Ian Johnson, Head of European Growth at Marqeta

California-based card issuing platform, Marqeta announced a partnership with CashFlows, a payment solutions provider. The announcement was made on the last day the Money20/20 Europe event held Amsterdam. The partnership is meant to further Marqeta’s capabilities for its growing roster of European fintech customer by making use of CashFlow’s Bank Information Number (BIN) sponsorship service.

Founded in 2010 in Cambridge, CashFlows’ expertise in the European Union’s regulatory and compliance assists companies wanting to launch in the European payment card market by helping them accept payments and facilitate transactions. This service is only topped by the company’s ability to provide BIN sponsorship services through its e-money license and direct membership in the Mastercard and Visa card schemes.

The Marqeta platform helps customers build, test and continuously refine new features in a developer sandbox, allowing them to build unique payment solutions that integrate with existing systems and software. It supports instantly issued virtual cards and offers advanced spend controls to engage users and grow card use, key functionality that will now be supported in partnership with CashFlows.

“Since we launched in the market at the end of 2018, we’ve seen a tremendous amount of energy and enthusiasm for our European Digital Banking solutions and real demand for a truly modern payments platform,” said Ian Johnson, Head of European Growth at Marqeta. “To be able to pair the new payment possibilities opened up by the Marqeta platform, with a BIN sponsor like CashFlows who knows what it takes to develop, launch and scale payment programs quickly in a rapidly evolving payments landscape, is going to make us even stronger.”

Jonathan Bennett, Chief Commercial Officer, CashFlows said, “Scheme membership is a complicated, time-consuming and expensive process for fintechs that can otherwise focus their energy on honing the proposition and launch strategy. CashFlows brings inside-out knowledge of the process to speed things up and put power back in the hands of program owners. Marqeta is coming from a similar place – changing the rules in the market for the better, making it simpler and easier to get to market – and we’re excited to be working together.”

Recently,  Marqeta announced that it has raised $260 million in a Series E funding round led by an investment firm, Coatue Management.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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