American digital bank Varo has entered into a five-year issuer processor agreement with Marqeta.
Founded in 2015 by former Wells Fargo executive Colin Walsh, Varo made history in 2020 as the first U.S. consumer fintech company to receive a national bank charter, allowing it to provide a comprehensive range of FDIC-insured services.
With over five million cards currently in circulation, Varo chose to partner with Marqeta for its innovative combination of virtual, tokenized, and physical card-issuing technology, which offers quicker time-to-market.
Additionally, Marqeta’s platform will enable Varo to introduce digital wallet tokenization for its cardholders with Apple and Google Wallets.
Walsh stated, “This partnership with Marqeta allows us to leverage advanced card issuing technology, providing our customers with improved capabilities to view and manage their transactions seamlessly.”