FinTech unicorn Marqeta has more than doubled its official valuation to $4.3bn on the back of a $150m funding round.
The new round was supported by a single anonymous investor that saw the payment platform provider raise its valuation from the $1.9bn figure it announced on the back of its $260m Series E funding round in 2019 to the new $4.3bn valuation.
Forbes broke the story of the new round and reported that a source to familiar with the matter said the new investor was Capital Group ACGL, something neither Marqeta nor the investor confirmed.
As FinTech Global has reported in over the past few months, the coronavirus is likely to make it harder for FinTech companies to raise money and could see several companies being forced to see their pre-pandemic valuations shrink. Monzo, the UK challenger bank, is one of those companies. The neobank is reportedly looking to raise a new investment round between $70m and $80m, but at a 40% reduction of its valuation.
Yet it seems as if Marqeta is breaking the trend with its new round and it more than doubling its old valuation, with Forbes speculating that it could be leading up to an initial public offering in the next year or so.
The news about the new raise comes after the payments platform announced that it had become a certified Mastercard processor in January 2020.
At the time, Marqeta said the partnership would enable it to be better placed to help FinTech firms and digital banks to get to market faster.
“We’re pleased to be able to partner with one of the defining names in global payments to empower FinTech players such as Twisto to get to market faster and easier,” said Ian Johnson, head of European growth at Marqeta. “With Marqeta now able to process Mastercard card payments, more FinTechs across Europe will have the agility and flexibility to provide innovative digital banking services.”
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