By Anna Irrera
LONDON (Reuters) – Mastercard Inc has made a strategic investment in fintech firm Marqeta Inc and extended an existing partnership with the card issuing start-up, the companies said on Thursday.
Mastercard and Marqeta will work together to expand into new markets, build new products and launch new card programs, they said.
The size of the investment was not disclosed.
“As Marqeta’s global ambitions continue to grow we saw an opportunity to strengthen the partnership,” Omri Dahan, Marqeta’s chief revenue officer, said in an interview. He added that Marqeta had not been in need of a cash injection.
The Oakland, California-based company has developed a platform that it says makes payment card issuing and processing simpler and more efficient for businesses. Its backers include Goldman Sachs Group Inc and Visa Inc.