Visa and Marqeta Form Global Partnership to Drive New Commercial and Consumer Payments Experiences
July 26 2017 - 7:30AM
Business Wire
Visa Makes Strategic Investment in Marqeta to
Support Key Growth Initiatives
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.
About Visa
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.
About Marqeta
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170726005359/en/
Media RelationsVisaKryssa Guntrum,
415-805-4488kguntrum@visa.comorBite Communications for MarqetaErin
Freeley, 646-246-1962Marqeta@biteglobal.com
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