Today In Digital-First Banking: Goldman Sachs Taps Marqeta To Fuel Marcus Checking; X1 Card Notches $12 Million In Funding
In today’s top digital-first banking news, Goldman Sachs has selected FinTech startup Marqeta to power digital checking accounts for Marcus, while California credit card startup X1 notched $12 million in a funding round headed up by Spark Capital. Plus, the Federal Reserve’s Beige Book report noted that the U.S. economy had moderate gains in the pandemic year of 2020.
Goldman Sachs has chosen FinTech upstart Marqeta to fuel online checking accounts for Marcus. The addition of online checking grows the Marcus consumer collection of digital-first banking offerings such as personal loans, certificates of deposit and high-yield savings. The new digital checking accounts are anticipated to make their debut for consumers later in the year. California’s Marqeta is a card-issuing platform that provides the technology and tools for developing and running payment solutions.
X1, the California credit card upstart, landed $12 million in a Spark Capital-led funding round. X1’s tangible cards are made with 17 grams of stainless steel in addition to laser etching technology. Moreover, cardholders can make virtual cards to use once. Deepak Rao, the co-founder and chief executive of X1, said in a press release that the firm has garnered a positive response to the card’s introduction, with nearly 300,000 users joining the waitlist. The startup describes the product as the “smartest credit card ever built.”
The Federal Reserve’s Beige Book report noted on Wednesday (Jan. 13) that the American economy registered moderate gains in the pandemic year of 2020, after wrapping up one of the most dismal economic fallouts of all time. The report, which is released eight times a year, is a gathering of anecdotal information on present economic conditions from every Federal Reserve Bank. The newest report illustrates the effect of the pandemic by region and sector as the infection rate increased.