Mastercard has invested in open API card issuing and processing firm, Marqeta in a move that is part of a wider deal that will see both companies collaborate to take their services to several new geographies, starting with Asia Pacific.
While the size of the investment is undisclosed, the incestment sees Mastercard join its fiercest rival, Visa among Marqeta's partners.
As per reports, Mastercard and Marqeta have been working together since 2014, supporting fintechs, digital banks and commerce players across North America and Europe bring their card products and programmes to the market.
Via this investment, Mastercard will catalyze Marqeta’s international expansion by streamlining its global network certification process, which governs which providers are allowed to process payments internationally through the card giant's network.
"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,” says Jason Gardner, CEO, Marqeta.
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