FinTech startup Marqeta has been tapped by Goldman Sachs to power digital checking accounts for Marcus.
Marqeta said that Goldman Sachs “will leverage our modern card issuing platform” to introduce digital checking accounts to Marcus customers, according to a Marqeta blog post on Thursday (Jan. 14).
The addition of digital checking expands the Marcus consumer portfolio of digital-first banking initiatives, which include high-yield savings, certificates of deposit, personal loans and other services.
“Marcus will take advantage of our platform’s open APIs and webhooks, as well as our first-rate developer experience, built to help power future-forward banking experiences,” the blog post indicated.
Silicon Valley’s Marqeta is a card-issuing platform that offers infrastructure and tools for building and operating payment solutions. The company was founded in 2010 by Jason Gardner, who serves as chief executive officer, and aims to disrupt the payments ecosystem while also supporting the “digital builders of the world to build industry game-changers.”
The new digital checking accounts are expected to be introduced to customers later in 2021.
“We take pride in providing best-in-class solutions to our customers and are excited to partner with Marqeta on our journey,” Omer Ismail, global head of consumer business at Goldman Sachs, said in the post.
“Integrating with Marqeta’s platform will allow us to create a personalized, feature-rich banking experience for our checking customers,” he added.
Marqeta is planning to file for an initial public offering (IPO) this year on a possible valuation of about $10 billion. The firm recently partnered with buy now, pay later (BNPL) firm Afterpay, following a global collaboration with Mastercard. Mastercard is helping Marqeta accelerate its international expansion.
Marqeta also teamed with Uber in November to power its global cards and payments infrastructure. Uber plans to use Marqeta’s technology in several product sectors and global markets.
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