Marqeta partners Square for the expansion of the Square Card

Thursday 18 November 2021 14:07 CET | News

US-based fintech Marqeta has enabled software solution provider Square to launch its Square Card offering in Canada, augmenting businesses in managing their cash flow.

In 2019, Marqeta and Square first introduced Square Card, an expense card for small business owners that allows them to access their earnings immediately and without additional fees, so they can reinvest it into the business.

When a Square seller processes a sale, the income immediately lands in their Square Balance and can be accessed instantly with their Square Card. Before Square Card, Canadian sellers had to wait for the next business day for their money to reach an external bank account.

To help navigate this process, Square relied on Marqeta’s integrations with card networks, compliance expertise, and risk management capabilities. Marqeta’s push provisioning functionality made it possible for Square sellers to instantly create a new, tokenised virtual card, eliminating the need to wait for a physical card in the mail to access their funds.

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Keywords: Marqeta, Square, partnership, expansion, virtual card, instant settlement
Categories: Payments & Commerce
Countries: Canada
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Payments & Commerce

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