Card-issuing platform Marqeta has partnered with Square to launch the Square Card in Canada, a way for business owners to access their funds without delay, according to a press release.
Marqeta will contribute its card network connections, compliance knowledge and risk management efforts to the collaboration. Square Card customers typically have instant access to their funds after a sale.
“Our platform helps companies build innovative card programs that scale globally rapidly, and the Square Card expansion into Canada is a testament to Marqeta’s commitment to helping its customers grow and scale,” Vidya Peters, chief operating officer at Marqeta, said in a press release. “We’re proud to power the latest iteration of Square’s global expansion with this announcement.”
Through this partnership, Square will be able to leverage Marqeta's modern card-issuing platform to expand its U.S. card program to the Canadian market.
“Our partnership with Marqeta has enabled us to build a highly successful card program with the ability to scale as we grow and expand into new markets,” Christina Riechers, head of product, Square Banking Team, said in the press release. “Businesses should be able to access their money as soon as they make a sale, and we’re proud to bring that experience to sellers across Canada.”
Marqeta and Square initially collaborated to launch the Square Card system in 2019.
Headquartered in Oakland, Calif., Marqeta is certified to operate in 36 countries globally.