PAYMENTS, FINTECH
Marqeta | January 31, 2023
On January 30, 2023, Marqeta, the world's leading modern card issuing platform, announced that it reached an agreement to acquire Power Finance, Inc. ('Power'), a provider of software for managing credit card programs. The transaction is anticipated to close in the first quarter of 2023, subject to the fulfillment of customary closing conditions.
Simon Khalaf, the newly-appointed CEO at Marqeta, expressed, "We're thrilled to welcome the Power team and product to Marqeta. We already see considerable demand for differentiated credit products from companies looking to innovate in this space who are held back by the constraints of legacy technology." He added, "We thoroughly examined possible acquisitions to more quickly establish Marqeta's leadership in the modern credit space. It became clear to us that Power would strengthen Marqeta's platform with a best-in-class tech stack for credit card program management."
(Source – Business Wire)
Meanwhile, Randy Fernando, CEO of Power Finance, will now oversee the product management of Marqeta's credit card platform as part of this deal.
The merging of Marqeta and Power platforms will enable the former's customers to create customized credit solutions that meet the changing needs of consumers and businesses. Both organizations were founded on these product ideas to meet developers' current and scalable needs. This arrangement allows Marqeta customers to introduce many credit products and structures, including Power's data science toolbox and Marqeta's rewards innovations. The company intends to swiftly improve its credit offering after acquiring Power.
Randy Fernando, Co-Founder and CEO at Power Finance, stated, "Companies like ours were made possible because of the path Marqeta blazed in modern card issuing, demonstrating the possibilities in payments with flexible and modern payment infrastructure." He added, "At Power, we built a full-stack, cloud-native credit card issuance platform, and by becoming a part of Marqeta we have the ability now to bring this innovation to a much larger market at global scale."
(Source – Business Wire)
Subject to customary adjustments, the purchase price comprises $223 million in cash, of which about one-third is due over two years, subject to certain conditions, while $52 million is subject to a 12-month milestone.
About Marqeta
With the first open API platform, Marqeta makes issuing cards and processing payments lightning-fast and efficient. The company's platform was designed to facilitate a novel payment experience across a wide range of apps and services that are used regularly. Currently, it employs more than 800 people in the United States, the United Kingdom, Europe, Canada, and Asia-Pacific. Its products are used by industry leaders in digital banking, lending, e-commerce, on-demand services, and more. The company has broad agreements with banks and card networks like Visa, Mastercard, and Discover.
Read More
CORE BANKING, FINTECH
Pacific Service Credit Union and Lumin Digital | January 20, 2023
On January 19, 2023, Lumin Digital announced that it established a multi-year agreement with Pacific Service Credit Union (Pacific Service CU) in California to promote an improved online banking experience for the latter's almost 70,000 members and assets worth over $1 billion.
Lumin's cloud-based online and mobile digital banking platform, set to launch in October, will provide better safety, security features, and seamless digital integration. This would help Pacific Service CU develop tailored experiences by providing personalized suggestions such as spending insights, financial guidance, savings goals, and fraud warnings.
Michelle Shelor, Chief Operating Officer of Pacific Service Credit Union, stated, "At Pacific Service CU, we've built a strong reputation for providing world-class products and services for our members." Michelle continued, "Our partnership with Lumin Digital will greatly improve the user experience and back-end processes. We are excited to bring this new technology to our members."
(Source – Cision PR Newswire)
Lisa Daniels, Lumin Digital's Chief Delivery Officer, indicated that Pacific Service CU's members would benefit from the cooperation. In a recent digital-banking analysis from The Financial Brand, U.S. financial leaders foresee four themes for 2023, all of which are Lumin's focus - digital transformation, boosting data and analytics, streamlining the customer journey, and extending digital product and payment capabilities.
"Addressing these critical areas hasn't always led to predictable outcomes for financial institutions in the past," Lisa Daniels said. "Lumin's thoughtful approach, experienced implementation teams, and innovative technology stack simplify this process greatly - providing Pacific Service CU with the confidence, security, and engagement they deserve from their digital partner," she concluded.
(Source – Cision PR Newswire)
About Lumin Digital
Lumin Digital, a majority-owned subsidiary of a PSCU, provides a cloud-native platform that redefines digital banking for financial institutions. The platform offers a complete and modern integrated suite of capabilities based on the industry's most sophisticated technology and best practices. In addition, through a patented engagement model that enables highly focused, actionable, and distinctive digital interactions, organizations will be able to create excellent user experiences across platforms, enabling more personalized journeys and connected relationships.
About Pacific Service Credit Union
Pacific Service Credit Union, headquartered in Concord (California), is a full-service financial institution. The company, recognized as a Bay Area Top Workplace from 2019 to 2022, has a talented, cohesive leadership team with an average of over 11 years of service. Meanwhile, San Francisco Business Times has also recognized its corporate generosity over the years, placing it in an elite group of businesses that give away more than 2% of its annual profits.
Read More
PAYMENTS, FINTECH
Volante Technologies | January 19, 2023
Volante Technologies, one of the world's leading providers of cloud payments and financial messaging solutions to promote digital transformation, has been named Best Wholesale Payment Solutions Provider at the Global Brands Awards 2022.
In addition to supporting today's most complex payment operations at scale, Volante's real-time, multi-rail, ISO 20022-fluent payments-as-a-service (PaaS) boasts superior security and minimal risk. Volante's PaaS is built on cloud-native microservices architecture, which lowers the total cost of ownership by 40%, makes it easier to create services with added value, allows API-based innovation on top of real-time processing, and speeds up onboarding by 60%.
A growing number of industries recognize the benefits of PaaS. Clients can connect to new global markets and services in record time using Volante's solutions. The company's extensive pool of services makes it possible for customers to integrate quickly.
Vijay Oddiraju, CEO, Volante Technologies, expressed, "This award provides yet further recognition of Volante's hard-won status as a global leader in payments and a provider of cloud-native solutions that power entire economies. In 2023, we will continue to expand our product set, delivering innovative solutions to our clients so that they have the flexibility to adapt and the freedom to evolve and innovate at record speed."
(Source-PR Newswire)
About Volante Technologies
Volante Technologies is a global pioneer in digital transformation, cloud payments, and financial messaging solutions. The firm is trusted by over 100 banks, financial institutions, market infrastructures, clearing houses, and corporate treasuries in almost 35 countries. Its technology is used by four of the top five corporate banks, 40% of commercial bank deposits in the United States, and 70% of global card transactions.
Read More