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Marqeta Inc (NASDAQ: MQ) shares are trading higher after the company, and Amount, announced the first virtual card and loan origination partnership to help banks rapidly enter the buy now, pay later space.
The partnership alleviates the digital tools gap that prevents many banks from entering the BNPL (buy now pay later) space, allowing them to go to market in months with a BNPL offering and virtual card that drives revenue, captures market share and increases loyalty online and in-stores, according to the press release.
"With escalating consumer expectations for simple, digital experiences at every step, banks must compete or continue to lose market share to digital challengers who offer a more flexible way for their customers to pay," said Adam Hughes, CEO of Amount.
"We continue to develop and expand our platform to give banks the agility and tools they need to create high-value interactions at the point-of-sale. As a leader in modern payments and innovation, Marqeta shares our vision and is the ideal partner to bring best-in-class solutions to banks," Hughes stated.
Marqeta has a 52-week high of $32.75 and a 52-week low of $19.78.
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