Marqeta Teams Up with First National Bank of Omaha

Global modern card issuing company Marqeta on Tuesday (Dec. 2) partnered with First National Bank of Omaha (FNBO), giving it another teammate in its quest to allow customers to roll out modern credit card programs.

Banks handed out 42% more credit cards to consumers in the first six months of 2021, compared to 2020, according to credit-reporting firm Equifax, but credit card technology has remained mostly the same for decades because it’s been rooted in legacy systems.

“FNBO is constantly seeking out new technology and product offerings to ensure the financial well-being of our customers, while maintaining the impeccable level of service that’s been a defining characteristic of our company for more than 160 years,” said Jerry J. O’Flanagan, executive vice president of the partner customer segment at FNBO, in the company announcement.

“This partnership with Marqeta will allow us to continue to modernize our credit offering and meet demand for a more flexible, digitally-native experience,” he said. “We’re proud to be on the leading edge of banking-as-a-service and look forward to expanding our offerings with Marqeta.”

The Marqeta-FNBO collaboration will help companies launch their own branded credit cards more quickly using Marqeta’s open APIs and embed that card experience within their app. Marqeta’s platform has a self-service dashboard to configure and update the offered products. Companies can extend credit applications, decision and onboard accounts, create cards and manage them all via API.

“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, Marqeta, in the joint announcement. “Credit cards are top of wallet and Marqeta’s State of Credit survey found that people are looking for more innovation from their credit cards.

“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,” she said. “We are excited to see even more innovation in the credit industry as a result of this partnership.”

Marqeta will lean on FNBO’s underwriting services and program management capabilities, including compliance and risk management.

Related: Paycast, Marqeta, Mastercard Collaborate on New Marketplace Card Product

Last month, Marqeta, marketplace payment engine Paycast and Mastercard teamed up to launch a new digital card, with Paycast using Marqeta’s card issuing platform and Mastercard’s global payments network for faster, convenient payments to marketplace sellers.