Business
Marqeta Expands Partnership with Lydia to Power New European Digital Bank Sumeria
Sumeria marks a new chapter for Lydia, creating a highly customized digital banking experience for customers across Europe AMSTERDAM--(BUSINESS WIRE)--
About this update from Marqeta, Inc.
[{"type":"text","content":"\nSumeria marks a new chapter for Lydia, creating a highly customized digital banking experience for customers across Europe\n\n\n AMSTERDAM--(BUSINESS WIRE)--\nMarqeta (NASDAQ: MQ), the global modern card issuing platform that enables embedded finance solutions for the world’s innovators, today announced it is powering the new digital banking application Sumeria, launched recently by French payments leader Lydia Solutions (the company behind the Lydia app). Sumeria has unveiled new digital banking capabilities including a remunerated current account, and plans to expand quickly throughout Europe, thanks to the scale and global reach of Marqeta’s card processing platform. Marqeta’s platform has had great adoption across Europe, and the company announced today it saw an 86% jump in European total processing volume from Q1 2023 to Q1 2024.\n\n\nMarqeta began partnering with Lydia Solutions in 2019 to power its peer-to-peer payments app, and has helped it scale to serve 8 million users throughout France, Belgium, Spain and Portugal. Sumeria aims to simplify banking with its easily accessible app designed to mimic the ease of use and intuitiveness of beloved consumer brands. Marqeta’s platform enables these dynamic capabilities, ensuring security and compliance while issuing tokenized, virtual and physical cards for Sumeria customers that provide detailed, real-time views into their accounts and transactions.\n\n\n“We’re proud to partner with Sumeria to help them create customized banking experiences for their customers and continue to expand their offering into new markets across Europe,” said Marcin Glogowski, SVP, Managing Director Europe and UK CEO at Marqeta. “Lydia has cultivated a completely unique and refreshing experience with its peer-to-peer payments app, and this same attention to detail and ease of use will translate well into the banking world.”\n\n\nSumeria will offer an online account with 4% interest on cash balances for the first three months, and also incorporates stock trading, savings accounts and loans. Sumeria plans to invest over €100 million into the business and hire 400 people over the next three years. Sumeria plans to enable users in different European countries to keep the same bank account if they move to another country they support, instead of opening a new local bank account in each country. Eurosta...