Marqeta Teams Up with Square to Launch Innovative Credit Card Product

June 19, 2024
Marqeta, a global leader in modern card issuing, has announced a strategic partnership with Square, Inc. to support the launch of Square’s newest credit card offering. This collaboration aims to leverage Marqeta’s advanced card issuing platform to power Square’s credit card, integrating it seamlessly with Square’s existing suite of financial services.

Driving Innovation in Credit Solutions

The new credit card, set to launch later this year, will feature dynamic credit management capabilities, instant issuance, and real-time spend controls, tailored to meet the needs of small and medium-sized enterprises (SMEs). The partnership highlights both companies’ commitment to providing businesses with the tools necessary for financial growth and flexibility.

Marqeta’s state-of-the-art platform will enable Square to offer unique features, such as customizable spending limits and detailed transaction insights, all managed through Square’s intuitive dashboard. This integration promises a seamless user experience, allowing businesses to manage their credit directly alongside other Square services like payments, invoicing, and payroll.

“We’re thrilled to partner with Square on this innovative credit card offering,” said Jason Gardner, CEO of Marqeta. “Our technology is designed to provide the flexibility and efficiency needed to support Square’s vision of empowering businesses. This collaboration represents a significant step forward in delivering modern credit solutions that are as dynamic as the businesses that use them.”

Empowering Business Growth

Square, known for revolutionizing payment solutions for SMEs, views this partnership as an essential component of its strategy to expand financial services for its customers. The new credit card is expected to offer competitive interest rates, transparent fee structures, and rewards tailored to business spending patterns.

“This partnership with Marqeta allows us to enhance our financial services ecosystem with a credit product that meets the evolving needs of our business customers,” said Jack Dorsey, CEO of Square. “We’re committed to providing our customers with powerful tools that simplify their financial management and support their growth. Marqeta’s innovative platform is instrumental in making our new credit card a reality.”

Seamless Integration and Real-Time Controls

The integration of Marqeta’s technology will enable real-time data synchronization, ensuring that users have immediate access to their transaction details and credit balances. Additionally, the card will support digital wallet integration, allowing businesses to use their Square credit card for online and mobile payments right from the moment of issuance.

Marqeta’s APIs will provide the infrastructure for instant card issuance, which means businesses can receive and use their new credit cards immediately upon approval. The real-time controls and analytics offered by Marqeta will allow business owners to track and manage their expenses more effectively, providing a level of financial transparency that is crucial for sound financial planning and decision-making.

Enhancing Financial Inclusion

This partnership underscores a mutual commitment to enhancing financial inclusion and accessibility for SMEs. By providing a streamlined, user-friendly credit solution, Square and Marqeta aim to help businesses overcome traditional financial barriers, thereby supporting their expansion and success in a competitive market.

Looking Ahead

The Square credit card, powered by Marqeta, is anticipated to roll out in Q4 2024. As businesses increasingly look for integrated financial solutions that offer more than just basic credit, this partnership is poised to set a new standard in the fintech industry, merging cutting-edge technology with comprehensive financial services.

Both Marqeta and Square have expressed optimism about the future impact of their collaboration, envisioning a product that not only meets the immediate needs of businesses but also evolves with them as they grow and scale.

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