Yokoy collaborates with Marqeta to launch Visa business debit card

In the race to attract customers, spend management platforms are increasingly offering commercial cards. The reduced expenses related to processing and reduction in manual work has prompted many card networks to integrate virtual cards with spend management and ERP systems.

This week, German-based spend management platform, Yokoy has announced a partnership with non-bank card issuer Marqeta to develop a Visa debit card. The company previously partnered with Mastercard. Both initiatives would integrate payment transactions into a spend management solution for businesses which operate across Europe.

Yokoy’s spend management works as an integrated platform that connects the card to spend management software and existing enterprise resource planning systems. The Yoyoy Visa Business Card would be available in both physical and virtual products and it would be offered worldwide with no card fees, card account fees, transaction fees or foreign currency surcharges when used within the EU, according to the company.

This year, Airbase and Silicon Valley Bank teamed up on a spend management platform while Carahsoft and Coupa collaborated for spend management solutions.

The company also notes that the ‘classic payment card in the B2B sector, which is typically offered in isolation, is increasingly seen as an outdated solution’ and that it needs integration of corporate cards into clients’ ecosystems.

Commercial Payments International reached out to the company and asked about the interchange fees charged by Visa on merchants and businesses but as of publishing this, the company did not respond.

As noted by the press release, the debit card is powered by the card-issuing platform Marqeta. Marqeta is a non-bank card issuing platform based in California that creates customized payment cards and is supported by open APIs.

“From freelancers to large corporations, businesses of all sizes are now realizing the capabilities of modern payment card platforms, which allow companies to manage spending and expenses much more efficiently with real-time functionality”, said Ian Johnson, SVP/Managing Director Marqeta (Europe).