Card issuer Marqeta has partnered with Square in Canada to support small and medium-sized businesses.
Together they will bring the Square Card to SMEs in Canada.
The card helps small business owners with their financial management and cash flow.
The partnership with Marqeta has enabled Square to scale the card and its functionality in Canada.
What does this mean?
The idea behind the card is to make sure businesses can access their money “as soon as they make a sale” says Square Banking Team’s head of product Christina Riechers. The card should help small business owners access their earnings quickly and without fees. Currently in Canada most SME owners have to wait until the next business day for money to arrive in their account.
The partnership with Marqeta has meant that the programme can scale rapidly across Canada, offering a virtual card and “Just-in-Time" (JIT) funding.