Global card issuing platform Marqeta has partnered with Giftbit, Vivian, and Whistle as part of its Embedded Finance expansion efforts. By taking on these three companies as clients, Marqeta aims to demonstrate its capacity to enable non-financial businesses to incorporate banking and payment solutions into their products.

Through this platform, Marqeta's customers can create seamless experiences for users, potentially leading to increased customer loyalty and employee retention. Marqeta's focus on Embedded Finance has resulted in such clients accounting for more than half of its bookings during the first half of 2023 according to the official press release. This trend is also significant within the USD 176 billion rewards and incentives sector.

Marqeta believes that swift and adaptable disbursement solutions are crucial for companies rewarding loyalty or compensating for research participation, as well as for employers seeking modern ways to incentivise their workforce. Giftbit, a platform catering to enterprises, small businesses, schools, and universities, facilitates rewards and incentives for employees and customers. By leveraging Marqeta's platform, Giftbit offers quicker and more flexible disbursement solutions to its international customer base.

Vivian Health, a healthcare jobs marketplace, aims to transform the hiring process in the industry. Their VIP program grants clinicians early access to job openings and provides faster interactions with recruiters. Now, in partnership with Marqeta, Vivian offers cash rewards to travel clinicians with VIP Elite status.

This is aimed at recognising and appreciating healthcare professionals for their efforts beyond the job search. Whistle, an employee loyalty platform, employs Marqeta's technology to power its digital rewards wallet. This technology has led to Whistle launching Whistle Rewards, an API that simplifies the integration of rewards and incentives with various workflows.

In the company press release, Marqeta officials highlighted that Embedded Finance can aid companies in creating seamless payment experiences that enhance customer and employee loyalty. Marqeta's platform is founded on open APIs, enabling customers to develop flexible payment experiences and access scalable, cloud-based payment infrastructures. The company operates globally and is headquartered in Oakland, California.

Other developments from Marqeta In August 2023, Marqeta unveiled the Docs AI tool to streamline the process of launching Embedded Finance solutions. Apart from the introduction of Marqeta Docs AI, the company has also disclosed initial findings from its internal code generation tool, which exhibited some potential in reducing coding and testing workload. These innovations mark the initial strides towards integrating generative artificial intelligence capabilities within the Marqeta platform, aimed at expediting value delivery to its clients.

In July 2023,  Marqeta expanded its presence into Brazil following a partnership with Latin American BaaS platform Fitbank and network certification with Visa. As part of Marqeta’s collaboration with Fitbank, the company will be both a Marqeta customer, leveraging it as a payment processor, and act as a BIN sponsor for Marqeta’s customers looking to launch in the region. .