Card issuer Marqeta is now expanding into Latin America’s largest FinTech market after entering Brazil.
This expansion is made possible, according to a news statement released on Tuesday (July 11), through a partnership with the Latin American banking-as-a-service (BaaS) platform Fitbank and network certification with Visa.
“As part of Marqeta’s partnership with Fitbank, the company will both be a Marqeta customer, using it as a payment processor, and serve as a BIN sponsor for Marqeta’s customers looking to launch in the region,” Marqeta said in a news release.
According to the press release, the expansion makes Marqeta’s platform accessible in more than 40 counties. Customers of Marqeta now have access to Fitbank, a platform that is authorized by the Brazilian central bank and is connected with PIX, the nation’s real-time payments system.
“Our new partnership with Fitbank puts us on great footing in Brazil,” Marqeta Chief Revenue Officer Todd Pollak said in the statement. The two businesses’ DNAs are quite compatible. The cutting-edge platform Fitbank is interested in creating cutting-edge payment solutions.
According to what was written in May, the BaaS model, which is fee-based, enables non-banking organizations to provide clients with financial services by connecting to banks using application programming interfaces (APIs).
BaaS essentially enables non-financial businesses to “embed” banking services and products into their user interfaces without the requirement for them to get bank licenses.