By Oliver Smith on Tuesday 26 January 2021
A new tech provider for the challenger credit card.
Challenger credit card Tymit has switched to tech provider Marqeta for its card issuing and payment processing, the fintech announced today.
The move appears to be hinting at future international expansion, with Marqeta selected in part for its ability to “seamlessly launch in new territories in a fraction of the time”.
As a reminder, Tymit launched in 2019 with its credit card that lets shoppers split purchases into three, six, 12 or 24 equal monthly instalments, with interest only charged on purchases over three months.
The partnership is essential as Tymit is among the few challenger credit cards in Europe—a sub-sector that lags far behind digital banking where players like Monzo, Revolut and N26 have colossal traction.
Challenger credit cards in Europe have been dealt several setbacks, with Tandem pulling its offering and Jaja Finance customers hit with technical difficulties following its acquisition of the Bank of Ireland’s UK credit card portfolio.
“The Marqeta platform has been fundamental in terms of supporting our vision to deliver a new type of credit card that puts consumers in control of their spending and borrowing,” said Tymit CEO and founder Martin Magnone.
“Not only has the technology given our developers the tools to create the product we envisaged, but the Marqeta team are experts in their fields and took an open-minded and helpful approach throughout the build, test and launch process.”
Marqeta supports several other European fintechs in the credit space, including SME lender Capital on Tap and Czech payments app Twisto.
“This partnership is an exciting milestone for Marqeta in Europe, demonstrating yet again that our modern card issuing and payment processing platform has the resilience and flexibility to support a wide range of card programme propositions,” said Ian Johnson, Marqeta’s managing director of Europe.