The California-based FinTech, whose open API platform enables companies like Square, DoorDash and Instacart to issue credit and debit cards and process payments, announced Thursday (Oct. 8) that Mastercard will “make a financial investment” as the two companies look “deepen their global partnership.”
The amount of the investment was not disclosed.
However, the card issuing platform said the infusion of cash will help it speed up its international expansion, in particular by “streamlining its global network certification process.”
That certification, in turn, is crucial since it determines which providers can process payments through Mastercard’s network, the two companies noted in a press release on their expanded partnership.
“With a shared vision to provide innovative and flexible financial products and solutions to our customers, we’re thrilled to expand our partnership with Marqeta,” said Sherri Haymond, executive vice president, digital partnerships at Mastercard. “We look forward to collaborating with Marqeta through this next stage of growth and enabling our joint partners to tap into capabilities that deliver differentiated experiences.”
The investment deal marks a new chapter in Marqeta’s relationship with Mastercard, with the two companies having worked together since 2014 in Europe and North America helping FinTechs launch new cards and products, such as the Square Card.
On the heels of Mastercard’s investment, the two companies plan to expand their relationship globally, starting in the Asia Pacific region.
Specifically, the two companies plan to “open access to Mastercard products for Marqeta customers,” as well as team up on new products, “with an emphasis on expanding and launching more card programs together,” the companies said in the press release.
“Mastercard’s investment in Marqeta is a significant validation of the power of modern card issuing and the strength of our technology, and their global presence and expertise makes them an invaluable partner,” said Marqeta Founder and CEO Jason Gardner said in the announcement.