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Fintech Marqeta pushes into banking for next growth phase

Finance

Marqeta, a fintech company focused on payments services, is launching a suite of new banking products in a major push to deepen its relationships with customers which include Coinbase, Uber and DoorDash.

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 a critical juncture for the Oakland, California-based company, whose stock is down more than 50% since the beginning of this year, while executives search for a new chief executive to replace co-founder Jason Gardner, who announced in August he would step down.

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