Goldman picks Marqeta to power Marcus current account rollout
Goldman Sachs has signed a deal with card issuing firm, Marqeta, which sees the latter underpin the bank’s Marcus current accounts.
Marcus, Goldman Sachs’ digital banking offshoot, is planning to launch current accounts in 2021. The bank says they are a “cornerstone of the company’s growing consumer portfolio”.
Marqeta is providing its open APIs and webhooks, as well as “cutting edge developer experience”.
Omer Ismail, global head of consumer business at Goldman Sachs, says his firm takes “great pride” in providing “best in class solutions”.
He adds: “Integrating with Marqeta’s platform will allow us to create a personalised, feature-rich banking experience for our checking customers.”
Earlier this week Reuters sources reported Goldman as on the hunt for acquisitions to boost Marcus’ presence in the UK.
A source says the bank believes online activity will be central to future growth. This is why its executives are ruling out any deals that involve acquiring branches.
Another source says the bank has set an “extremely high” bar for deals. They need to be both large and transformational.
Jason Gardner, Marqeta CEO, says the selection is a “true validation of the power” of his firm’s technology.
“Our modern card issuing platform helps digital innovators build the sorts of customer experiences that can be industry game changers.”
Marqeta, which provides more than 140 million cards through its platform, could be planning a 2021 IPO.
It landed a $150 million investment in May 2020 from an undisclosed investor, which brought its valuation up to $4.3 billion in total.