APRIL 4, 2022
13 min read
With today’s Neobanks and Challenger banks boom, suddenly everyone realised that cards are manufactured somewhere, and that it’s an important part of the business process. Second to your application, your card is your company’s face, so it should be as qualitative and beautiful as your business in the eyes of your clients. And, of course, it shouldn’t cost you too much.
Consequently, trying to meet the demand, many innovative fintech companies are developing a modern payment infrastructure and issuing cards. Among them — card issuing providers with an API technology.
What are their advantages?
- Accessibility. For instance, virtual cards enable clients to handle their cards remotely and make transactions no matter where they are.
- Security. It’s most likely that you’ve been authorising your transactions by only one means — a pin or a signature. But the solutions fintech companies offer today are much more advanced. You can verify your identity by setting certain customised criteria like merchant ID, transaction amount, location, facial recognition, etc.
It stands to reason that nowadays Marqeta has become one of the best representatives of modern fintech organisations. What does Marqeta do? It simplifies payments for businesses and supports card programmes in Europe, the US, Canada, and Asia. Why have they become leaders in the realm of digital transactions? And what are their competitors you can choose to successfully automate your company’s payment processes?
What Is Marqeta?
Marqeta is a modernised card issuing platform with a wide range of online services enabling clients to generate tailored and leading-edge payment cards. Here are the main facts about the company:
- Founded in 2010 by Jason Gardner;
- Headquartered in Oakland, CA;
- Over 320 million Marqeta cards issued;
- Running in the US, Canada, UK, EU, APAC (36 countries in total);
- 500+ employees;
- Partnerships with Visa, Mastercard, and Discover.
And what are the reasons so many clients choose it? Below you may find the key pillars the company is based on.
- Simplicity. Because of open APIs and developer SDKs, Marqeta customers can obtain personalised cards or payment products double-quickly. No need to wait for months. The program enables customers to build the solutions that meet their exact needs really fast.
- Trust. The company has proved its reliability by delivering 99.99% uptime for the world’s fastest-growing companies, so their track record is truly impressive. This all is possible due to built-in redundancy, disaster recovery, and failover that were specifically developed for the platform.
- Customised approach. There are customisable solutions for expense management, E-marketplaces, on-demand services, digital banking, disbursements, and many more. Users can be in control of their card programmes, limit expenses, and handle fraud.
To summarise, if you choose Marqeta, you get a big team of payment innovation specialists dedicated to their digitally savvy customers. However, there are other payment processing companies proving competence and reliability to their clients for years now. And we will help you to learn more about them.
When choosing a partner to deliver financial solutions for your company, there are few criteria to meet. Let’s break it all down for you.
What to Keep in Mind When Choosing Marqeta Alternatives.
When looking for a reliable company to help you better manage and control your expenses, check if it meets all the requirements first. Here are the primary points to consider:
- User rating. One of the best ways to check if the service is good is to see what its clients think of it. Read reviews, collect the information, and ask experts for a recommendation.
- Affordability. Don’t pay more where you can pay less! The choice is huge, so look for alternatives that are more cost-effective. Take time to compare prices and research the market.
- Functionality. Consider what exactly you expect to get and study thoroughly a company’s offers. All of the above is unimportant if they can’t provide you with quality services your business requires.
- API or SDK. If you’re looking for a quick and effective launch, choose a service with an open API or SDK, because it simplifies the integration process and saves you time and money.
- Pricing. To get the best solution for your money, you have to compare, not only upfront company offers, but also search for the hidden fees. Because as your business grows, these hidden fees will snowball, and something that felt small and insignificant at the start could cost you a pretty penny.
10 Marqeta Competitors Providing Best Financial Digital Services
One of the fintech companies below can be a great match for your needs. So let’s get started.
Synapse FinTech is an innovative fintech company that offers a wide range of banking platforms and solutions that allow you to launch your digital bank in mere months. Their solutions include: card issuing, landings and credits, payments processing, domestic and international money transfers, ACH Payments, wealth management, crypto currency account creation and other crypto services, early payroll access, bill payments, check issuing, and a lot more. They also provide a special line of services for neobanking, such as: daily interest accrual for end-users, remote deposit capture, and FBO sub-accounts.
Also, SynapseFI has several platforms with open APIs, including deposit hub, credit hub, and crypto hup, which can help bring your product to the market in weeks, not months. They include all of the basic solutions that are frequently used together by fintech institutions. Of course, you still have to do some development by yourself, but it can be reduced to the frontend part.
SynapseFI would be perfect for companies who want to find the maximum number of services in one place with one vendor. They also provide open APIs, a sandbox environment, and detailed release notes about their upgrades, which could make preliminary research and comparison of vendors much easier, and, of course, it would simplify the development stage.
And on top of that, they provide their clients with flexible and customizable pricing that reduces as your business grows. Synapse is simpler and more out of the box than Marqeta is today, but potentially at the risk of being less flexible and powerful for brands as they scale.
Galileo is the company that powers most fintech companies, financial institutions, and investment firms in North America, Latin America, Canada, Asia, and Europe. It’s been on the market since 2001, which makes it one of the oldest companies in this niche on the market. They were recently acquired by SoFi (a company that provides a suite of financial products, but while Galileo focuses on B2B, they focus on the B2C sector), which makes them a powerful tandem and allows them to serve multiple verticals across the fintech ecosystem.
Galileo provides a standard range of payment processing solutions such as: card issuing (debit, credit, prepaid, virtual), payments processing, domestic & international money transfers, ACH Payments, overdrafts, retail loans, spending & savings accounts, investment services, etc. They offer open, ultraflexible APIs, but can also provide their clients with simple, ready-to-go end-user interfaces and dashboards for tracking banking analytics.
They also offer APIs for B2B payment services that allow you to accept, manage, and move money between different services.
One of the benefits of Galileo is their preexisting relationships with 20+ issuing banks, so you can select a sponsor who is already used to working with Galileo solutions, or of course, keep your current relationships. The other is AI fraud detection, which, when trained on large amounts of data, can detect previously undetectable fraud patterns.
To summarise, Galileo is one of the oldest players in the industry who, instead of growing old, became wiser and more experienced. If you like to choose a sure thing, then you are on the right path. Galileo services are used by the largest players on the market, like Monzo, Money Lion, Wise, Dave and others.
Fiserv is Fortune 500 company that headquartered in US. It has been on the market since 1984 providing financial technology services and has a series of award winning solution for mobile and online banking, payments, riskmanagement, data analytics and account processing.
It offers wide range of solutions that cover: banking-as-a-service capabilities, instant card issuing and physical branded card issuing, payment processing, wallet-as-a-service, real-time ledger, landing services, digital payments, crypto managenet solutions etc. Fiserv provides their numerous clients with easy to navigate open APIs that were awarded Best in Finance APIs by API World in 2021.
So if you are looking for stable company, wich is tested by time and thousands of clients over US Fiserv is a good choice for you. They can easily support your products rapid scalability, currently they support 12,000+ financial transactions per second, so there is no business that is too large for them. If you are worried about how they keep up with modern times then keep in mind that Fiserv was named #1 fintech provider by 2021 IDC Fintech Rankings and 1 of 3 banks in US is povered by their solutions.
Railsbank has been in the fintech market since 2015 and has raised more than $ 140 million during that time. It offers a global embedded financial experience platform with an ultra simple but powerful API.
Railsbank provides a wide range of embedded finance solutions, such as: card issuing, automated KYC verification, domestic and international money transfers, foreign exchange conversion, credits and loans, digital asset storage, open banking, risk management, etc.
They position their solutions as products for brands who want to build deeper engagement with their customers. And this really is one of their key selling points. They offer pre-built components, UI kits, and guidelines, which can give a powerful speed boost to your development processes. This way, they enable the rapid creation of financial products.
So if you need an extra quick launch with thought-through interfaces, Railsbank is a good place for that. Just keep in mind that, despite its name, Railsbank does not have a banking licence, so you will need to find a different partner to sponsor you.
11:FS offers next generation digital propositions for challengers in the fintech industry. It can provide your business with all core banking capabilities, such as: client account creation, card issuing, digital compliance, card payments, payments processing, deposits, loans, etc.
They offer a variety of approaches to implement their solutions in your business. For example, you can start by using their sandbox, and try and test if their solution fits you. Then decide to use it as a part of your product alongside other fintech vendors, because one of 11:FS’ product advantages is that it is vendor-neutral, so it can be easily connected with any provider.
Also, you can base your product entirely on their functionality because they bring all the necessary components and suppliers together or configure their solution according to your needs. Of course, to use their banking software platform, you must either be a bank or have some level of lending or payments licence and a relationship with a bank.
Their products are already used in 32 countries around the globe. If you’re still wondering about the expertise of 11:FS and what they can do for you, keep in mind that they have been named Consultancy of the Year at the British Banking Awards for the third year running.
SolarisBank is a European fintech company that offers a Banking-as-a-Service platform with a full banking licence. SolarisBank was founded in 2016, but has since amassed €345 million.
It offers not only a standard range of digital banking services like: card issuing, landings and credits, savings accounts, payment processing, international merchant payments, money transfers, overdrafts, wealth management, and crypto services, but also its own KYC platform.
SolarisBank also has modern services like splitpay (pre-fund, post-purchase, e-commerce realtime) and allows not only consumer landings, but also e-commerce landings, landings for self-employed people, and SME landings.
Everything is provided through their open APIs with easy-to-use guidelines.
Of course, the main advantage of SolarisBank is the full German banking licence, which can be used for your product scalability. It could be used in 30 EEA countries, enabling your banking product to expand internationally. And you don’t have to find a separate sponsor and connect it to your chosen vendor. This “unfair advantage” is already used by Penta, Tomorrow Bank and many of Germany’s largest fintech players.
GPS is one of the old fintech players. It has been on the market since 2007 and raised since then $ 458 million. It offers next-generation payment issuing solutions for the world’s leading challengers. GPS was the payments processor behind many of the UK’s early fintech successes, including Revolut, Monzo and Curve.
Through open APIs, GPS offers services such as: virtual card issuing, payment processing, management of credit, debit, and prepaid card transactions, mobile wallet, multi currency cards with flexible rates, security and fraud mitigation (through 3D-secure and dynamic CVV) etc.
They also provide back-office solutions for analysis of your clients' behaviour and transaction history, so you can improve your product accordingly.
GPS also offers their agency banking product with their partner, which allows you to operate as a financial organisation without the need for your own banking licence.
With a wide geographic footprint, GPS is able to offer payment services and work with local partners all around the globe.
BOND is a relatively new enterprise-grade fintech company, founded in 2019. It offers account creation services along with KYC, AML and document verification, instant virtual card issuing with the opportunity to add cards easily to Apple Pay, Google Pay, and Samsung Pay, physical card issuing, deposits and loans, domestic money transfers, custom risk management solutions, etc.
All this is empowered by an open API with supporting documentation (which can be easily accessed through their website). BOND also offers access to a sandbox environment for you to test and evaluate their products and to dashboards and analytics in the event of using their products.
One of the benefits of BOND is that their billing strategy doesn’t involve any percentage of interchange fees; they are all yours and can be used as a clear revenue stream or as benefits for your users. They also offer work through SDK (so you wouldn’t touch your clients' sensitive data if you didn’t want to), and provide their clients with high level security standards (they are SOC2 and PCI-DSS certified).
Tutuka is a fintech company that has been on the market since 1998. It merged in 2021 with another of the world’s leading issuer-processors, Paymentology, whose name they are currently sharing. Together, they form one of the largest global processors and the only processor able to provide a shared or private cloud instance. Their services are similar to Railsbank or Galileo in that they allow you to launch products quickly and effectively.
Combined, they offer a wide range of digital banking services, such as: issuing cards of any type (virtual, physical, numberless, and tokenized) in partnership with Visa, MasterCard and UnionPay; multi-currency payments; multi-cloud solutions; credits and loans; fraud protection, etc.
They also provide a deep data analytics platform that allows you to get valuable insights into your clients' behaviour.
All of their solutions are API based and can be easily checked through open documentation on their website.
One of the advantages of Paymentology is that they have the widest global reach (they are represented in 49 countries and can process payments in almost any country in the world). They also offer a product control service that lets you set very specific rules and then automate highly customised responses, which can simplify a lot of processes and let you save money on stuff.
NIUM is a Singapore-based innovative fintech company that was founded in 2015. It has raised $285 million since then. It offers a classic range of banking services like: card issuing, transaction processing, domestic and international money transfers, spending and savings accounts, etc.
Their services are based on open APIs (which can be easily accessed on their website), but they are also available through their platform that combines all banking-as-a-Service capabilities. Also, through NIUM, multiple payment formats are enabled, including SWIFT, batch upload, SFTP, API, RippleNet, and ISO 20022.
NUIM’s top advantage is that it provides its clients with a range of licences in different countries. So you don’t need to have a bank partner or have your own licence in foreign countries to transfer money abroad. NIUM supports 190+ countries for paying out and can provide you with virtual bank accounts in 35 countries for paying in.
They create virtual bank accounts all over the world, which allows your business to save on FX fees. The company is licensed in the EU, Australia, Canada, Hong Kong, Malaysia, India, and Singapore.
Marqeta Card Issuing or Its Alternatives: What to Choose?
In the end, the choice is yours. It’ll depend on the services you expect to get for your business and your specific needs. Because of the huge variety of offers, the first thing you should do is to specify what kind of help in the matter of financial management you require. Research, compare, and decide.
If you need any assistance regarding fintech, are looking for solutions to simplify financial processes in your firm, or are interested in developing your own financial product, contact the experts from DashDevs and we will help you. We’re here to answer all your questions and give you a high-quality consultation!