Goldman Sachs and Visa-backed American payments startup Marqeta has partnered with the UK-based credit card provider Tymit to power new credit card offering.
The mobile app-based platform Tymit intends to become a “fairer” credit card that offers buy now, pay later (BNPL) instalments or a traditional credit card to its users as per their choice.
Tymit allows users to pay interest on the purchases, rather than on the balances.
It does not require customers to pay the minimum amount due and offers various repayment plans.
Tymit founder Martin Magnone said: “The Marqeta platform has been fundamental in terms of supporting our vision to deliver a new type of credit card that puts consumers in control of their spending and borrowing.
“Not only has the technology given our developers the tools to create the product we envisaged, but the Marqeta team are experts in their fields and took an open-minded and helpful approach throughout the build, test, and launch process.
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By GlobalData“The result is a credit card product that will change the way consumers borrow, bringing a sense of responsibility and fairness to the experience of using finance on a day-to-day basis.”
The open API platform of Marqeta supports Tymit’s processing function to allow instant issuance of virtual cards and dynamic spending limits.
Marqeta supports UK-based digital lenders for SMEs, including Capital on Tap and Czech payments app Twisto.
By partnering with Tymit, Marqeta will further boost its presence in the credit market.
Marqeta Europe MD Ian Johnson said: “Tymit is proving that credit cards do not have to follow a predetermined approach.
“This partnership is an exciting milestone for Marqeta in Europe, demonstrating yet again that our modern card issuing and payment processing platform has the resilience and flexibility to support a wide range of card programme propositions.”
Earlier this month, Goldman Sachs picked Marqeta to power digital checking accounts for its digital bank Marcus.
