Marqeta (NASDAQ: MQ), the leading global modern card issuing platform, has announced its expansion into Brazil through a strategic partnership with Fitbank, a prominent Latin American banking-as-a-service platform. The collaboration also includes network certification with Visa, further strengthening Marqeta’s position in the region.
As part of the partnership, Fitbank will not only become a customer of Marqeta, utilizing its payment processing capabilities, but will also serve as a BIN sponsor for Marqeta’s clients seeking to establish their presence in Brazil.
With this launch, Marqeta’s cutting-edge platform now spans over 40 countries worldwide. Brazil, known as the 10th largest economy globally according to IMF data, offers immense potential as the largest fintech market in Latin America. It serves as a strategic expansion point for Marqeta’s global clientele, and its vibrant ecosystem of local fintech companies seeking to leverage modern payment infrastructure to drive innovation.
Fitbank, renowned for delivering a custom-built, cloud-native banking and credit infrastructure to thousands of customers, holds the distinction of being one of the first modern platforms licensed by the Central Bank and directly integrated with PIX, the Brazilian Real-Time Payments System. As a principal member of Visa, Fitbank has plans for future network expansion. Marqeta, in turn, will provide Fitbank with its advanced technology platform, supporting local card issuance and card payment processing in Brazil. Additionally, Fitbank will harness the power of Marqeta’s Real-Time Decisioning engine to enhance its fraud management capabilities. Fitbank’s role extends to serving as Marqeta’s local BIN sponsor and banking-as-a-service provider in the region.
“We’re thrilled to be announcing our launch in Brazil to bring the Marqeta platform to one of the most exciting fintech markets in the world,” said Todd Pollak, Chief Revenue Officer at Marqeta. “Our new partnership with Fitbank puts us on great footing in Brazil. The two companies have great DNA fit. Fitbank is a tech forward, innovative platform, interested in building innovative payment solutions.”
“We’ve followed Marqeta’s growth and global expansion for some time now, and given we’re also expanding globally there couldn’t be a more natural card issuing partner for Fitbank in Brazil,” said Otávio Farah, co-founder and CEO at Fitbank. “Through our partnership, I believe we can enable global companies and local innovators to bring amazing payment products to market, amplifying the strengths of each of our companies.”
—————————————————————————————————
About Innovation Streets:
Welcome to InnovationStreets.com! Get the latest insights from the finance and technology industries. Discover industry updates on Fintech Innovations, Regulatory Developments, Industry Insights, Events, and Banks/Insurance partnerships with fintechs. A platform for C-level executives to submit Thought Leadership content for their peers. Subscribe for updates!
