Marqeta partners with Klarna & Affirm for BNPL marketplace

Marqeta, in collaboration with Klarna, Affirm, and Branch, has announced a new Buy Now, Pay Later (BNPL) marketplace aimed at expanding consumer access to credit.

The new solution, named Marqeta Flex, is designed to integrate seamlessly into payment apps and digital wallets, allowing consumers to access BNPL options in real time. The service enables users to receive personalised loan offers directly at the point of transaction based on their specific transaction history and preferences.

Branch will be among the first platforms to integrate Marqeta Flex into its app. This integration will offer users instant access to a range of BNPL providers and tailor loan options to individual needs. This development is expected to transition BNPL options from being solely merchant-based to being a standard feature within preferred payment applications.

"Marqeta Flex is about building upon the transformational impact that Buy Now, Pay Later has had over the last decade, and helping consumers access these options intuitively from inside an even greater range of payment experiences," said Simon Khalaf, Marqeta's Chief Executive Officer. "We are excited to partner with industry-leading BNPL players Klarna and Affirm in the space to give consumers more choice in how they pay for every transaction they want to make."

Marqeta's initiative aims to enhance consumer choice by offering tailored credit options and personalising the experience for shoppers. The platform's extensive reach already supports numerous BNPL solutions and looks to broaden this scope further with Marqeta Flex.

Expected benefits of Marqeta Flex include increased consumer guidance towards suitable BNPL options within popular payment apps, expanded distribution opportunities for BNPL offerings, and enhanced payment volumes for issuers by incorporating multiple BNPL solutions into transaction experiences.

Ahmed Siddiqui, Chief Payments Officer at Branch, commented, "We're thrilled to be building this with Marqeta and innovating how BNPL can be applied. We look forward to giving the workers we serve even greater payment access and choice."

The future rollout of Marqeta Flex aims at simplicity and speed for consumers. Upon launch, users will be able to select a Pay Later option in their payment app and receive a suite of tailored BNPL payment plans.

Marqeta makes it possible for companies to build and embed financial services into their branded experience and unlock new ways to grow their business and delight users. The Marqeta platform puts businesses in control of building financial solutions, enabling them to turn real-time data into personalised, optimised solutions for everything from consumer loyalty to capital efficiency.

Branch is the workforce payments platform that helps businesses deliver fast, flexible options for workers to get paid. Whether it's sending earnings to employees or contractors, companies choose Branch because they know that faster payments can help them strengthen worker loyalty, save time and money, and drive business growth.