Marqeta expands into Brazil by way of partnership with Fitbank

World fashionable card issuing platform Marqeta (NASDAQ:MQ) immediately introduced its enlargement into Brazil, with a brand new partnership with Latin American banking-as-a-service platform Fitbank and community certification with Visa.

As a part of Marqeta’s partnership with Fitbank, the corporate will each be a Marqeta buyer, utilizing it as a fee processor, and function a BIN sponsor for Marqeta’s prospects seeking to launch within the area.

With its launch in Brazil, the Marqeta platform is now enabled to function in additional than 40 nations worldwide.

Fitbank gives a custom-built, cloud-native, full banking and credit score infrastructure to 1000’s of shoppers, and is among the first fashionable platforms licensed by the Central Financial institution and instantly built-in with PIX, the Brazilian Actual-Time Funds System. They’re at the moment a principal member of Visa with future plans for community enlargement.

Marqeta will function Fitbank’s tech platform to help native card issuance and card fee processing in Brazil, whereas additionally utilizing Marqeta’s Actual-Time Decisioning engine to spice up its fraud administration capabilities. Fitbank may even function Marqeta’s native BIN sponsor and banking as a service supplier.

“We’re thrilled to be asserting our launch in Brazil to convey the Marqeta platform to probably the most thrilling fintech markets on this planet,” mentioned Todd Pollak, Chief Income Officer at Marqeta. “Our new partnership with Fitbank places us on nice footing in Brazil. The 2 firms have nice DNA match. Fitbank is a tech ahead, modern platform, considering constructing modern fee options.”

“We’ve adopted Marqeta’s development and world enlargement for a while now, and given we’re additionally increasing globally there couldn’t be a extra pure card issuing companion for Fitbank in Brazil,” mentioned Otávio Farah, co-founder and CEO at Fitbank. “Via our partnership, I consider we will allow world firms and native innovators to convey wonderful fee merchandise to market, amplifying the strengths of every of our firms.”