American fintech firm Marqeta has announced its foray into the European card issuance industry. The firm offers an open-API platform with infrastructure required for businesses to issue payment cards.

Marqeta has set up an office in London, UK in collaboration with Visa. Goldman Sachs Group also backs the fintech.

Marqeta lands to disrupt European card market

Marqeta head of European growth Ian Johnson said: “We’re excited to partner with the many innovative companies in Europe which are building better consumer and business experiences – and to enable their success.”

Visa senior vice-president of strategic partnerships Bill Gajda said: “The UK and Europe are seeing an explosion of payments innovators right now. They are making flexibility and speed to market more important than ever before.

“Visa’s partnership with Marqeta enables them to offer entrepreneurs of any size a fast, easy way to become an issuer, giving consumers throughout Europe exciting new ways to pay.”

Marqeta card issuance platform can be used by digital banking companies to offer instant issuance for their customers. Online travel agencies can also leverage the solution to control payment authorisation decisions and for better visibility into transactions.

Besides, expense management companies can configure purchase cards, control expenses and obtain real-time visibility and data on employee transactions.

Retailers will be able to instantly pay multiple suppliers using Marqeta card issuance platform. Furthermore, small business and consumer lenders can provide end users with immediate access to funds.