Today we announced we’ve expanded our partnership with Lydia Solutions to power the new digital banking application Sumeria. Sumeria has unveiled new digital banking capabilities including a remunerated current account, and plans to expand quickly throughout Europe, thanks to the scale and global reach of Marqeta’s card processing platform.
We began partnering with Lydia Solutions in 2019 to power its peer-to-peer payments app, and have helped it scale to serve 8 million users throughout France, Belgium, Spain and Portugal. Sumeria aims to simplify banking with its easily accessible app designed to mimic the ease of use and intuitiveness of beloved consumer brands. Our platform enables these dynamic capabilities, ensuring security and compliance while issuing tokenized, virtual and physical cards for Sumeria customers that provide detailed, real-time views into their accounts and transactions.
Sumeria will offer an online account with 4% interest on cash balances for the first three months, and also incorporates stock trading, savings accounts and loans. Sumeria plans to invest over €100 million into the business and hire 400 people over the next three years. Sumeria plans to enable users in different European countries to keep the same bank account if they move to another country they support, instead of opening a new local bank account in each country. Eurostat estimates that on average, over 1.5 million citizens migrate from one EU member country to another on an annual basis. Sumeria will help these citizens simplify their moves.
“Even though many traditional banks now have digital offerings, they’re still not the personalized, digital-first experiences that people are seeking from their banking partners,” said Cyril Ciche, CEO at Lydia. “Marqeta has enabled us to challenge the norms of traditional banking and payments and create more flexible and streamlined experiences for our cardholders. We needed a partner that could help us scale and launch in new countries to help meet our ambitious goals for Sumeria – Marqeta has been a tremendous partner in our journey so far, and we’re excited to continue our work together in this new endeavor.”
Learn about Marqeta’s European solutions here: https://www.marqeta.com/uk
