With this move, Square migrated its Square Credit Card to Marqeta, which already enables Square’s debit and prepaid programs, the companies said in a Monday (Oct. 19) press release.
Square Credit Card is Square’s business credit card for sellers. It is backed by the American Express Network, according to the release.
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“Square sellers depend on both credit and debit to run their businesses, and consolidating those programs onto Marqeta’s platform means we can move faster and safer on the products they need,” Andrea Raj, head of product for Square Banking at Block, Square’s parent company, said in the release. “Migrating our existing cardholders without any disruption to their experience was critical, and Marqeta delivered.”
Marqeta’s portfolio migration capabilities enable the move without disrupting the cardholder experience, according to the release.
The longstanding relationship between Square and Marqeta began in 2019 when they partnered to introduce the Square Card, a business debit card for small business owners that provides access to earnings immediately and without additional fees, per the release.
Marqueta’s commercial credit platform delivers capabilities that include card issuance and transaction processing, underwriting, rewards management, risk controls and disputes. By supporting full program management, the platform reduces the need for multiple vendors and accelerates time to market for customers, according to the release.
“Block is one of our deepest and most expansive partnerships, and the work we’re doing together goes well beyond any single program,” Marqeta Chief Revenue Officer Todd Pollak said in the release. “This launch is a strong example of what that partnership enables, bringing Square’s full card portfolio onto one platform so they can build and iterate on credit products for small businesses faster than ever before.”
PYMNTS reported Aug. 4 that Marqeta’s second quarter earnings call highlighted embedded finance, multinational issuing, stablecoins and commercial payments as the company’s primary strategic growth initiatives.
Meanwhile, Block said during an Aug. 5 earnings call that during the second quarter, Square’s U.S. payment volume grew 10%, its strongest pace since the second quarter of 2023.
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