Visa Makes Strategic Investment in Marqeta to Support Key Growth
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
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,
View source version on businesswire.com: http://www.businesswire.com/news/home/20170726005359/en/
Source: Visa Inc.
Kryssa Guntrum, 415-805-4488
Communications for Marqeta
Erin Freeley, 646-246-1962