Marqeta closes Series C funding round on $25m

California-based Marqeta has closed its Series C funding round on $25m, led by Visa.

Backers also taking part in the investment included Commerce Ventures, 83 North, Granite Ventures, IA Capital, and CommerzVentures GmbH, and CreditEase.

Founded in 2010, the company is a consumer and commercial card issuing and processing solution provider, enabling payments through physical, digital and tokenised cards. The API issuer, allows companies to build, issue and deploy payment, finance and commercial solutions.

Through the partnership and capital, the company hopes to create new payment methods for customers, with products like ‘Just-inTime Funding’. This service allows companies to authorise their own card transactions through technology that changes transaction processing.

Total capital received by Marqeta from fundraising has now reached around $71m, with the company’s Series C picking up $25m in late 2015.

Following the deal, Marqeta is forming a multi-year partnership with Visa to help create new commercial and consumer payment experiences.

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