$150 million in new capital will help accelerate Marqeta’s product momentum and global growth
Marqeta, the global modern card issuing platform, announced 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.
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“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.”
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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.”
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