Marqeta is a card issuer that uses open APIs.
It's valued at $4.3bn following its latest funding round.
The two companies have already worked together for about six years.
The investment comes as part of a wider agreement involving Mastercard and Marqeta partnering across several regions. They aim to help FinTechs bring new payment solutions to market.
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The funding will drive the growth of its consumer lending platform, CashNow, and improve its Ultra app ecosystem
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