Marqeta eyes international expansion after landing $45m

US card-issuing platform Marqeta is looking to expand internationally after landing a fresh $45m in funding.

The new round was led by ICONIQ Capital, with participation from Goldman Sachs and existing investors, bringing Marqeta’s total funding to $116m.

It will leverage the investment, along with the $25m it took in from a strategic round in June 2017, led by Visa, to accelerate its domestic and international growth. Marqeta already powers card programs for industry leaders such as Instacart, Square, Affirm, Kabbage, Alipay and several others.

“Marqeta is the clear market leader in modern card issuing, and we’re thrilled to be part of their already phenomenal growth story,” said Will Griffith, partner at ICONIQ Capital. “They have the most advanced card issuing technology in the category, and they have assembled an extraordinary team of industry leaders.”

Headquartered in Oakland, California, Marqeta is a developer-friendly card issuing and core processing platform. Founded in 2010, the Marqeta Platform, built from the ground up with no legacy infrastructure, provides the world’s first fully documented, open API issuer processor platform. It claims to completely reinvent payment infrastructure, ‘sidestepping antiquated systems and processes’ so businesses can design and build the custom payment solutions they need.

During the past year, Marqeta has formed a global strategic partnership with Visa, launched its international effort and more than doubled the size of its team. Marqeta also announced several new products in 2017 including the Marqeta Digital Wallet SDK for Apple Pay and Google Pay, Marqeta.js, and Marqeta’s Virtual Card Wizard.

Marqeta founder and CEO Jason Gardner, said: “We’re excited to bring aboard ICONIQ Capital and Goldman Sachs, who deeply understand innovation in financial technology and payments. We look forward to their contributions to Marqeta as we continue to scale operations and expand our footprint around the world.

“We’re consistently delivering new products to market and powering today’s most innovative companies, driving significant growth in payment volume and greater operational efficiency with each passing month.”

Earlier this month, ICONIQ Capital led a $37.5m round for Data security company Virtru, bringing its fundraising total to $76.8m. The investment firm also recently led Collibra’s €40m funding round.

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