Marqeta to expand First National Bank of Omaha’s credit offerings

Global card-issuing platform Marqeta is partnering with First National Bank of Omaha (FNBO) to expand the bank’s credit card offerings via Marqeta’s APIs.

Through the partnership, FNBO will be able to launch credit cards using Marqeta’s open API technology and embed that card experience within their app ecosystem. Marqeta will then rely on FNBO to provide the underwriting services, management capabilities and compliance and risk operations to their partnered card programs.

“We’ve seen demand for credit products increase substantially in the past year as consumers get back to pre-pandemic levels of spending,” said Vidya Peters, chief operating officer at Marqeta. “By partnering with FNBO, we combine FNBO’s decades of deep experience in credit card programs with the flexibility and control of Marqeta’s modern card issuing platform.”

Consumer demand for credit cards has increased substantially this year, compared to during the height of the pandemic, with banks issuing 42% more credit cards to consumers in the first six months of 2021, compared to 2020, according to credit-reporting firm Equifax.

Alongside consumer demand, Marqeta has had a busy year, largely due to its public debut via IPO on the NASDAQ under the ticker symbol MQ at a $15 billion valuation in July. The company priced 45.5 million shares at $27, above its expected range of $20 to $24.

Marqeta, which launched in 2010, draws almost 70% of its revenue from payment processor Square, extracting that money from net interchange fees set by the card networks and paid by card holders, according to regulator filings.

The company operates as a global card issuing platform that enables clients to build configurable payment experiences like credit application extensions, account onboarding, card creation and management via its APIs.

This year Marqeta has already partnered with a number of companies, including Uber Technologies, and Coinbase. In mid-November it announced a partnership with Square to bring the Square Card to small- and medium-sized businesses (SMBs) across Canada — an initiative the two originally launched in 2019 in the US.

Its latest partnership with FNBO marks a strategic move by the largest privately held bank subsidiary. Ahead of billions of dollars being poured in to fintechs, banks have been working overtime to partner, integrate and rip out old legacy systems to keep up with consumer expectations of tech experiences.

In early November, FNB Corp., the parent company of First National Bank, integrated its eStore shopping tool into the FNB Direct mobile app that offered a number of new features alongside an expansion of its suite of online loan applications. By mid-November, the bank announced it selected Black Knight‘s suite of servicing software to support its growing mortgage business.

“This partnership with Marqeta will allow us to continue to modernize our credit offering and meet demand for a more flexible, digitally-native experience. We’re proud to be on the leading edge of banking-as-a-service and look forward to expanding our offerings with Marqeta,” said Jerry J. O’Flanagan, executive vice president, partner customer segment, FNBO.

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