© Stocksak. FILEPHOTO: Marqeta logo seen on a smartphone positioned in front of a stock graph in this illustration photo taken June 9, 2021. REUTERS/Dado Ruvic/Illustration
By Hannah Lang
(Stocksak). – Marqeta is a fintech company that focuses on payments services and is launching a range of new banking products. This is part of a major push to strengthen its relationships with customers such as DoorDash, Uber (NYSE:), and Coinbase (NASDAQ:).
The new “banking as a service” platform includes 40 new application programming interfaces, or APIs, that will be offered through Marqeta’s existing bank partners to provide customers with “demand deposit” accounts (such as checking accounts), early-pay capabilities and instant funding, along with other features.
The announcement comes at an important juncture for the Oakland-based company. Its stock is down more that 50% since the start of this year. Meanwhile, executives are searching for a new chief executive to replace Jason Gardner, who announced his resignation in August.
“We have a strong vision over the next several decades that we believe customers will come to Marqeta to build these next generation products,” Gardner, who will stay on as executive chairman after the company appoints a new CEO, said in an interview.
“We’re pretty certain this is where the world is going to move, and we’ve had a good track record thus far of being able to predict what companies need from financial services infrastructure and helping them along the way.”
Banking-as-a-service, the practice of offering banking products and services through third-party providers, has surged in popularity in recent years, as businesses have looked to bring financial services traditionally offered through a bank directly to their customers.
Coinbase and Branch, a company aimed at facilitating payments for contractors, are already using Marqeta’s new banking services, Marqeta said in a release.
Coinbase has “seen many benefits from the flexibility of Marqeta’s banking as a service tools,” Sanchan Saxena, vice president of retail product at the crypto exchange, said in a statement.
Marqeta expects most of the new features to be in place by the end of the year.
Gardner said that while the company doesn’t have a timeline in place to name a new CEO, it is moving quickly to find the right candidate.
“The market wants us to move as fast as possible, and that’s part of my goal too, but I need to make the best, most-informed decision,” he said.