Card issuing platform Marqeta has forged a strategic partnership with fintech company Payfare to explore opportunities in the global gig economy.
Payfare offers digital banking and instant payout solutions for the gig economy. Firms such as Uber, Lyft and DoorDash subscribe to Payfare’s platform to offer instant payouts.
Marqeta will combine Payfare’s full-service digital banking apps and modern UI with its card issuing and payment processing capabilities.
Marqeta chief revenue officer Darren Mowry said: “It’s clear that the gig economy is here to stay and is driving both an evolution in the future of work and how people expect to get paid and want to access their earnings.
“Payfare’s impactful innovations delivering instant pay solutions have helped bring about a paradigm shift, with faster and flexible payments now considered table stakes to retain workers. We’re excited to partner together with Payfare to scale these solutions across the globe.”
Marqeta noted that its card-issuing platform has the certification to operate in 36 countries.
The strategic partnership follows Marqeta’s initial public offering last month, which valued it at $14.3bn.
Payfare CEO and founding partner Marco Margiotta said: “The use of on-demand services has skyrocketed since the start of 2020, and with the world reopening this is only picking up. In light of this, both Payfare and our clients are eyeing international growth opportunities.
“Working alongside a global leader like Marqeta, we are able to leverage their reach and modern card issuing capabilities to further Payfare’s mission to empower financial security for every gig worker.”