Card issuer Marqeta has announced its expansion into the consumer credit card market.

The new platform will give companies access to a real-time credit system of record that can adjust account parameters, including rewards, APR, and credit lines.

The company, which already issues prepaid and debit cards, has partnered with U.S.-based digital-first card solution Deserve, which will deliver programme management services via its open API platform.

“Expanding the Marqeta platform to service modern innovators building disruptive new credit products establishes us as a truly comprehensive modern card issuing platform. We’re excited to bring a decade of experience pushing the boundaries of what a card can do, toward helping our customers build truly modern credit card products,” said Jason Gardner, founder and chief executive, Marqeta. “This past year has shown us that the future of digital payments is arriving faster than we could have anticipated, and the demand for seamless and intuitive experiences for any type of payment is not going to slow down.”

Marqeta’s chief of product, Kevin Doerr, said: “Today, any business that wants to launch a credit card usually faces high upfront investment, legacy technology, and little control over their end-user experience. With Marqeta’s APIs and our credit partners, like Deserve, customers can design a customised credit card program that reflects their brand experience and easily iterate with granular controls to impact credit offers, rewards, and other card features, allowing them to respond instantly to changing preferences of their user base.”

Marqeta will also offer programme management services, like underwriting, compliance, and risk management, through a number of partners.

“The credit market is dominated by legacy technologies, high cost of operations, and lack of customization and speed," said Kalpesh Kapadia, Deserve co-founder and chief executive. "Marqeta’s leading card-issuing platform paired with Deserve’s digital card expertise will enable further innovation in the credit industry and provide consumers with superior card experiences."

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