Visa Makes Strategic Investment in Marqeta to Support Key Growth Initiatives
SAN FRANCISCO & OAKLAND, Calif.--(BUSINESS WIRE)--Jul. 26, 2017-- Visa (NYSE: V) and Marqeta, the open API payment card issuing platform, today announced a multi-year, global partnership to drive further innovations in commercial and consumer payments. Additionally, Visa has made a strategic investment in Marqeta to support Marqeta’s domestic and international growth objectives.
The initial efforts of the partnership will involve growing opportunities for virtual, physical and tokenized payments across a number of commercial markets and use cases that can benefit from Marqeta’s developer-friendly platform.
"We're excited to partner with Marqeta to collectively bring our unique assets and capabilities to more partners and clients globally," said Jim McCarthy, executive vice president, innovation and strategic partnerships, Visa. "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."
The market for electronic payments continues to grow in commercial payables, alternative lending, disbursements, eCommerce, on-demand services and P2P payments. To enable this growth, Marqeta’s platform and patent-pending Just-In-Time (“JIT”) Funding feature allows companies of all sizes to authorize their own card transactions, fundamentally changing how companies engage with card issuing and transaction processing. Developers on Marqeta’s platform can sign up for a sandbox in under a minute and then leverage Marqeta’s modern set of card controls and configurations to get a fully funded card program to market in a matter of days.
“The Marqeta core processing platform is architected from the ground up to be the most modern, flexible and developer friendly platform anywhere in the market today,” said Marqeta CEO, Jason Gardner. “We’re democratizing access to innovation for new issuers and fintech players, and we’re proud to partner with Visa and its broader ecosystem.”
This is the latest partnership and investment for Visa with an emerging innovator within the payments ecosystem. As a global payments technology company, Visa continually evaluates technologies of all kinds – especially those that have the potential to advance digital payments for Visa’s clients and their customers. Recently, Visa has made investments in Chain, Klarna, Square and Stripe, among others.
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.
Marqeta is the first modern card issuing and core processing platform, powering prepaid, debit and credit cards for the world’s top commerce innovators. Marqeta’s advancements represent the first fundamental updates in the past twenty years to card issuing platforms, a $30 trillion addressable market covering all possible cardable spending. Marqeta employs more than 100 people and is headquartered in Oakland, California. For more information, visit Marqeta on our website, Twitter, and LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20170726005359/en/
Source: Visa Inc.
Kryssa Guntrum, 415-805-4488
Bite Communications for Marqeta
Erin Freeley, 646-246-1962