Adyen is making its first move into card issuing - Business Insider

Adyen Issuing, its first step into issuing, and a new product that builds onto existing services, including in-store and online processing and gateway functionality.Adyen-issued cards can be virtual or physical and can be used online, in-store, in-app, and in mobile wallets. Clients can customize their cards with their branding and use APIs to manage onboarding and cardholders' experiences.

This move into issuing should pit Adyen against Marqeta, potentially hurting the latter's business. Marqeta, which $260 million in Series E funding earlier this year at a nearly $2 billion valuation, is an open API issuer-processor, and now that Adyen is adding its own issuing business, it should challenge Marqeta for issuing clients.

Given Adyen's established relationships from its other services, it could potentially limit Marqeta's ability to add clients that already use Adyen's other services, and the two may compete head-to-head for customers going forward.Payments & Commerce Pro , Business Insider Intelligence's expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. >>

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