Payments startup Marqeta is reportedly in advanced talks to raise about $250m of new capital to reach a valuation of just under $1.9bn.
The card payments and related services provider is expected to close the round within the next few weeks according to TechCrunch, which cited an unnamed source it said was close to the company.
Marqeta powers payment cards and related services for other brands, including Instacart and DoorDash, Affirm, Kabbage and Square.
Previous backers of the business include venture capital houses Granite Ventures and Iconiq Capital, as well as industry player Visa and investment banking giant Goldman Sachs.
Last summer Marqeta raised a $45m Series D round led by Iconiq to reach a $545m valuation.
The company, which is headquartered in Oakland, California, was founded in 2010.
Its Marqeta Platform, built from the ground up with no legacy infrastructure, aims to provide 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.
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