Marqeta, which offers a card issuing platform, and Mastercard plan to expand into new regions and launch additional card programs together. Their expansion plan will begin in the Asia Pacific.
Marqeta and Mastercard have been already cooperating to help fintechs, digital banks and commerce disruptors across North America and Europe bring innovative card products and programs to market.
Marqeta is a card issuer that uses open APIs and providing cards to companies like Square, DoorDash and Instacart. Marqeta is valued at $4.3bn following its latest funding round. The two companies have already worked together for about six years.
“With a shared vision to provide innovative and flexible financial products and solutions to our customers, we’re thrilled to expand our partnership with Marqeta,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.
“We look forward to collaborating with Marqeta through this next stage of growth and enabling our joint partners to tap into capabilities that deliver differentiated experiences,” he added.
Marqeta will now also participate in Mastercard’s programs, like Digital First and Fintech Express.
“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,” said Marqeta Founder and CEO Jason Gardner said in the announcement.