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Lydia selects Marqeta to power its new digital banking app Sumeria

Lydia Solutions and Marqeta Partnership Expansion:

  1. Partnership Overview:
    • Lydia Solutions: French fintech behind the Lydia financial services app
    • Marqeta: California-based card issuing platform
    • New Product: Sumeria, a digital banking application
  2. Sumeria Features:
    • Online Account: Offers 4% interest on cash balances for the first three months
    • Customer Goal: Aim to service five million customers by 2027
  3. Marqeta’s Role:
    • Technology: Provides security, compliance, and card issuing for Sumeria (tokenised, virtual, and physical cards)
    • Real-Time Views: Detailed, real-time views into accounts and transactions
  4. Collaboration History:
    • Since 2019: Marqeta has powered Lydia’s peer-to-peer payments app
  5. Future Plans:
    • Expansion: Sumeria aims to expand quickly throughout Europe
    • Account Portability: Users can keep the same bank account when relocating to another supported country
  6. Additional Partnerships:
    • OakNorth: Marqeta facilitated the launch of OakNorth’s SMB commercial card programme in April
  7. Strategic Importance:
    • Scalability: Lydia chose Marqeta for its ability to scale and support new country launches
    • Ambitious Goals: Reflects Lydia’s intent to meet ambitious expansion and service targets

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