Global card issuing platform Marqeta has ceased its operations in Australia to reduce expenses and boost activities in its Oakland, California base. The news comes as the company has previously revealed plans to pull back from providing services in the Asia-Pacific region.

Prior to the announcement, earlier in May 2023, Marqeta disclosed plans to reduce its workforce by 15% as it has been trying to restructure the company to increase profits. As a result of the downsizing, the fintech will curtail spending between USD 40 million and USD 45 million on annual operating expenses. The restructuring comes into play as Marqeta changed its leadership in early 2023.

Regardless of this announcement, the card issuing platform will continue to serve its clients conducting operations in Australia such as Buy Now, Pay Later company Afterpay. What is more, the fintech will also extend its services to those interested in launching operations in the area. Marqeta has not made plans related to shutting down any other international operations and it retains its presence in North America and Europe.

Previous launches and partnerships Earlier in 2023, Marqeta announced the launch of a web push provisioning solution that was developed alongside Google and Apple that aimed to enable customers to pay via their mobile wallets without needing to have downloaded a mobile app. By doing so, Marqeta placed itself at the forefront of innovation, as it was one of the first players in the field that launched such capabilities. Similarly, the partnership aided the two tech giants to foster acceptance of digital payment methods and strengthen their market share.

What is more, the fintech acquired Power Finance, a credit card programme management platform. The purchase had the goal of enabling Marqeta to provide its customers with innovative credit products that respond to the demands and expectations of consumers and businesses. Apart from these launches and acquisitions, in 2023, the card issuing platform garnered attention following the launch of its Small business financing done differently research which showcased the effects that high levels of inflation have had on businesses of various sizes.

Moreover, the report focused on the challenges of BNPL use on SMBs. Marqeta has also been selected by WorkWhile to support accelerated wage access for its workers and it partnered with Deloitte to deliver payment solutions and to facilitate payment modernisation for banks and fintechs. .