Card issuing platform Marqeta has partnered with US-based Varo Bank to become its issuer processor. Varo Bank provides services such as fee-free checking accounts, access to over 40,000 ATMs without fees, cash advances, lines of credit, secured credit-building credit cards, instant payment solutions, and high-yield savings accounts.

Varo chose Marqeta for its advanced virtual, tokenized, and physical card-issuing technology, which aims to deliver quicker implementation and improved customer financial management. Varo's mobile app-based financial platform aims to improve the financial health of customers and facilitate progress in money management. The integration of Marqeta's platform will enable Varo to offer digital wallet tokenization through Apple and Google Wallets for its cardholders.

According to Marqeta’s 2024 State of Payments report, a significant portion of consumers are willing to switch to digital-only or non-traditional banks that better fit their lifestyles, with 51% of US consumers having already changed their primary bank and another 18% considering a switch. Additionally, 20% of those surveyed were looking for a better mobile app experience when choosing a bank. Varo Bank officials stated that they sought a partner that matched their dual identity as a technology company and a regulated financial institution.

They noted that the partnership with Marqeta would enable Varo to offer advanced card issuing technology, improving customers' ability to manage transactions efficiently, aligning with their mission of financial empowerment. In turn, Marqeta officials expressed pride in the deal, emphasising that the collaboration would leverage the latest payments and banking technologies to support Americans striving for financial stability. They also highlighted that Varo's mission aligns with Marqeta's goals and looked forward to working together, allowing customers to view transactions in real-time through Marqeta's APIs.

About Marqeta Marqeta’s card issuing platform allows customers to create customized payment cards and Embedded Finance solutions. The platform, powered by open APIs, offers flexible and configurable payment experiences, accelerating product development and expanding access to card issuing technology. Marqeta’s infrastructure supports the launch and management of card programs, transaction authorisation, and settlement.

The company is based in Oakland, California, and operates in over 40 countries worldwide. .