Business
Marqeta and Credi2 Team Up to Provide New Instalment Capabilities for Banks in Europe
Credi2 and Marqeta’s partnership will create a card-led instalment platform that enables issuers to more easily offer flexible instalment plans for credit
About this update from Marqeta, Inc.
[{"type":"text","content":"\nCredi2 and Marqeta’s partnership will create a card-led instalment platform that enables issuers to more easily offer flexible instalment plans for credit and debit cardholders in Europe\n\n\n LONDON--(BUSINESS WIRE)--\nMarqeta (NASDAQ: MQ), the global modern card issuing platform enabling some of the world’s most innovative embedded finance solutions, today announced a new partnership with Credi2 to provide an end-to-end instalments platform designed for banks, helping them deliver instalment payments on cards to meet growing consumer demand for more flexible and seamless digital payments experiences.\n\n\nConsumer and merchant demand for Buy Now, Pay Later instalment solutions continues to grow. According to Deloitte, the BNPL market is forecast to become a €300 billion industry in Europe by 2025, making up about 11% of the continent's ecommerce market. Marqeta’s recent State of Credit report found that 38% of UK respondents have used Buy Now, Pay Later (BNPL) services to make ends meet during the last 12 months, increasing to 61% amongst 26-34 year olds, showing broad appeal of flexible payment options.\n\n\n“We’re proud to partner with Marqeta to offer more flexible checkout options for cardholders in Europe, leveraging both of our experiences working with some of the largest banking and BNPL players in Europe,” said Christian C. Waldheim, Co-CEO, Credi2. “Together with Marqeta, we’re enabling our customers to seamlessly integrate instalment capabilities directly into their applications, managing the heavy lifting of creating new payments offerings and bringing them to market much faster than legacy solutions.”\n\n\nDeveloped in partnership with Visa, Credi2’s platform for loan originations, account management and servicing will integrate with Marqeta’s modern card issuing platform to empower banks to build flexible payment card programs that embrace digital trends and seamlessly issue and process virtual cards. As a result of this partnership, banks will be able to go to market more quickly with an end-to-end instalments solution for their debit and credit card cardholders, saving valuable time and resources.\n\n\n“Launching new payments solutions is incredibly time consuming and complex, not to mention the stakes are incredibly high when dealing with stringent regulatory requirements and cross-border payments,” said Todd...