Marqeta expands partnership with Lydia to power new European digital bank Sumeria

Digital Reinvention
05/06/2024 News

Marqeta, a leading modern card issuing platform, is expanding its partnership with Lydia Solutions to support the launch of Sumeria, a new digital bank in Europe. Since 2019, Marqeta has powered Lydia’s peer-to-peer payments app, serving 8 million users across France, Belgium, Spain, and Portugal.

Digital Reinvention
15/05/2024 Article

Financial Innovation Spotlight: May 2024 edition

Sumeria aims to simplify banking with an intuitive app, offering ease of use akin to popular consumer brands. Marqeta’s platform is key in this transformation, enabling the issuance of tokenized, virtual, and physical cards that provide real-time, detailed account views, while ensuring security and compliance.

“We’re proud to partner with Sumeria to help them create customized banking experiences and expand across Europe,” said Marcin Glogowski, SVP, Managing Director Europe and UK CEO at Marqeta. “Lydia’s unique and user-friendly app will translate well into the banking world with Sumeria.”

Sumeria offers online accounts with 4% interest on cash balances for the first three months, along with stock trading, savings accounts, and loans. The digital bank plans to invest over €100 million and hire 400 people over the next three years. Notably, Sumeria allows users to keep the same bank account when moving between supported European countries, addressing a significant need as over 1.5 million EU citizens migrate annually.

“Traditional banks, despite their digital offerings, fail to deliver the personalized, digital-first experiences customers expect,” said Cyril Chiche, CEO at Lydia. “Marqeta has enabled us to challenge traditional banking norms and create flexible, streamlined experiences. We needed a partner capable of scaling and launching in new countries for Sumeria’s ambitious goals. Marqeta has been an outstanding partner, and we’re excited to continue our collaboration.”

Sumeria is set to redefine digital banking in Europe, simplifying financial management and enhancing user experiences.

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