Marqeta expands partnership with Lydia Solutions to power Sumeria

Marqeta announced it is powering the new digital banking application Sumeria, launched recently by French payments company Lydia Solutions. Sumeria has unveiled new digital banking capabilities including a remunerated current account, and plans to expand quickly throughout Europe, thanks to the scale and global reach of Marqeta’s card processing platform. Marqeta’s platform has had great adoption across Europe, and the company announced it saw an 86% jump in European total processing volume from Q1 2023 to Q1 2024. Sumeria will offer an online account with 4% interest on cash balances for the first three months, and also incorporates stock trading, savings accounts and loans. Sumeria plans to invest over EUR 100M into the business and hire 400 people over the next three years. Sumeria plans to enable users in different European countries to keep the same bank account if they move to another country they support, instead of opening a new local bank account in each country. Eurostat estimates that on average, over 1.5M citizens migrate from one EU member country to another on an annual basis. Sumeria will help these citizens simplify their moves.