Visa and Marqeta, the open API payment card issuing platform, have formed a multiyear, global partnership to “drive further innovations in commercial and consumer payments”, reports Paybefore, Banking Technology‘s sister publication.

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 tokenised 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 authorise 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 programme to market in a matter of days, according to the announcement.

This deal follows recent Visa investments in ChainKlarna, Square and Stripe to name a few.

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