Top Fintech Marqeta has partnered up with digital bank Marcus to offer digital checking accounts expected to be available to users later this year.
Marcus is the retail digital bank created by Goldman Sachs (NYSE:GS). Initially launched as an online lending platform, Marcus has emerged as a competitive digital bank, operating in the UK and the US, unhindered by legacy tech and the stale culture of certain incumbent banks.
Marqeta is one of the most successful Fintechs most people have never heard of. The company’s tech stack does the heavy lifting in the background for a bevy of payments and credit card providers.
According to Marqeta, the Marcus checking product with be “another cornerstone” in its digital-first platform.
“We take pride in providing best-in-class solutions to our customers and are excited to partner with Marqeta on our journey,” commented Omer Ismail, global head of consumer business at Goldman Sachs. “Integrating with Marqeta’s platform will allow us to create a personalized, feature-rich banking experience for our checking customers.”
Marqeta, who already works with just about everyone else, said they are proud to work with Marcus pursuing their mission of disrupting the traditional payments ecosystem.
Goldman will be announcing Q4 numbers in a few days, expect more updated on the performance of Marcus at that time.
Of note, Marqeta is on our short list of potential Fintech initial public offerings that may take place in 2021. Last May 2020, Marqeta secured $150 million in capital at a $4.3 billion valuation. If Marqeta goes public expect that valuation to jump.
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