Uber has taken another step into the FinTech space by entering into a card-issuing partnership with Marqeta.
Uber has previously made forays in to the FinTech industry by launching Uber Money, an umbrella term for a series of financial services it offers its drivers, in October 2019. Those initiatives include a debit card, an e-wallet and a credit card.
The new partnership with Marqeta will see the global card-issuing company support the growth of Uber Eats. It will also serve as Uber’s card issuing partner for future projects.
Uber Eats is now live with Marqeta in the United States and the ride-hailing company also has plans of an European expansion on the horizon.
“A rapid digital transformation is upending everything from how we eat, to how we navigate our cities,” said Jennifer Vescio, global head of business development at Uber. “As Uber looks to build out a global ecosystem that our users can rely on in all facets of their lives, it was clear we needed a sophisticated card issuing and payments processing partner to reach our true potential.
“From our earliest conversations with Marqeta we could see that its modern card issuing platform would be a crucial building block for Uber in executing the future. Their single global platform aligns perfectly with Uber’s global scale, and their team is the strongest we’ve seen in the industry.”
Jason Gardner, founder and CEO of Marqeta, added, “Marqeta’s card issuing platform was designed to meet the needs of product-led innovators and disruptors who would never be satisfied with out-of-the-box, legacy solutions. Uber is one of the most innovative companies of the last decade and has a track record of creating magical payment experiences. We’re excited to set out with them on a new global partnership.”
Uber is just one of the big tech companies in the world to have entered the FinTech space over the past couple of years. Apple, Facebook Alibaba, Amazon and Google have all introduced different financial services over the years.
The tech titans entering this space has raised concerns in some part so the industry that they would damage competition in the sector.
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