California-based FinTech Marqeta has grabbed $150 million in a venture funding round that values the card-issuing and payments processing company at $4.3 billion.
“We see Marqeta becoming an indispensable part of the global payments infrastructure, and we’re in a solid position to realize that vision for our company,” said Jason Gardner, founder and CEO of Marqeta, in a prepared statement. He said the company is “harnessing” the current surge in demand for digital payments following COVID-19 lockdowns.
As reported here earlier this month, Visa has called Marqeta part of a new class of FinTechs: “payments enablement partners.” Part of Visa’s fast-track program, Marqeta and a total of almost 20 firms “are all focused in some way on moving consumers and businesses on to the road to recovery.”
“We’re building a single global platform to define and power the future of money for the world’s leading innovators,” said Gardner. “Marqeta has a deep commitment to powering the innovators.”
Marqeta’s latest funding round follows up on the $260 million equity financing it landed in May 2019. That round was led by Coatue and included participation from Vitruvian Partners and several others. Marqeta said it is also backed by Visa, Goldman Sachs, 83North, Granite Ventures and ICONIQ Capital.
Arnon Dinur, a partner at 83 North, said his firm, an early investor, has a 10-year history of watching Marqeta “target and disrupt a massive global card-issuing market that has been starved of innovation for years.” Dinur said Marqeta has “done an exceptional job scaling their business and platform in the U.S. and expanding its international footprint across Europe and Asia-Pacific. The company has grown into a true force.”
Marqeta said it “supports the world’s fastest-growing innovators … including Square, Uber, Affirm, Instacart, and DoorDash, by providing the most advanced infrastructure and tools for building highly configurable payment solutions.”
“The transformative possibilities of modern card issuing are more commonplace than ever for the everyday consumer in 2020,” said Gardner.