Marqeta announced it is powering the new digital banking application Sumeria, launched recently by French payments leader Lydia Solutions (the company behind the Lydia app). Sumeria has unveiled new digital banking capabilities including a remunerated current account, and plans to expand quickly throughout Europe, 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 First Quarter 2023 to First Quarter 2024. Marqeta began partnering with Lydia Solutions in 2019 to power its peer-to-peer payments app, and has helped it scale to serve 8 million users throughout France, Belgium, Spain and Portugal. Sumeria aims to simplify banking with its easily accessible app designed to mimic the ease of use and intuitiveness of beloved consumer brands. Marqeta?s platform enables these dynamic capabilities, ensuring security and compliance while issuing tokenized, virtual and physical cards for Sumeria customers that provide detailed, real-time views into their accounts and transactions. 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 ?100 million 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 1.5 million citizens migrate from one EU member country to another on an annual basis. Sumeria will help these citizens simplify their moves.