Card issuing platform Marqeta goes to Series E with $260m
Marqeta, the modern card issuing platform, has completed a $260 million Series E fundraise, led by Coatue Management.
This new funding values Marqeta at nearly $2 billion and will be used to accelerate the firm’s expansion plans, both domestically and in global markets.
“We are in the midst of a transformation in card issuing around the globe,” says Jason Gardner, founder and CEO of Marqeta. “When today’s innovators are in need of modern payment solutions, they aren’t turning to banks as their primary issuers anymore and want a platform built for their needs.”
The round saw participation from several new investors, including Vitruvian Partners, Spark Capital, Lone Pine Capital and Geodesic.
They join existing Marqeta investors Visa, Iconiq, Goldman Sachs, 83North, Granite Ventures, CommerzVentures and CreditEase.
“We are building Marqeta as a generational business and have the opportunity to accelerate our vision for a better global payments and digital banking infrastructure that will remain a relevant part of the ecosystem for decades to come,” adds Gardner.
“Marqeta is attacking a multi-trillion-dollar opportunity in this market. This investment puts us in prime position to round out our product vision, bring Marqeta to new geographies, build even more ground-breaking features for our customers and double down on our already aggressive growth trajectory.”
Founded in 2010, Marqeta’s clients include Square, Affirm, DoorDash, Kabbage and Instacart. The firm has doubled its revenue for three straight years and seen a dramatic increase in spending activity on its platform in that same time.
It has 300 employees and has recently expanded internationally, opening a European office headquartered in London.
