Marqeta announces expansion into Brazil with Fitbank partnership

By Delisha Fernandes

Marqeta, a global card issuing platform, announced its expansion into Brazil. The company has partnered with Latin American banking-as-a-service platform Fitbank and network certification with Visa

As part of Marqeta’s partnership with Fitbank, the company will be a Marqeta customer, using it as a payment processor, and serve as a BIN sponsor for Marqeta’s customers looking to launch in the region.

“We have followed Marqeta’s growth and global expansion for some time now, and given we are also expanding globally, there couldn’t be a more natural card issuing partner for Fitbank in Brazil,” said Otávio Farah, co-founder and CEO at Fitbank. “Through our partnership, I believe we can enable global companies and local innovators to bring amazing payment products to market, amplifying the strengths of each of our companies.”

Fitbank provides a custom-built, cloud-native, complete banking and credit infrastructure to thousands of customers and is one of the modern platforms licensed by the Central Bank and directly integrated with PIX, the Brazilian Real-Time Payments system.

They are currently a principal member of Visa with plans for network expansion. Marqeta will serve as Fitbank’s tech platform to support Brazil’s local card issuance and payment processing. It will also use Marqeta’s Real-Time Decisioning engine to boost its fraud management capabilities. Fitbank will also serve as Marqeta’s local BIN sponsor and banking service provider.

“We are thrilled to be announcing our launch in Brazil to bring the Marqeta platform to one of the most exciting FinTech markets in the world,” said Todd Pollak, Chief Revenue Officer at Marqeta. “Our new partnership with Fitbank puts us on a great footing in Brazil. The two companies have great DNA fit. Fitbank is a tech-forward platform interested in building innovative payment solutions.”