EXCLUSIVE -Payment card issuing platform Marqeta will be launched in Canada next month and Europe in 2018, Marqeta’s CEO, Jason Gardner told Bank Innovation.

Based in Oakland, Calif., Marqeta uses open API technology to process payment cards, virtual cards and mobile authorization products. Its platform allows developers to issue digital cards, load and lock them, as well as check balances and approve transactions in real time.

The technology is based on an open API issuer processor platform, built from the ground up with no legacy infrastructure.

Since its founding in 2010, the company has grown to a business of 150 employees and a plethora of high profile customers. Some of them are Square, Affirm, Kabbage, DoorDash, and Instacart, to name a few.

The focus of their customer base is mainly companies with a digital payments platform.

Now, Marqeta has big plans to grow, not just geographically, but also regarding its patent pending Just-In-Time or JIT technology, Gardner said.

In fact, the company announced a partnership with Visa early this year. As a part of this partnership, Visa will work Marqeta to enable innovations and expansion, particularly in commercial and consumer payments in lending space.

Gardner explains that with JIT, Marqeta customers can authorize transactions made using their cards.

“This allows them to scale their transactions,” Gardner said. “It also changes the way companies interact with card issuing and transaction processing.”

Right now, most of Marqeta customers opt for the JIT feature, which is why the company is investing to upgrade the feature with additional tools and capabilities, Gardner said.

Stay tuned….