Mastercard and Marqeta expand their global partnership
With the adoption of digital payments on the rise, established card giants have turned to non-traditional payments companies to maintain their market presence in every geographical region possible.
With Mastercard already in a worldwide partnership with TransferWise, it has extended another strategic partnership with Marqeta, a California-based non-bank card issuing platform. They have announced an expansion into new geographies, open access to new products and launch additional card programs together.
Earlier this year, Marqeta became a European-certified processor with Mastercard. Under this new extension, Mastercard has also made a financial investment into Marqeta, however, the investment amount was not disclosed in the press release.
The two companies since 2014 have been working together to help fintechs, digital banks and commerce disruptors across North America and Europe bring innovative card products and programs to market, the press release noted.
Starting with the Asia Pacific, the two companies will expand their collaboration into multiple new geographies. Mastercard will help Marqeta to expand internationally by “streamlining its global network certification process, which governs which providers are allowed to process payments internationally through the Mastercard network”.
The two companies also plan to collaborate to open access to Mastercard products for Marqeta customers and partners on future products which will have an emphasis on expanding and launching more card programs together. Marqeta will also participate in Mastercard’s digital enablement programs, like Digital First and Fintech Express, to help accelerate time to market for newer startups.
FT Partners served as the exclusive strategic and financial advisor to Marqeta and its board of directors in the financial investment transaction.