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Mastercard taps Marqeta for fast fintech card issuing in Europe

Mastercard taps Marqeta for fast fintech card issuing in Europe

Mastercard is working with US card issuing platform Marqeta to provide a programme for European fintechs to rapidly deploy new applications, with Prague-based payments app Twisto the first beneficiary.

The project plans to provide a streamlined developer-friendly path for Mastercard issuers to build, test and launch digital-first card programmes, providing instant access to a sandbox and fully published API documentation.

Marqeta has built its reputation in the US, giving firms like Square, Doordash, Kabbage and Affirm the tools to quickly develop their card issuing programmes.

In October, Marqeta announced a collaboration with Visa to ease global expansion for multi-national card programmes in 10 Asia Pacific markets.

Visa led a $25 million Series D round for Marqeta in July 2017, and participated in the firm's $250 million Series E in May last year.

Marqeta is already present in Europe, signing French digital bank Morning, Swiss contemporary Yapeal, and Spanish POS lender Aplazame as its first EU customers in April last year.

Twisto is the first EU-based fintech to try out Marqeta with Mastercard, using the platform as a hassle-free way to issue cards and gain access to actionable, real-time transaction data from user spending patterns.

Jason Lane, EVP, market development Europe at Mastercard says: “By partnering with an innovative global payment platform like Marqeta, we can help Mastercard issuers build card products even faster, while also retaining complete control over the end to end process.”

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