By Sam Boughedda
Investing.com — Shares of card issuing platform Marqeta Inc (NASDAQ:MQ) made strong gains Monday afternoon following news that it is partnering with Branch, a workforce payments platform, and Uber Freight.
Marqeta shares have gained over 12% on the news, climbing to around the $28.66 level.
The company said the partnership will see the them work together to bring faster, more reliable payments and carrier-first financial services to the logistics and transportation industries.
"Uber Freight is a leader in the transportation industry and their deep knowledge of logistics makes them a fantastic partner to bring our modern card issuing and Branch's accelerated payments to a new market," said Renata Caine, SVP of International, Strategy and Planning, at Marqeta.
Uber Freight is a logistics platform created using Uber's technology. It feels the partnership will allow them to build out their suite of carrier first tools. Using Marqeta's card issuing platform and Branch's digital wallet, Uber Freight said it will be able to pay carriers significantly faster than the industry standard, at no additional cost.
The current payment process takes around 30 days or more. However, through the partnership, carriers on Uber Freight can get paid two hours after approved proof of delivery.
"This partnership allows us to continue building our suite of carrier-first tools and offer the small carriers on our platform — the mom and pop shops and new authority carriers just starting their businesses — the opportunity to take advantage of lightning-fast payments, fuel discounts, and other benefits typically reserved for larger carriers," said the Head of Uber Freight, Lior Ron.