Card issuing platform Marqeta raises $260 mn in Series E funding

Jason Gardner, Founder and CEO of Marqeta

Modern card issuing platform, Marqeta, has announced that it has raised $260 million in a Series E funding round led by an investment firm, Coatue Management. This increases the valuation of the company to nearly $2 billion. The round was joined by other investors such as Vitruvian Partners, Spark Capital, Lone Pine Capital and Geodesic including existing Marqeta investors Visa, ICONIQ, Goldman Sachs, 83North, Granite Ventures, CommerzVentures and CreditEase. The card issuer aims to speed up its domestic and international expansion plans with the funds raised.

“We are in the midst of a transformation in card issuing around the globe,” said Jason Gardner, founder and CEO of Marqeta. “We are building Marqeta as a generational business and have the opportunity to accelerate our vision for better global payments and digital banking infrastructure that will remain a relevant part of the ecosystem for decades to come. Marqeta is attacking a multi-trillion dollar opportunity in this market. This investment puts us in prime position to round out our product vision, bring Marqeta to new geographies, build even more groundbreaking features for our customers and double down on our already aggressive growth trajectory.”

Marqeta’s platform captures consumer, business deposits as well as lending volume and card payment activity. Its open API enables businesses to build payment programs and experiences and customize payment cards to meet customer demands.

“We’re incredibly excited to be partnering with Marqeta,” said Kris Fredrickson, Partner at Coatue Management. “We believe that the company has a world class team, industry-leading technology, and the ability to bring about a profound change in card issuing and the global payments infrastructure. The company’s momentum over the last several years is a testament to the team’s hard work and the scale of the opportunity at hand.”

Established in 2010 in California, Marqeta is a global card issuer which provides a fully documented, open API issuer processor platform.

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