Marqeta, the global modern card issuing platform, announced today that it has partnered with London-based credit card provider Tymit to power a new generation of borrowing that hands greater control to consumers.
Mobile-enabled Tymit aims to position itself as a fairer credit card that allows users to opt for buy now, pay later instalments or access traditional credit if desired.
App-based, Tymit does away with minimum payments and gives customers the ability to create bespoke repayment plans, with interest paid on purchases rather than across the entire balance.
Marqeta’s open API platform underpins Tymit’s processing function, allowing instantly issued virtual cards as well as dynamic and bespoke spending limits.
With a fast-growing reputation as a world-class card issuing platform and processor, Marqeta’s European team supports a range of rapidly expanding credit innovators, including UK-based SME digital lender Capital on Tap and Czech payments app, Twisto.
Thanks to Marqeta’s single integration possibilities, digital payments pioneers are effectively able to replicate their existing card programmes and apply localisation traits to seamlessly launch in new territories in a fraction of the time.
The partnership with Tymit represents a further strengthening of Marqeta’s presence in the credit market.
Tymit founder Martin Magnone said Marqeta’s processing capability and approach to innovation had made it an ideal fit for Tymit.
“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. 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,” he said.
Ian Johnson, Managing Director of Europe at Marqeta, said: “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 program propositions.”