Marqeta reveals major API expansion

The company is adding more than 40 new credit APIs.

Image source: Marqeta.

Card issuing and payments giant Marqeta is significantly expanding its credit platform with more than 40 new credit APIs.

Alongside its huge API expansion which the company will enable customers to design, test and launch differentiated credit card experiences, it is also introducing a “new, intuitive dashboard”.

Customers will also have the option to leverage First National Bank of Omaha (FNBO)’s program management and banking capabilities in addition to the new features on offer.

“We’ve brought the power of modern card issuing to the credit card market to bring much-needed innovation and give our customers increased agility to respond to rapidly changing consumer demands,” Marqeta chief technology officer Randy Kern said.

“With these new features offered with FNBO, our customers have a much more intuitive experience and can leverage APIs to design compelling card programs with personalized rewards, digital-first experiences, and fast onboarding.”

According to the payments platform, the tech behind credit cards largely is not keeping up with consumer spending habits, which have evolved over the course of the pandemic.

New York Fed data shows that more than a quarter of US consumers applied for a new credit card in the year up to October 2021, an increase of 15.7 per cent from the previous year.

Marqeta is seeking to help businesses meet this increased demand with its expanded options for companies to offer rewards and meet customer needs.

“FNBO has been a pioneer in the credit card landscape for decades, and by partnering with Marqeta, we continue to modernize our offering to go after new markets and support new brands that are on the forefront of financial services innovation,” FNBO SVP for innovation and disruption Marc Butterfield said.

With the new credit capabilities, companies will be able to integrate directly to Marqeta’s APIs, and design and embed a native credit card experience.

The new features include a ‘no code’ workflow, allowing businesses to launch cards more quickly, an expanded offering of rewards, and instant credit decisions.