Modern Card Issuing Leader Marqeta Valued at $4.3B in Latest Round
- Investment , Payments
- 28.05.2020 07:45 am
Marqeta, the global modern card issuing platform, announced today that it has raised an additional $150 million in new capital from a leading institutional investor, valuing the company at $4.3 billion. This latest financing comes on the heels of Marqeta’s previously announced $260 million equity financing in May 2019, which was led by Coatue and included participation from Vitruvian Partners and several others. Marqeta is also backed by Visa, Goldman Sachs, 83North, Granite Ventures, and ICONIQ Capital.
“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,” said Jason Gardner, founder and CEO of Marqeta. “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.”
The global modern card issuing market is a multi-trillion dollar industry and is growing steadily. New commerce disruptors, tech giants, and digital banks are now relying on physical, virtual, and tokenized card products for a range of use cases. With market-leading innovations like Just-in-Time Funding and Instant Issuance, Marqeta’s platform has helped to re-architect what is possible for enterprises issuing cards at scale.
Arnon Dinur, Partner at 83North, one of Marqeta’s early backers, 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. The company has grown into a true force.”
“The transformative possibilities of modern card issuing are more commonplace than ever for the everyday consumer in 2020. Marqeta has a deep commitment to powering the innovators driving these shifts in the market and is well-positioned to support the current surge in demand for digital payments following COVID-19 lockdowns,” added Gardner. “We see Marqeta becoming an indispensable part of the global payments infrastructure, and we’re in a solid position to realize that vision for our company.”
Founded in 2010, Marqeta is the first global modern card issuing platform and supports the world’s fastest-growing innovators at scale, including Square, Uber, Affirm, Instacart, and DoorDash, by providing the most advanced infrastructure and tools for building highly configurable payment solutions. With its open API, the Marqeta platform is designed for businesses that want a simple and tailored way of managing payment programs so that they can create world-class experiences and power new modes of commerce. It operates in the United States, Canada, Europe, and Australia and is certified to process payments in 10 countries in APAC. By the end of 2019, more than 140 million cards had been issued through the Marqeta platform and the company was named to the 2020 Forbes Fintech 50. It has over 425 employees and is headquartered in Oakland, California, where it was named a 2020 Best Tech Startup by the Tech Tribune.
Financial Technology Partners (FT Partners) served as exclusive financial advisor to Marqeta in this transaction.