Marqeta takes over Square Credit Card on AmEx network

Marqeta has begun processing the Square Credit Card on the American Express Network for Block, bringing Square's debit, prepaid and credit card programmes onto a single issuer processor.

The move expands a relationship that began in 2019 with the launch of Square Card, a business debit card for small business owners using Square's seller services.

Under the new set-up, Marqeta will handle the Square Credit Card alongside Block's existing debit and prepaid card programmes. Block said the consolidation is intended to reduce operational complexity and make it easier to introduce new credit features for sellers using Square's banking products.

A key part of the migration is the transfer of existing Square Credit Card accounts and card credentials to Marqeta's platform. Its portfolio migration tools allow those accounts to move without interrupting the experience for current cardholders, according to Marqeta.

The Square Credit Card is designed for business customers on Square's platform and offers access to a credit line linked to business volume. It sits alongside Square's debit offering for sellers, reflecting demand among smaller businesses for a mix of payment tools as their financing needs change.

Research cited by Marqeta suggests many small and medium-sized businesses are actively managing which payment methods they use. Its 2026 State of Credit report found that 96% of surveyed SMBs are intentional about payment method choice for a given transaction, while 34% have switched between credit products as their businesses evolved and 64% want a clearer route from entry-level to more advanced credit products.

Broader push

The Block agreement also adds to Marqeta's push to expand its card-issuing business beyond debit and into commercial credit. The company said its credit platform includes card issuance, transaction processing, underwriting, rewards management, risk controls and disputes through a single integration.

Marqeta also said it supports programme management functions including bank and network partnerships, compliance reporting, customer service and collections. By bringing those services together, it is seeking to win larger clients that want fewer vendors across card issuing and servicing.

Adding the American Express Network to this Square programme broadens the mix of networks supported across Marqeta's client base. That matters as card issuers and fintech groups increasingly look to combine different card products under one technology provider while preserving existing customer relationships.

For Block, the change means its Square seller card products now sit more closely together operationally. That could make it easier to change product features or add new functions across debit and credit with less fragmentation in the back-end infrastructure.

Andrea Raj, Head of Product for Square Banking at Block, said continuity of service during the transition was central to the project.

"Square sellers depend on both credit and debit to run their businesses, and consolidating those programmes onto Marqeta's platform means we can move faster and safer on the products they need," Raj said. "Migrating our existing cardholders without any disruption to their experience was critical, and Marqeta delivered. This is a reflection of the strong partnership we've built together over the years."

Issuer competition

The development comes as competition among card-issuing and payments infrastructure providers shifts towards winning larger, more established programmes rather than only serving start-ups. Established financial platforms are reviewing whether to run separate debit, prepaid and credit products across multiple processors or consolidate them to simplify operations.

That has increased the importance of migration tools, because card portfolios with live accounts can be difficult to move without affecting customers. The ability to shift those accounts while keeping cardholders active is often a deciding factor in processor selection for mature programmes.

Marqeta said it processed nearly USD 400 billion in annual payments volume in 2025 and is certified to operate in more than 40 countries. While the company built much of its profile in modern card issuing for fintech clients, the Block agreement underlines its effort to deepen relationships with larger partners across a wider range of products.

Todd Pollak, Chief Revenue Officer at Marqeta, described the deal as part of a deeper commercial relationship.

"Block is one of our deepest and most expansive partnerships, and the work we're doing together goes well beyond any single programme," Pollak said. "This launch is a strong example of what that partnership enables, bringing Square's full card portfolio onto one platform so they can build and iterate on credit products for small businesses faster than ever before."