Card issuing platform Marqeta is teaming with cloud-based software provider Bill.com to create new virtual commercial card products for Bill.com’s financial institution (FI) customers, according to a Wednesday (Oct. 27) press release.
Marqeta provides advanced framework and tools for creating configurable payment solutions. By joining forces with Marqeta, Bill.com will expand its card payment capabilities while meeting its goal of digitizing payments and simplifying accounts payable workflows for FI customers, according to the announcement.
“Bill.com is addressing a huge gap in the market helping small and midsize businesses access much needed payment innovation,” said Jason Gardner, Marqeta founder and CEO. “Our mission at Marqeta is to provide technology solutions to empower innovators to change the world, which we see Bill.com embodying closely.”
Wednesday’s Marqeta and Bill.com partnership announcement follows last week’s news that Marqeta had launched cryptocurrency products for Coinbase, Shakepay and Bakkt, according to PYMNTS.
As part of the undertaking, Marqeta had enabled crypto to be spent at the point of sale. Marqeta’s instant issuance systems allows for the immediate deployment of cards into digital wallets. The company said several customers have used its offerings recently to create new products that let customers accrue or spend cryptocurrency at the point of sale.
Related: Marqeta Offers Card Solutions for Crypto Leaders
In another partnership, Marqeta announced last month that it would provide FinTech company Figure with technology to enable users of the Figure Pay product to opt for buy now, pay later (BNPL) financing, according to PYMNTS. Figure Pay, which is available in 26 U.S. states and will eventually be available nationwide, includes a built-in BNPL option that consumers can choose when making purchases.
See also: Marqeta, Figure Team on BNPL POS Solution
Bill.com, too, is seeing growth in its services. The company processed $41.7 billion in total payment volume in the fourth quarter — an uptick of 64% year-over-year, according to PYMNTS. Bill.com processed 8.2 million transactions in the fourth quarter, a 46% surge as compared to last year. The full fiscal year resulted in 29.2 million transactions processed, a 22% increase.
Read more: Bill.com Processes $41.7B in Payment Volume as Network Grows
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