Marqeta announces major enhancements to its credit platform

We’re excited to announce that we’ve released new capabilities to our credit platform, including a new, intuitive experience within the Marqeta Dashboard and over 40 new credit APIs that enable customers to design, test and launch differentiated card experiences. Our credit platform provides customers with greater flexibility and control than legacy credit solutions, with customers also having the option to leverage our partner FNBO’s leading program management and banking capabilities alongside these new features.

Although demand for credit cards continues to grow, the technology behind the credit cards many of us use each day hasn’t evolved to keep up with consumer spending habits. Businesses have more opportunities to set themselves apart from the competition and offer enticing rewards and digital experiences to meet unique consumer needs, maintaining existing customer bases and attracting new ones.

With these new credit capabilities, fintechs, brands and banks can integrate directly to our APIs and leverage dashboard workflows to design and embed a native credit card experience. Key features include:

• Intuitive dashboard experience: A first-of-its-kind ‘no code’ workflow will enable customers to configure key parameters of their card such as APRs, rewards, and fees, with built-in approval and compliance checks, allowing businesses to launch cards more quickly and with more control than with legacy solutions.

• Flexible rewards engine: Marqeta’s rewards tools allow customers to expand beyond the traditional cash back rewards that are common in the market today. Customers can mix and match rewards based on merchant category spend and various cardholder behaviors, like on-time payments. This allows them to implement new rewards options in real-time, creating more opportunities for increased spend. For example, customers can reward users by investing in crypto or investing account on their own platform or for making an on-time payment to encourage healthy financial habits.

• Streamlined authorization with gateway Just-in-Time (JIT) funding: Marqeta’s credit platform also now comes with its industry-leading gateway JIT feature, allowing businesses to participate in the authorization of credit transactions. This unlocks unique spend use cases such as declining recurring subscription spend, converting purchases to installment loans, or extending additional credit beyond a user’s current credit limit.

• Instant decisioning: Customers can now provide their users an instant credit decision via Marqeta’s API connection to FNBO’s decisioning engine.

“FNBO has been a pioneer in the credit card landscape for decades, and by partnering with Marqeta, we continue to modernize our offering to go after new markets and support new brands that are on the forefront of financial services innovation,” said Marc Butterfield, Sr. Vice President, Innovation & Disruption for First National Bank of Omaha. “We’re proud to work with Marqeta to help bring customizable and flexible credit card products that can set a new standard for what a credit card can be, and look forward to unlocking even more potential with our industry-leading program management capabilities through continued partnership with Marqeta.”

With these new capabilities, our customers will have a more intuitive experience and can leverage flexible APIs to design card programs with personalized rewards, digital-first experiences, and faster onboarding. This is another step towards modernizing payment experiences and we’re grateful for the partners we’ve had to support our efforts along the way.

Learn more about Marqeta’s credit card issuing platform here.