Marqeta Inc. $(MQ)$ said Wednesday that it has struck a new partnership with Bill.com Holdings Inc. $(BILL.UK)$ through which Marqeta will provide card-issuing technology that can be used by Bill.com's financial-institution partners.
Marqeta's technology will "power new innovative commercial card products for Bill.com's financial institution customers," the company said in a release. Marqeta offers application programming interfaces that make it easier for companies to build out card programs, while Bill.com seeks to help small- and medium-sized businesses automate accounts payable and other business functions.
The partnership will help Bill.com customers "streamline payments and process payments faster," Marqeta Chief Executive Jason Gardner said in a release. Bill.com Chief Executive René Lacerte added that the offering will give clients "enhanced financial operations capabilities, enabling faster and easier payment offerings." Marqeta shares are up 13.3% in morning trading Wednesday, and they've gained 36.8% over the past three months as the S&P 500 has risen 4.0%.
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