Marqeta is partnering with London-based credit card provider Tymit.

The global card issuer’s open API platform will underpin Tymit’s processing function, which will enable instantly issued virtual cards, as well as bespoke spending limits.

Mobile-enabled Tymit said it aims to position itself as a fairer credit card that allows users to opt for buy now, pay later instalments or access traditional credit if desired.

According to the app-based company, Tymit does not have minimum payments, instead allowing customers the ability to create bespoke repayment plans, with interest paid on purchases rather than across the entire balance.

Marqeta is already supporting a number of new credit businesses, including UK-based SME digital lender Capital on Tap and Czech payments app, Twisto.

“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. 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,” said Martin Magnone, Tymit founder.“The result is a credit card product that will change the way consumers borrow, bringing a sense of responsibility and fairness to the experience of using finance on a day-to-day basis.”

Ian Johnson, managing director of Europe at Marqeta, said: “Tymit is proving that credit cards don’t have to follow a predetermined approach. With the right digital tools and innovative mindset, it’s possible to deliver an exciting new credit experience that helps consumers acquire the products and services they need whilst managing spending in a way that suits different budgets.

He added: “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.”

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