Marqeta is the first global modern card issuing platform, offering advanced infrastructure and tools for building highly configurable payment cards. Its open API is designed for businesses—fintechs, digital banks and commerce disruptors—that need a simple, tailored way to manage payment programs. Marqeta is headquartered in Oakland, California. The company says Mastercard’s recent financial investment and expanded partnership validate its technology and will support growth. The expanded collaboration aims to accelerate Marqeta’s international expansion beginning in Asia Pacific, streamline global network certification, and open access to Mastercard products. Marqeta will also participate in Mastercard digital enablement programs like Digital First and Fintech Express and will collaborate on launching additional card programs; the firms have worked together since 2014 on products including the Square Card. Marqeta offers a global card-issuing platform and payment tooling that enables fintechs and commerce companies to issue cards, wallets and other payment mechanisms. Its platform also supports services such as payment reconciliations, real-time fund transfers and customer interactive voice response. Customers named in the article include Square, Uber, Affirm, Instacart and DoorDash. The company remains unprofitable but has attracted large private investment: a $260M financing last year that valued it at $2B, and a new $150M equity infusion valuing it at over $4B. Management says the new capital will accelerate international expansion — the company opened an office in London and is targeting markets including Latin America, with a goal to “issue a card on every continent.” CEO Jason Gardner has also said Marqeta views itself as a public company despite not pursuing an IPO at this time. Marqeta provides card-issuing infrastructure and supporting services — including payment reconciliations, real-time fund transfers and customer interactive voice response — to commerce and fintech customers. The company serves large partners such as Square, Affirm, DoorDash, Kabbage and Instacart and focuses on physical, virtual and debit card offerings. Marqeta has been growing rapidly, doubling revenues each year for the last three years, though it is not yet profitable. The startup plans to use the new funding to continue building out its platform with an emphasis on global expansion; it recently opened an office in London and is targeting growth opportunities in Asia. Management has indicated an IPO is likely within the next 18 months. The company is roughly nine years old and was valued at close to $2 billion in this round. Marqeta is a cloud-based, developer-friendly card issuing and core processing platform that powers physical, virtual and tokenized cards. The company provides an open-API system enabling businesses to build customized, PCI-compliant card experiences that legacy platforms cannot support. In 2017 Marqeta announced products including the Marqeta Digital Wallet SDK for Apple Pay and Google Pay, Marqeta.js, and a Virtual Card Wizard. Its system already powers card programs for Instacart, Square, Affirm, Kabbage, Alipay and several others. Marqeta is led by founder and CEO Jason Gardner and is based in Oakland, California. The company plans to use the funds to extend its leadership in consumer and commercial card solutions and to accelerate domestic and international growth. Marqeta, founded in 2010 by CEO Jason Gardner, provides a documented, open API issuer-processor platform to financial services, e-commerce, retail, and social media brands. The platform integrates with Visa, MasterCard and Discover to enable issuing and receiving payments, rewarding customers, and creating more efficient business processes. Marqeta announced a $25m Series D led by Visa and a multi-year, global partnership with Visa intended to drive new commercial and consumer payments experiences. Participants in the Series D included previous investors Commerce Ventures, 83 North, Granite Ventures, IA Capital and CommerzVentures GmbH, plus new investor CreditEase. The company has raised $71m in total funding to date. Headquartered in Oakland, CA, Marqeta positions itself as a payments infrastructure provider for companies seeking programmatic payment capabilities.

Total raised

$519M

Funding rounds

7

Latest round

Equity

Latest activity

May 2020