American digital bank Varo has inked a five-year issuer processor deal with Marqeta.
Founded in 2015 by former Wells Fargo executive Colin Walsh, Varo became the first US consumer fintech firm to be granted a national bank charter in 2020, enabling the digital challenger to offer a full suite of FDIC-insured services.
The bank, which has over five million cards in-market, says it has signed with Marqeta for its ability to combine virtual, tokenised and physical card-issuing technology with faster speed-to-market.
With Marqeta’s platform, Varo will also enable digital wallet tokenisation with Apple and Google Wallets for its cardholders.
Says Walsh: "This partnership with Marqeta enables us to offer cutting-edge card issuing technology, giving our customers enhanced ability to view and manage their transactions efficiently."