Visa invests in card issuing outfit Marqeta
26 July 2017 | 10771 views | 0
Visa has made a strategic investment in Marqeta as part of a wider multi-year global partnership with the open API card issuing and processing platform.
The investment sees Visa lead a $25 million Series D round for Marqeta which is also joined by Commerce Ventures, 83 North, Granite Ventures, IA Capital, CommerzVentures and CreditEase.
The partnership will see Visa and Marqeta work on "growing opportunities for virtual, physical and tokenized payments across a number of commercial markets".
Marqeta says that its platform and patent-pending Just-In-Time Funding feature allows companies of all sizes to authorise their own card transactions, fundamentally changing how they engage with issuing and processing.
Developers on Marqeta’s platform can sign up for a sandbox in under a minute and then leverage a set of card controls and configurations to get a fully funded card programme to market in a matter of days.
Founded in 2010, the company has signed up some big name clients in a variety of fast-moving fintech fields, including Square, Affirm, DoorDash and Kabbage.
Jim McCarthy, EVP, innovation and strategic partnerships, Visa, says: "We are always looking for partnerships and investments that allow us to evaluate innovative, new ways to support our clients’ needs, and increasingly see open, developer-friendly platforms as a way to help clients move quickly in today's fast-paced environment."