Marqeta, a card issuing platform, has secured an additional capital of $150m from an undisclosed institutional investor for accelerating its product development and global growth.
The latest financing has taken the valuation of the California-based payment processing company to $4.3bn.
According to the company, its card issuing platform enables businesses to develop, iterate, and launch the commercial-scale payment solutions that they need in a quick time.
The Marqeta platform is said to help in creating physical, virtual, and tokenised payment cards while offering flexibility for single or multi-use debit and also credit cards. Its open API is claimed to provide the control, scale, and insight needed by developers to build their payment experience while erasing the complexity of legacy issuer processors.
Marqeta CEO comments on bagging the new investment
Marqeta founder and CEO Jason Gardner said: “Marqeta continues to move forward from strength to strength in 2020 as our global modern card issuing platform provides essential infrastructure and support to our customers across industries and oceans.
“We’re building a single global platform to define and power the future of money for the world’s leading innovators. This new capital helps us accelerate our mission to empower builders to bring the most innovative products to market, wherever they are in the world.”
Established in 2010, the company is said to have supported Square, Uber, Instacart, Affirm, DoorDash, and other innovators with the required infrastructure and tools for developing highly configurable payment solutions. The company claims that over 140 million cards were issued through its card issuing platform by the end of last year.
The US fintech firm also operates across Canada, Europe, and Australia and is certified to process payments in 10 Asia-Pacific nations.
Around the same time last year, the company secured $260m equity financing. The funding round at that time was led by Coatue with participation also coming from Vitruvian Partners and others.
Marqeta is also backed by Visa, 83North, Goldman Sachs, Granite Ventures, and ICONIQ Capital.
83North partner Arnon Dinur said: “83North has a decade long history with Marqeta, and we’ve had the pleasure of watching the company target and disrupt a massive global card issuing market that has been starved of innovation for years.
“Jason and the team have done an exceptional job scaling their business and platform in the U.S. and expanding its international footprint across Europe and Asia-Pacific.”
