Fintech Marqeta pushes into banking for next growth phase

Marqeta, a fintech company focused on payments services, is launching a suite of new banking products in a major push to deepen its relationships with customers which include Coinbase, Uber and DoorDash.

The new « banking as a service » platform includes 40 new application programming interfaces, or APIs, that will be offered through Marqeta’s existing bank partners to provide customers with « demand deposit » accounts (such as checking accounts), early-pay capabilities and instant funding, along with other features.

The announcement comes at a critical juncture for the Oakland, California-based company, whose stock is down more than 50% since the beginning of this year, while executives search for a new chief executive to replace co-founder Jason Gardner, who announced in August he would step down.

“We have a strong vision over the next several decades that we believe customers will come to Marqeta to build these next generation products,” Gardner, who will stay on as executive chairman after the company appoints a new CEO, said in an interview.

Read more