Marqeta Announces Customers Highlighting Innovative New Payments Use Cases in Retail

Marqeta (NASDAQ: MQ), the global modern card issuing platform enabling some of the world’s most innovative embedded finance solutions, today announced two customers that serve retailers, Extend and Financeit, demonstrating how Marqeta’s platform helps drive customer loyalty and deliver an impeccable experience for consumers.

The retail sector has seen a continued shift towards e-commerce, accelerated by the pandemic, resulting in retailers investing heavily in their website functionality and online customer experience. Providing intuitive payments and modern lending experiences is a critical component of this shift to digital, and companies can leverage Marqeta’s platform to equip their customers with more innovative payments capabilities to help them differentiate from competitors.

Extend, a leader in technology-enabled product protection, partners with Marqeta to deliver product replacements via a virtual card, issued right after a claim is approved. The solution covers products lost, damaged or stolen during shipment or a product that was accidentally damaged or stopped working.

"Our virtual card solution with Marqeta has allowed us to completely automate issue resolution with our merchants and their consumers,” said Rohan Shah, Co-Founder and Chief Revenue Officer, Extend. “Now, when consumers come to our chat bot Kaley to file a claim, they can expect a virtual card issued instantly for the replacement cost of the original product. Even better, this card is sent to their inbox in a matter of minutes once approved. Our technology enables us to process 98% of customer claims within 90 seconds and our merchants love it because we send the customer back to their website to re-purchase their products."

Financeit partners with Marqeta to provide point-of-sale financing for the home improvement sector in Canada. Financeit empowers the retailer to offer customers financing for various home improvement projects up to $50,000. Through this partnership, Financeit is able to leverage our cutting-edge platform to provide a flexible, mobile-friendly solution to boost sales for the retailer and deliver a premium experience for customers that are looking to finance large projects.

“It is a top priority for us to always deliver the best experience to our customers, and so, we are constantly looking for innovative solutions to make the financing process more efficient, flexible and easy-to-navigate,” says Lee Zwaigen, Chief Technology Officer, Financeit. “We are excited to continue leveraging Marqeta’s platform, as we continue to improve our customer experience and differentiate ourselves from competitors.”