Marqeta Announces New Credit Customer Internet Travel Solutions (ITS), Building Momentum for Key New Product
Marqeta (MQ) partners with Internet Travel Solutions (ITS) to launch a customizable Travel & Expense credit card platform for mid-sized businesses. With the rebound of business travel post-pandemic and the increasing demand for digital services, Marqeta's credit card solutions aim to streamline expenses and enhance operational efficiency for corporate clients.
The partnership between Internet Travel Solutions (ITS) and Marqeta represents a strategic move within the financial technology and corporate travel sectors. ITS's decision to use Marqeta's credit card platform for its travel and expense solution is likely to cater to the increasing demand for digital and flexible financial tools in a business environment that is rapidly recovering from the pandemic's impact. As business travel expenditure in the US is projected to reach $237 billion by 2024, the collaboration could position both companies to capture a significant market share in the T&E space, particularly among mid-sized businesses. The emphasis on customizable credit card solutions could provide ITS with a competitive edge, attracting corporate clients seeking tailored expense management systems.
The integration of Marqeta's technology into ITS's offerings is expected to enhance operational efficiency for clients by providing real-time transaction data and spend controls. This could lead to improved financial management for businesses and potentially influence the broader market by setting new standards for corporate credit solutions. The ability for ITS to scale its products over time with Marqeta's support may also indicate potential for long-term growth and innovation in the sector.
Marqeta's announcement of its partnership with ITS could have positive implications for Marqeta's financial performance, as reflected in its NASDAQ listing (MQ). The move into the T&E credit space with a scalable solution tailored for mid-sized businesses could open up new revenue streams for Marqeta. The focus on a sector that is expected to rebound to near pre-pandemic levels by 2024 suggests that Marqeta is strategically positioning itself to benefit from the market's recovery.
Investors should monitor the uptake of the new T&E credit solution by ITS's corporate customers, as successful adoption could lead to increased transaction volumes and, consequently, higher processing fees for Marqeta. The long-term growth potential hinges on the scalability and flexibility of Marqeta's credit card platform, which, if successful, may lead to further partnerships and expansion into new markets.
The collaboration between ITS and Marqeta highlights the growing trend of embedded finance, where financial services are seamlessly integrated into non-financial businesses. Marqeta's modern tech stack and program management capabilities are crucial in providing ITS with the infrastructure required to issue credit cards that are highly configurable and integrated into the digital experience. This could be indicative of a larger shift in the industry towards more agile and customer-centric financial solutions.
The technical aspects of real-time card issuing and live transaction data offer businesses a level of control and insight that was previously difficult to achieve. For Marqeta, the success of this partnership could serve as a case study demonstrating the robustness and adaptability of its platform. The ability to provide a unified experience across different business functions and roles could set a new benchmark for what corporate clients expect from their financial service providers.
02/13/2024 - 07:00 AM
Internet Travel Solutions chose Marqeta’s unified credit card platform to launch a scalable, embedded Travel & Expense credit solution for corporate customers
OAKLAND, Calif. --(BUSINESS WIRE)--
Marqeta (NASDAQ: MQ), the global modern card issuing platform enabling some of the world’s most innovative embedded finance solutions, today announced its new customer, Internet Travel Solutions (ITS), a leading provider of travel management software that will utilize Marqeta’s comprehensive credit card platform to launch a multi-use travel and expense (T&E) commercial credit card for the mid-sized business market.
Business travel in the US is rebounding to pre-pandemic levels, with $237 billion dollars90% of the total in 2019. With this recent growth and the profound shift to digital services during the pandemic, businesses seek flexible expense management tools that match their evolving needs. ITS has strategically partnered with Marqeta to build customizable credit card solutions that help businesses streamline expenses, access capital and boost operational efficiency. Marqeta’s credit card platform gives ITS control over the customer experience, supported by a unified, modern tech stack and program management capabilities, enabling them to develop credit solutions tailored to individual business needs.
"ITS is redefining how we manage corporate travel expenses, and with Marqeta’s highly configurable credit card platform, we can go beyond conventional offerings to meet the specific needs of our corporate clients,” said Rick Kumpf, CEO of ITS. “Building our T&E credit card on Marqeta’s platform gives us access to a full suite of credit card capabilities and the flexibility and control to develop, launch, and scale branded credit solutions that seamlessly integrate into our digital experience.”
ITS is an industry leader and innovator in travel and expense management. Its corporate card program solutions, EasyCard, aim to enable businesses to fulfill the diverse payment service needs of their employees, spanning across all roles and functions. With Marqeta, ITS has access to real-time card issuing, live transaction data, and spend controls that allow them to create dynamic credit card offerings and rewards. Additionally, Marqeta allows ITS the flexibility and extensibility to launch on a payments platform that can support and grow their products as they expand over time.
“As corporate travel ramps up, it will be critical for businesses to have access to individualized credit solutions that remove friction for users and simplify expense management capabilities,” said Todd Pollak, Chief Revenue Officer, Marqeta. “Marqeta is proud to partner with ITS, a pioneer in travel technology, delivering on our promise to provide dynamic and embedded credit experiences that transform customer loyalty and establish lasting relationships.”
About Marqeta (NASDAQ: MQ)
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards and embedded finance offerings. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is certified to operate in more than 40 countries globally. For more information, visit www.marqeta.com , Twitter and LinkedIn .
About Internet Travel Solutions (ITS)
EasyCard, powered by ITS, is a modern business payment and credit card solution, designed for companies seeking integrated controls and enhanced user experiences for their employees and contractors. Seamlessly integrated with ITS products, EasyCard flows between corporate travel and expense tracking to provide a single, unified experience. The payment solution verification prompt eliminates the need for expense reports, and provides transaction tracking, categorization, and travel-to-spend automated reconciliation. EasyCard drives traveler compliance through an innovative cardholder rewards program, as well. Headquartered in Dallas, Texas , ITS is a global leader in business travel services and technology that serves diverse sectors including corporate travel, events and meetings, crew and cargo, and energy management. For more information, visit ITS.com or EasyCard.com . Connect with us on LinkedIn , Facebook , Twitter and Instagram .
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to changing consumer preferences; increasing consumer adoption of certain digital payment methods, products, and solutions; which payment, banking, and financial services products and solutions may succeed; technological and market trends; Marqeta’s business; Marqeta’s products and services; and statements made by Marqeta’s senior leadership. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: any factors creating issues with changes in domestic and international business, market, financial, political and legal conditions; and those risks and uncertainties included in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K, as may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov http://investors.marqeta.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240213637415/en/
Media:
Robinson
jrobinson@marqeta.com
ITS Media:
marketing@its.com
Source: Marqeta
What is Marqeta's ticker symbol?
Marqeta's ticker symbol is MQ.
Who is Marqeta's new customer in this press release?
Marqeta's new customer in this press release is Internet Travel Solutions (ITS).
What type of credit card solution is Marqeta launching with ITS?
Marqeta is launching a multi-use Travel & Expense (T&E) commercial credit card for the mid-sized business market with ITS.
What is the expected business travel spend in the US in 2024?
The expected business travel spend in the US in 2024 is $237 billion, almost 90% of the total in 2019.
How does Marqeta's credit card platform benefit ITS?
Marqeta's credit card platform gives ITS control over the customer experience, enabling them to develop customizable credit solutions tailored to individual business needs.
