Goldman Sachs will use Marqeta’s card issuing platform to underpin its Marcus current accounts when they launch later this year.
Marcus, the global financial services firm’s digital banking arm for consumers, will take advantage of different capabilities offered by Marqeta’s card issuing platform, including open APIs and webhooks, as well as a cutting-edge developer experience.
Omer Ismail, global head of the consumer business at Goldman Sachs, says “integrating with Marqeta’s platform will allow us to create a personalised, feature-rich banking experience for our checking customers”.
The partnership with Marqeta follows reports that Goldman Sachs is considering a number of acquisitions to boost Marcus, in a bid to lessen global firm’s reliance on trading and investment banking revenues.
According to Reuters, digital businesses that bring in new customers or unique technologies would be attractive to Goldman Sachs as potential acquisitions.
Jason Gardner, founder and chief executive officer of US-headquartered Marqeta, says the partnership with Goldman Sachs is “a true validation of the power of our technology.”
He continues: “Our modern card issuing platform helps digital innovators build the sorts of customer experiences that can be industry game changers, and we’re looking forward to working alongside Marcus to bring a powerful new digital banking experience to life.”
Marqeta extended its global partnership with Mastercard in October 2020.
The partnership extension will see the companies expand into new geographies, open access to new products, and launch additional card programmes together.
Mastercard also made an undisclosed financial investment in Marqeta as part of the partnership extension.