Venture capital-backed payment card issuing platform Marqeta has hit a valuation of almost $2bn through a Series E funding round.
The $260m round was led by Coatue Management, with backing from new investors?Vitruvian Partners, Spark Capital, Lone Pine Capital and Geodesic, as well as previous backers such as Visa, ICONIQ, Goldman Sachs, 83North, Granite Ventures, CommerzVentures and CreditEase.
Marqeta provides open APIs for payments, allowing companies such as?Square, Affirm, DoorDash, Kabbage and Instacart to customise payment cards to meet the needs of their customers.
The global market for card issuing volume is over $45tn, according to Edgar, Dunn & Company research, with new entrants disrupting a space traditionally dominated by big banks.
Marqeta founder and CEO Jason Gardner said, ?We are in the midst of a transformation in card issuing around the globe.
?When today innovators are in need of modern payment solutions, they arent turning to banks as their primary issuers anymore and want a platform built for their needs.
?Weve 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.p>
Coatue Management partner Kris Fredrickson added, ?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 momentum over the last several years is a testament to the team hard work and the scale of the opportunity at hand.p>
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