Marqeta, the global modern card issuing platform, today announced it has powered the launch of Square Card in Canada to help small business owners better manage their finances and cash flow. With the Marqeta modern card issuing platform, Square was able to scale its existing U.S. card program and expand it into the Canadian market, making it available for Square sellers of all types and sizes across the country.
Small businesses in particular have felt the pain of the ongoing pandemic, and managing cash flow is one of the top reasons why small businesses ultimately fail1. In 2019, Marqeta and Square first introduced Square Card, an expense card for small business owners that allows them to access their earnings immediately and without additional fees, so they can reinvest it into the business to keep it running smoothly. When a Square seller processes a sale, the income immediately lands in their Square Balance and can be accessed instantly with their Square Card. Before Square Card, Canadian sellers had to wait for the next business day for their money to reach an external bank account.