Visa Inc. and Marqeta, the Pay Award-winning open API payment card issuing platform, on July 26 announced a multiyear, global partnership to “drive further innovations in commercial and consumer payments.”
What’s more, Visa has made a strategic investment in Marqeta to support the company’s domestic and international growth.
Initially, the partnership will involve expanding opportunities for virtual, physical and tokenized payments across a number of commercial markets and use cases, the companies said. Although the amount of Visa’s investment wasn’t released, Marqeta raised $25 million in new capital to expand.
Marqeta’s platform and patent-pending Just-In-Time (“JIT”) Funding feature enables companies to authorize their own card transactions. Developers on Marqeta’s platform can sign up for a sandbox in under a minute and then use card controls and configurations to get a fully funded card program to market in a matter of days, according to the announcement.
This flexibility and speed to market are two reasons the 2017 Pay Awards judges named Marqeta the Best B2B Problem Solver.
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