According to Marqeta’s 2021 State of Credit report, 63% of consumers have relied on credit cards to make ends meet during the ongoing COVID-19 pandemic, yet consumer credit cards haven’t evolved to meet this new demand for credit products. Many legacy card issuing and co-brand partners haven’t been able to deliver customizable credit card experiences with tailored underwriting, unique rewards propositions, or seamless mobile experiences. This has resulted in consumers owning on average four separate cards, with some of them gathering dust in their wallet.
Thankfully, that gap has been filled. In February of this year, Marqeta announced our partnership with Deserve, a modern credit card as a service platform. Deserve’s digital card and credit program management expertise paired with Marqeta’s credit card issuing and processing platform provides an end-to-end, API-first platform for fintechs, brands, and financial institutions to launch next-generation credit cards in a matter of months, not years.
Through our partnership we hope to deliver what our customers need most — the ability to design and launch credit products that can meet the needs of their unique audience with the ability to create embedded, brand-centric experiences. And when user preferences and shopping habits change, customers can leverage our API-first platform to iterate and test new propositions to keep their top-of-wallet status.
Our first customer, M1 Finance, is a great example of how innovators are designing for unique use cases that delight their user base. M1 Finance’s rewards program allows cardholders to earn extra cash back rewards in companies that they already own shares in through M1. So while they shop, they earn cash back and contribute to the long-term growth of their investments.
You can learn more about our partnership in this video that highlights the modern, mobile credit card experiences Deserve and Marqeta are bringing to market. We will also be holding a webinar “Guide to building a modern credit card” on October 14th. You can register for the webinar here.