Marqeta, a leading debit and credit card issuing platform, is entering a partnership with a London-based credit card provider. The alliance aims to spearhead a new generation of borrowing and provide a greater degree of control to consumers worldwide regarding credit card repayment plans.
EU Fintech Partnership Gives Consumers Greater Control with Credit Card Repayments
Marqeta is teaming with Tymit to offer credit cards that allow consumers to choose between traditional credit card purchases or buy now, pay later installments. The partnership combines Marqeta’s API and Tymit‘s mobile platform.
Tymit is an app-based London startup that offers unique repayment plans for cardholders. It does away with minimum payments and provides customers the option to create bespoke repayment plans, with interest paid on specific purchases rather than across the entire card balance.
Marqeta is a U.S.-based fintech firm with its headquarters in Oakland, California. The company, which offers open API platforms, provides instantly issued virtual credit cards and dynamic and fully customizable spending limits.
Tymit and Marqeta Looking Forward to the Future
The new partnership is a significant step for the growth of Marqeta – especially in the European payments and credit card marketplace. Ian Johnson, Marqeta’s managing director for Europe, hailed the new joint venture in a press release announcing the news.
“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 program propositions,” he said in a statement.
Tymit founder Martin Magnone further echoed the excitement of the new partnership:
“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. 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.”