Card issuing platform Marqeta has agreed to acquire TransactPay, a UK-based Bank Identification Number (BIN) sponsorship provider and licensed electronic money institution (EMI).
Financial terms of the deal were not disclosed.
The acquisition is expected to enhance Marqeta’s card programme management capabilities across the UK and Europe.
Established in 2012, TransactPay holds EMI licences that allow it to issue electronic money and provide payment services in the UK and the EEA.
These services include digital wallets, prepaid cards, online transactions, money transfers and virtual cards.
TransactPay is regulated by the Gibraltar Financial Services Commission and the Malta Financial Services Authority. The company operates in 25 countries, supports 16 currencies and is a principal member of both Mastercard and Visa.
TransactPay CEO Aaron Carpenter said: “Becoming a part of the Marqeta Group will enable us to scale our existing BIN Sponsorship and digital wallet business even further whilst enabling their industry-leading customers to offer card products with digital payment offerings without patching together multiple partners.”
Through the acquisition, Marqeta aims to offer fully integrated card programme management services in the UK and the European Union (EU), reducing the complexity for customers by eliminating the need to engage with multiple partners.
The combined offering will provide customer support and product development, along with strategic banking, network and regulatory relationships to facilitate scalable card programmes in the region.
Marqeta will also assist customers in navigating local regulatory requirements.
Marqeta Europe and UK CEO, senior vice president, and managing director Marcin Glogowski said: “Our all-in-one issuing platform enables our customers to create some of the most exciting and innovative card programs available today, creating new streams of revenue and opportunities to engage with their customers and build lasting loyalty.
“The TransactPay acquisition enables Marqeta to make it even smoother for our customers to grow rapidly while keeping product innovation and compliance at the forefront of their strategy.”
Marqeta’s platform, which is certified to operate in over 40 countries, is said to simplify market entry for companies looking to expand geographically.
It also enables businesses to launch financial solutions quickly, leveraging real-time data to optimise offerings while ensuring compliance and security.
In 2024, Marqeta processed nearly $300bn in payments volume.
For the transaction, Wilson Sonsini Goodrich & Rosati acted as legal counsel to Marqeta.
