Marqeta, the leading global modern card issuing platform, announced
today it has completed a $260 million Series E fundraise, led by Coatue
Management. This new funding values Marqeta at nearly $2 billion and
solidifies the company’s place on the frontlines of the financial
technology revolution, as the creator of the rapidly expanding modern
card issuing market. It will use the round to accelerate its expansion
plans, both domestically and in key global markets.
“We are in the midst of a transformation in card issuing around the
globe,” said Jason Gardner, founder and CEO of Marqeta. “When today’s
innovators are in need of modern payment solutions, they aren’t turning
to banks as their primary issuers anymore and want a platform built for
their needs. We’ve been proud to power this transformation as the most
advanced card issuing platform built in over two decades. It has been
exciting to see our customers embrace these new possibilities and build
extraordinary products and services that have helped define markets in
their own right.”
The global market for card issuing volume is over $45T, according to
Edgar, Dunn & Company research, with new entrants disrupting a space
traditionally dominated by big banks. Marqeta’s payments platform is at
the core of a secular shift underway to capture consumer and business
deposits, lending volume and card payment activity, relied upon by
everyone from two-person startups to some of the largest global
enterprises.
“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 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.”
The round saw participation from several new investors, including
Vitruvian Partners, Spark Capital, Lone Pine Capital and Geodesic. They
join existing Marqeta investors Visa, ICONIQ, Goldman Sachs, 83North,
Granite Ventures, CommerzVentures and CreditEase.
“We are building Marqeta as a generational business and have the
opportunity to accelerate our vision for a better global payments and
digital banking infrastructure that will remain a relevant part of the
ecosystem for decades to come,” added Gardner. “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.”
Founded in 2010, Marqeta is the leading global modern card issuer,
powered by the most advanced issuer processor platform built in over two
decades. Marqeta’s open APIs allow a new generation of businesses to
build in innovative payment programs and experiences, allowing companies
on the cutting-edge of technology and finance like Square, Affirm,
DoorDash, Kabbage and Instacart, to customize payment cards to meet the
unique needs of their customers. It has doubled its revenue for three
straight years and seen a dramatic increase in spending activity on its
platform in that same time. It has 300 employees and has recently
expanded internationally, opening a European office headquartered in
London.
FT Partners served as the exclusive strategic and financial advisor to
Marqeta and its board of directors in the transaction.
About Marqeta
Marqeta is the leading global modern card issuing platform, providing
the most advanced infrastructure and tools for building highly
configurable payment cards. With its open API, the Marqeta platform is
designed for innovators who want a simplified way of managing payment
programs so that they can create world-class experiences and power new
modes of commerce. Marqeta is headquartered in Oakland, California. For
more information, visit www.marqeta.com,
Twitter
and LinkedIn.
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