“Can a paycheck-linked marketplace and credit card become the default financial product for the 1-in-3 Americans with a credit score below 620?”
Founded in 2016 as a paycheck-linked e-commerce marketplace that let underbanked consumers (those with sub-620 credit scores) shop top brands and repay automatically through payroll direct deposit — with no interest or fees. Over time, Perpay expanded into credit building and launched the Perpay Credit Card, issued by Celtic Bank, to give members a revolving credit product linked to their paycheck. In 2025, Perpay migrated its card issuing infrastructure to Marqeta's modern credit platform to scale its embedded credit card offering, deepening its positioning as a full financial health stack for the paycheck-to-paycheck consumer.
Perpay discloses Celtic Bank (sponsor bank) as its banking provider, with Celtic Bank as its sponsor bank, according to the Embedded Finance Index 2026.
Perpay does not disclose a bank charter of its own; its banking services are provided through Celtic Bank.
Perpay's cards are issued through Marqeta.
Perpay's payroll is powered by Pinwheel.
The Embedded Finance Index 2026 maps 6 layers in Perpay's stack: Banking / BaaS (Celtic Bank (sponsor bank)); Card issuing (Marqeta); Lending (Perpay Marketplace — paycheck-linked installment purchasing (up to $1,000 initial spending limit, no interest or fees) and Perpay Credit Card — unsecured revolving credit with automatic paycheck repayment); Payroll (Pinwheel); Unified APIs (Pinwheel); Sponsor bank (Celtic Bank).
Perpay is founded in 2016 and headquartered in Philadelphia, Pennsylvania, United States.
Perpay has raised $2.5M in total.
Get a read on where your own stack stands against Perpay and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.