Deloitte is allying with Marqeta, a banking technology provider in hypergrowth mode, to modernize financial firms’ credit card issuing workflows.

Marqeta operates infrastructure that banks use to issue credit cards to their clients. The California firm’s sales have grown at an unusually quick pace over the past year, suggesting it’s seeing strong uptake among financial institutions.

Deloitte is coming into the picture because, in addition to being a member of the accounting sector’s Big Four, it’s one of the world’s largest IT consultancies. 

Deloitte’s main focus is providing accounting assistance to large companies. But last year, the firm made an estimated $16 billion from selling IT consulting packages and related services through partnerships with tech companies.

“The future of payments is digital modernization, and we are focused on advising our clients on ways to engage in a strategic, regulated and compliant way,” commented Deloitte Consulting principal Zachary Aron. “We believe this alliance with Marqeta will further drive business growth for Deloitte and will help our clients deliver innovative payment experiences to their customers.”

Through their alliance, Marqeta and Accenture will assist banks with the process of adopting Marqeta’s credit card issuing technology. The plan is to draw on Accenture’s IT consulting know-how to streamline the technical aspects of such projects.

An important detail is that Deloitte not only has extensive experience working with banks to implement new technologies, but also a global presence. It maintains more than 50 offices in numerous major metropolitan regions worldwide. 

That’s important for large banks with branches in multiple markets.

Suppose a bank wants to roll out a new credit card issuing product across 10 different subsidiaries in 10 different countries. In such a project, it helps if the consultancy carrying out a project has an office in each of those 10 markets.

Deloitte ticks that box for Marqeta.

The partnership will bring in new revenue for Deloitte in the form of Marqeta product implementation projects. For Marqeta, meanwhile, the partnership also could unlock new deal opportunities: Because it’s such a large market player, Deloitte has client relationships with many major banks that it could use to open new doors for the credit card issuing provider.

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