Mastercard certifies Marqeta to speed digital card issuance

Register now

Marqeta has been certified as a European card processor with Mastercard to help digital banks issue cards more quickly, signing Twisto as the first customer of the collaboration.

The recent certification of Marqeta’s card issuing and processing platform means that Mastercard’s European customers will have the opportunity to leverage the Marqeta platform, which has made significant inroads in the U.S. payments landscape, signing customers such as Square, Instacart, Doordash and Affirm.

Marqeta offers an open API to developers, along with instant access to a sandbox to more easily build and test payment innovations. The Czech-based mobile payments app Twisto has signed on as the first European customer to utilize Marqeta’s card processing platform with Mastercard.

“By partnering with an innovative global payment platform like Marqeta, we can help Mastercard issuers build card products even faster, while also retaining complete control over the end to end process,” said Jason Lane, executive vice president of market development Europe at Mastercard in a press release.

The Mastercard certification follows on the heels of Marqeta launching its European digital banking platform last April and signing its first three customers: Aplazame, Morning and Yapeal.

Oakland, Calif.-based Marqeta has raised over $378 million in funding to support development of its payments and card issuance platform. Last year, it closed on its Series E round which raised $260 million giving it a $1.7 billion valuation according to Crunchbase, a website that tracks investments in private companies. Visa was an investor in the Series E round, as well as an earlier investor in 2017 during Marqeta’s Series D round.

Twisto was launched in 2013 in the Czech Republic, with its most recent expansions in Poland and Romania. Twisto has been used by more than 600,000 customers allowing them to aggregate their bills into a single monthly statement to pay at once or over time. Twisto customers can snap photos of their bills to pay them and can use the app to make online and in-store purchases with a card or NFC-enabled payment bracelet.

Twisto’s expansion in Poland has been met with over 70,000 new sign-ups and over 20,000 new cards ordered in the first 30 days of launch.

Last May, Dutch bank holding company ING Group and its venture capital arm, ING Ventures, joined three other VC groups to fund a €14 million (about US$ 15.75 million) Series B investment round for Twisto.

For reprint and licensing requests for this article, click here.
Network rules Payment processing Digital payments Europe Mastercard
MORE FROM PAYMENTSSOURCE