Lydia Solutions and Marqeta Partnership Expansion:
- Partnership Overview:
- Lydia Solutions: French fintech behind the Lydia financial services app
- Marqeta: California-based card issuing platform
- New Product: Sumeria, a digital banking application
- Sumeria Features:
- Online Account: Offers 4% interest on cash balances for the first three months
- Customer Goal: Aim to service five million customers by 2027
- Marqeta’s Role:
- Technology: Provides security, compliance, and card issuing for Sumeria (tokenised, virtual, and physical cards)
- Real-Time Views: Detailed, real-time views into accounts and transactions
- Collaboration History:
- Since 2019: Marqeta has powered Lydia’s peer-to-peer payments app
- Future Plans:
- Expansion: Sumeria aims to expand quickly throughout Europe
- Account Portability: Users can keep the same bank account when relocating to another supported country
- Additional Partnerships:
- OakNorth: Marqeta facilitated the launch of OakNorth’s SMB commercial card programme in April
- Strategic Importance:
- Scalability: Lydia chose Marqeta for its ability to scale and support new country launches
- Ambitious Goals: Reflects Lydia’s intent to meet ambitious expansion and service targets
