Marqeta, the world’s first modern card issuing platform, unveiled its new Marqeta Reserve Financing product at the Money2020 conference in Las Vegas today, a reserve financing option built into its core platform workflow. Marqeta Reserve Financing is uniquely tailored to the needs of companies struggling with the logistical, practical and administrative burdens of funding a reserve account to launch new payment card programs and keep it actively replenished with funds.
When setting up prepaid or debit card programs, issuing banks require companies to prefund a reserve account to keep up with anticipated card spend. This can become a major administrative roadblock to getting a card program live. It presents a steep opportunity cost by tying up large amounts of capital, sometimes requiring companies to over-lever themselves or go through the onerous process of sourcing additional working capital.
Marqeta Reserve Financing is built on top of the customer’s existing working capital process, and Marqeta’s modern issuing platform makes reserve financing painless. Interested customers will enjoy a quick approval process through a third party lender, as well as simple capital management and detailed reporting of balances and funds availability. Customers can also direct Marqeta to make interest payments from their card program’s economics, completely removing any hassle of managing reserve funding commitments.
“Reserve funding requirements can be a huge commitment for payments innovators operating at scale, and so we developed Marqeta Reserve Financing,” said Omri Dahan, Chief Revenue Officer at Marqeta. “The reserve is available when you need it, opening up new possibilities for customers. Coupled with our best-in-class modern card issuing platform, Marqeta Reserve Financing frees our customers to focus on what they do best: creating industry-defining payment and commerce experiences.”
About Marqeta
Marqeta is the leading global modern card issuing platform, providing the most advanced infrastructure and tools for building highly configurable payment cards. With its open API, the Marqeta platform is designed for innovators who want a simplified way of managing payment programs so that they can create world-class experiences and power new modes of commerce. Marqeta is headquartered in Oakland, California. For more information, visit www.marqeta.com, Twitter and LinkedIn.
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Contacts:
jrobinson@marqeta.com
