged that Marqeta is in talks to raise $250m in a Series E funding round. If the deal materialises, it will bring the company’s valuation to about $1.9bn.