Mastercard has invested in open API card issuing and processing platform Marqeta as part of a wider deal that will see the pair partner in a host of new geographies, beginning with Asia Pacific.
The investment - the size of which was not disclosed - sees Mastercard join rival Visa among Marqeta's backers.
The move also comes on the heels of a $150 million funding round valuing the startup at $4.3 billion, as well as speculation about an imminent IPO.
Mastercard and Marqeta have been working together since 2014, helping fintechs, digital banks and commerce players across North America and Europe bring their card products and programmes to market.
Now, Mastercard will help expedite Marqeta’s international expansion by streamlining its global network certification process, which governs which providers are allowed to process payments internationally through the card giant's network.
"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,” says Jason Gardner, CEO, Marqeta.