Visa has led a $25 million investment round in open card issuing platform Marqeta, and the two companies will collaborate on consumer and commercial payment projects.
Marqeta develops technology that streamlines card issuance and payment processing, and is increasingly targeting e-commerce companies that authorize and control their own transactions through branded P-to-P transfers, virtual and physical cards. It also uses data analysis to power marketing and security risk management.
Marqeta's Just-In-Time, a feature that is included in Marqeta's core product, enables developers to sign up for a sandbox and use Marqeta's card controls and configuration to produce fully funded card programs in a few days.
Visa opened its own technology toolkit last year and the card brand has been actively investing in new payments technology. It's invested in Square, Stripe and Klarna, and its investment in Marqeta is different in that the other investments target merchant acquiring technology, while Marqeta focuses on card issuance innovation.
"We are always looking for partnerships and investments that allow us to evaluate innovative, new ways to support our clients’ needs, and increasingly see open, developer-friendly platforms as a way to help clients move quickly in today's fast-paced environment," said Jim McCarthy, executive vice president of innovation and strategic partnerships for Visa, in a July 26 release.