Tymit picks Marqeta to power its borrowing platform

London-based credit card provider Tymit has picked card-issuing venture Marqeta to power a new generation of borrowing that hands greater control to consumers.

“The Marqeta platform has been fundamental in terms of supporting our vision to deliver a new type of credit card that puts consumers in control of their spending and borrowing,” said Martin Magnone, founder of Tymit.

“Not only has the technology given our developers the tools to create the product we envisaged, but the Marqeta team are experts in their fields and took an open-minded and helpful approach throughout the build, test and launch process.

“The result is a credit card product that will change the way consumers borrow, bringing a sense of responsibility and fairness to the experience of using finance on a day-to-day basis.”

Ian Johnson, managing director of Europe at Marqeta, added, “Tymit is proving that credit cards don’t have to follow a predetermined approach. With the right digital tools and innovative mindset, it’s possible to deliver an exciting new credit experience that helps consumers acquire the products and services they need whilst managing spending in a way that suits different budgets.

“This partnership is an exciting milestone for Marqeta in Europe, demonstrating yet again that our modern card issuing and payment processing platform has the resilience and flexibility to support a wide range of card programme propositions.”

Tymit raised £4m in 2019 to enhance its customer servicing platform and underwriting practice.

In November 2020, Uber announced that it had taken another step into the FinTech space by entering into a card-issuing partnership with Marqeta.

Uber has previously made forays in to the FinTech industry by launching Uber Money, an umbrella term for a series of financial services it offers its drivers, in October 2019. Those initiatives include a debit card, an e-wallet and a credit card.

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