Marqeta (NASDAQ: MQ), the global modern card issuing platform that enables embedded finance solutions, has joined forces with Perpay to power the Perpay Credit Card, issued by Celtic Bank. That card automates payments directly from a paycheck.
The demand for innovative credit-building solutions is growing, with four in five Americans citing that they’re trying to improve their credit score. The credit card lets users directly link their paychecks, ensuring their card balance is paid automatically and helping them stay on top of their financial commitments and build their credit.
To expand its credit card offering, the company needed a card issuing platform with the speed and flexibility to reach more consumers and elevate the user experience. With Marqeta, it can scale its credit card offering while maintaining full control over the user experience and access in-depth customer insights and modern credit capabilities to drive more meaningful interactions with customers.
“(We’re) on a mission to help people access vital spending power and build credit, and we needed an issuing partner who could keep pace,” said Chris DiMarco, CEO of Perpay. “By migrating our credit card offering to Marqeta, we’re delivering a smoother, more personalized experience that scales with our growth and gives customers the flexibility they deserve.”
Marqeta’s all-in-one credit platform allows Perpay to deliver a fully integrated digital-first cardholder experience that aligns with its brand. The latter can unify and customize every touchpoint, from application to card issuance to everyday spending and account access, to foster deeper engagement and loyalty. Marqeta’s platform allows Perpay to instantly issue virtual and tokenized cards for immediate use and access real-time cardholder data and spend controls that provide insights into how users are spending their money to help them stay on top of their finances. Additionally, Marqeta’s flexible rewards engine allows partners to enhance their rewards offerings, accessing individual spend data and insights to offer personalized rewards that help users earn more to spend within Perpay’s marketplace and keep customers engaged.
“The Perpay Credit Card stands out as a shining example of how Marqeta makes it possible to meticulously craft a credit card to meet consumer needs,” said Todd Pollak, chief revenue officer of Marqeta. “By tapping into the full potential of our credit platform, Perpay can customize its credit card experience and expand its offering to deliver greater value to its customers.”