Global card issuing platform Marqeta has announced the expansion of its partnership with Lydia in order to develop a new digital banking application, Sumeria. Following this announcement, the global modern card issuing platform that enables Embedded Finance solutions Marqeta will power the new digital banking application Sumeria, which was launched recently by the French payments company Lydia Solutions.

Both companies will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the partnership Sumeria launched new digital banking capabilities, such as remunerated current accounts, while also planning to expand quickly throughout the region of Europe by leveraging the scale and global reach of Marqeta’s card processing platform. The solution was designed in order to enable these dynamic capabilities, ensuring compliance and security while issuing tokenised, virtual, and physical cards for Sumeria users that provide a detailed, real-time view of their accounts and payments.

In addition, the platform also provides clients the ability to build more configurable and flexible payment experiences, accelerating product development, and democratising access to the card issuing technology. In addition, Sumeria is expected to offer an online account with 4% interest on cash balances for the first three months, as well as incorporating stick trading, savings accounts, and loans. The product also plans to invest over EUR 100 million into the business and hire several individuals over the next three years.

At the same time, the solution plans to enable users in different regions across Europe to keep the same bank account if they move to another country, instead of needing to open a new local bank account in each area. As 1.5 million citizens migrate from one EU member country to another on an annual basis, Sumeria is expected to optimise the manner in which these individuals simplify their moves. Marqeta is expected to enable Lydia to challenge the norms of traditional banking and payments, as well as develop more flexible and streamlined experiences for cardholders and clients.

Both companies will focus on designing customised banking experiences for their partners while continuing to expand their offerings into new markets across Europe as well. .