Tuum and Marqeta Partner on Flexible Card Programs

Tuum and Marqeta have partnered to help European banks and FinTechs build flexible card programs.

The combination of Tuum’s core banking solution and Marqeta’s digital payment experiences will enable Tuum to offer its customers a pre-integrated FinTech solution that will accelerate their time to market, Marqeta said in a Wednesday (June 21) blog post.

“To keep up with the current pace, it’s becoming increasingly important for banks and FinTechs to offer modern digital payment experiences to consumers, and we’re excited to help them take this step through our collaboration with Marqeta,” Tuum Vice President of Global Partnerships Jean Souto said in the post.

This partnership will help European banks and FinTechs build flexible card programs, deliver modern digital payment experiences, and do so with less time, money and resources than would otherwise be required, according to the post.

“While our cloud-native, next-generation core banking platform gives them the security and reliability they need for the future, the pre-built integration allows them to create their own card programs and deliver highly personalized experiences to consumers,” Souto said in the post.

The announcement of this partnership comes about six months after Marqeta acquired card management platform Power Finance in a $275 million deal.

The deal aimed to “strengthen Marqeta’s platform with a best-in-class tech stack for credit card program management,” Marqeta CEO Simon Khalaf said when announcing the acquisition in January.

“We already see considerable demand for differentiated credit products from companies looking to innovate in this space who are held back by the constraints of legacy technology,” Khalaf said at the time.

The partnership also comes about a year and a half after Tuum raised about $16.9 million in a funding round to support product innovation and strengthen its presence in the United Kingdom and Europe.

Founded in 2019 by banking and FinTech executives, Tuum provides what it calls a flexible and modular platform and says its cloud-based core banking network allows financial and non-financial companies to introduce products and services that meet customer needs, boost sales and build loyalty.

In the year before that funding round, the firm saw its contracted annual revenue increase by more than three times.