Card issuing platform Marqeta (NASDAQ:MQ) today announced it is working with retail bank Klarna to power its new Klarna Card. The Klarna Card will bring the company’s popular “Pay in 4” service to a physical Visa card, empowering consumers to pay over time in four equal, interest-free payments for any in-store or online purchase.
The Klarna Card is now available to US consumers, and comes amid Klarna’s rapid growth in the US, which continues to be Klarna’s fastest-growing key market by volume. Klarna began using Marqeta’s modern card issuing platform in the United States in 2018, to power virtual cards across multiple product offerings.
“Our US customer base is growing rapidly and we’ve seen tremendous demand for our new Klarna Card offering. By working with Marqeta, we were able to quickly launch a brand new card program with seamless flexibility and controls,” said David Sykes, Chief Commercial Officer at Klarna. “By expanding our partnership with Marqeta, we’re leveraging their payments expertise to provide our customers with an unmatched user experience that will ultimately help our business grow.”
Marqeta’s API-first card issuing and processing platform is built for differentiation and speed, enabling customers like Klarna to instantly onboard accounts, issue physical and virtual cards, and push to digital wallets so users can start spending immediately upon credit approval. The Klarna Card will provide US consumers with a transparent, bi-weekly repayment schedule, making it easy for consumers to keep track of their payments.
“Marqeta’s continued partnership with Klarna is a testament to all the payment experiences that our modern card issuing platform can enable,” said Jason Gardner, Founder and CEO of Marqeta. “We’re proud to offer a flexible, scalable card platform that can meet the demands of such a rapidly-growing and innovative company like Klarna.”
This announcement comes on the heels of Marqeta and Klarna expanding their partnership into 13 new European markets in December 2021. Klarna uses Marqeta’s innovative Just-in-Time Funding feature to give it control over the full transaction flow, as well as Marqeta’s robust, flexible technology and suite of more than 300 open APIs to power customizable product experiences and support Klarna’s rapid global scale.
Marqeta already enables the creation of one-time cards in the popular Klarna App. As a physical extension of the Klarna App, the Klarna Card will offer shoppers the same control, convenience and flexibility when making purchases in physical stores that they get when using Klarna’s popular Pay in 4 solution at a retailer’s checkout or in the Klarna App.