Marqeta,the global modern card issuing platform that enables embedded finance solutions for the world’s innovators and TransactPay, a BIN Sponsorship provider that is licensed as an E-Money Institution (EMI) to issue e-money and undertake payment services in the UK and European Economic Area,announced that they have entered into an agreement under which Marqeta will acquire TransactPay. This transaction will significantly strengthen Marqeta’s card program management capabilities in the UK and Europe.
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“Marqeta’s business has seen tremendous growth in Europe, and we’re excited to bring the strength and talent of TransactPay within Marqeta as we build on TransactPay’s success to date and further accelerate our offerings for customers globally,” said Marcin Glogowski, SVP Managing Director, Europe and UK CEO, Marqeta. “Our all-in-one issuing platform enables our customers to create some of the most exciting and innovative card programs available,creating new streams of revenue and opportunities to engage with their customers and build lasting loyalty. The TransactPay acquisition enables Marqeta to make it even smoother for our customers to grow rapidly while keeping product innovation and compliance at the forefront of their strategy.”
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“We’ve built our business on being a trusted partner to the leading payment providers in the world, including Marqeta,” said Aaron Carpenter, CEO of TransactPay. “Becoming a part of the Marqeta Group will enable us to scale our existing BIN Sponsorship and digital wallet business even further whilst enabling their industry-leading customers to offer card products with digital payment offerings without patching together multiple partners.”
In the UK and EU, an EMI license is required for companies to issue and manage electronic money, including digital wallets and prepaid cards, to provide payment services such as online transactions, money transfers, virtual cards, and the ability to store customer funds electronically. Founded in 2012, TransactPay, operating under its EMI licenses, is currently live in 25 countries, supporting 16 currencies, and is a principal member of Mastercard and Visa.
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Marqeta customers will be able to take advantage of full card program management capabilities in the UK and EU, and avoid the added complexity associated with engaging multiple partners. The integrated offering will include dedicated customer and production support and strategic bank, network and regulatory relationships, ensuring card programs can scale throughout the region. Customers can partner with Marqeta as a trusted ally that can assist with navigating the local regulatory environment. Certified to operate in more than 40 countries, Marqeta’s platform simplifies the process of launching in new geographic markets, enabling customers to get to market faster than starting from scratch in each market.
Source – PR Newswire
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