Sumeria, which debuted last month, aims to serve five million clients by 2027 and will provide users with an online account with 4% interest on cash holdings for the first three months.

Claiming that its technology ensures "security and compliance while issuing tokenized, virtual, and physical cards for Sumeria customers that provide detailed, real-time views into their accounts and transactions," Marqeta first teamed up with Lydia Solutions in 2019 to power its peer-to-peer payments app.

Speaking on the company's current partnership with Marqeta, Lydia's CEO, Cyril Ciche, says the fintech was chosen because the business "needed a partner that could help us scale and launch in new countries to help meet our ambitious goals."

With the goal of enabling customers around the continent to maintain the same bank account if they migrate to another supported nation, Sumeria intends to "expand quickly throughout Europe" going ahead, doing away with the need to create new local bank accounts.

Marqeta's card-issuing solution has been in demand this year since it was founded in 2010. OakNorth, a UK competitor, recruited Marqeta in April to help with the introduction of its commercial card program for small and medium-sized businesses (SMBs).