Card issuing platform Marqeta has launched a partnership with U.K.-based, entrepreneur-focused digital bank OakNorth. The collaboration will see Marqeta offer a commercial card for OakNorth’s business banking clients, with the Marqeta platform giving these customers a better view of the finances, the companies said in a news release Wednesday (April 24). “Traditional banking products aren’t always a fit for the specific needs of small- and medium-sized businesses, lacking the flexibility that they need in pivotal periods of growth and expecting them to fit into a one-size-fits-all solution,” Todd Pollak, Marqeta’s chief revenue officer, said in the release

When is a loan not a loan?. That is, in one sense, the question at the heart of proposed new federal legislation around earned wage access (EWA) that is coming on the heels of multiple states debating their own regulations in the absence of substantial federal rules around EWA products. EWA, also referred to as early, instant or on-demand pay, is gaining popularity, granting employees access to their earned wages before their regularly scheduled payday. But EWA products, which are not classified as loans and therefore are not subject to state consumer lending and usury laws, have drawn scrutiny for their fees and opacity

Marqeta is expanding its earned wage access program with assistance from financial wellness provider Rain. The card-issuing platform announced its collaboration with Rain Thursday (April 18), with Marqeta powering the Rain Card, a branded debit card that lets employers easily disburse earned wagers onto the cards. “Over 60% of Americans are living paycheck-to-paycheck and seeking ways to take control of their finances,” the companies said in a news release