Sam Boughedda

Investing.com — Shares Card issuing Platform Marqeta Inc (NASDAQ:) made strong gains Monday afternoon following news that it is partnering with Branch, a workforce payments platform, and Uber Freight.

Marqeta shares gained more than 12 percent on the news. They are now at $28.66.

According to the company, the new partnership will allow them to work together in order to provide faster and more reliable payment options and carrier-first financial solutions to the transportation and logistics industries.

Renata Cline, SVP International Strategy and Planning, Marqeta, said that Uber Freight is an industry leader and their vast knowledge in logistics make them a great partner.

Uber Freight, a platform for logistics that uses Uber technology is called Uber Freight. The partnership is expected to allow Uber and its partners to further develop their collection of first-to-market tools. Uber Freight used Marqeta’s platform for issuing cards and Branch’s digital wallet to claim it would be able pay carriers much faster than industry standards, without additional costs. 

The current payment processing takes about 30 days. Uber Freight partners can receive payment within two hours of receiving 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.