Card issuing platform Marqeta is looking to innovation in a bid to woo fintechs and businesses to diversify its revenue streams. 

“The environment is changing for fintech,” Todd Pollak, chief revenue officer at Marqeta, told Bank Automation News. “That means our higher strategy is evolving to think about what capabilities do we need, what compliance and risk capabilities do we need.” 

To meet the changing demands of fintech, Marqeta is investing in its technology platform to provide an agile and scalable platform for its customers, Pollak said.  

Marqeta sees growth opportunities in banking-as-a-service as many businesses like Uber and Starbucks look to increase engagement by providing customers with financial products and loyalty reward points, Pollak said. 

Oakland, Calif.-based Marqeta recently signed the following deals: 

• Varo Bank, for card processing; 

• Visa, to develop Visa Flexible Credential solution, which allows consumers to have one card for all payment methods like debit cards, credit cards and buy now, pay later; 

• U.K.-based digital bank OakNorth, to be its primary commercial card issuer for business banking clients; 

• Business management service provider Zoho, to issue its card; and 

• Uber Eats, to issue cards in eight new areas including Canada, Australia, Mexico, Brazil, Colombia, Peru, Chile and Costa Rica. 

“Historically, people have said that it’s a very complex, difficult industry,” Pollak said. “Marqeta is truly trying to make it simple for brands to own that relationship, and if you are looking for ways to deepen your relationship with a consumer, there’s no better way to do it than to have a financial relationship with them.” 

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