Marqeta Pulls In $45M; Eyes Domestic, Global Growth

Marqeta, the open API platform for card issuing and solutions, announced it has raised $45 million in a new round of funding.

The round was led by ICONIQ Capital, with participation from Goldman Sachs and existing investors. This new infusion brings Marqeta’s total funding to $116 million.

“Marqeta is the clear market leader in modern card issuing, and we’re thrilled to be part of their already phenomenal growth story,” said Will Griffith, partner at ICONIQ Capital. “They have the most advanced card issuing technology in the category, and they have assembled an extraordinary team of industry leaders.”

Marqeta will use the funding, along with the $25 million from a strategic round in June 2017 led by Visa, to expand its leadership in consumer and commercial card solutions, as well as boost its growth both in the U.S. and internationally. Marqeta already powers card programs for companies such as Instacart, Square, Affirm, Kabbage, Alipay and more.

“We’re excited to bring aboard ICONIQ Capital and Goldman Sachs, who deeply understand innovation in financial technology and payments,” said Marqeta founder and CEO Jason Gardner. “We look forward to their contributions to Marqeta as we continue to scale operations and expand our footprint around the world.”

Marqeta has had a strong 2017, forming a global strategic partnership with Visa that will expand the universe of use cases for the instant issuance of physical, virtual and tokenized payments.

In addition, Marqeta launched its international effort and doubled the size of its team. The firm also introduced new products, including the Marqeta digital wallet SDK for Apple Pay and Google Pay, Marqeta.js and Marqeta’s Virtual Card Wizard.

“We’re consistently delivering new products to market and powering today’s most innovative companies, driving significant growth in payment volume and greater operational efficiency with each passing month,” added Gardner. “We’re just getting started.”

Financial Technology Partners (FT Partners) served as Marqeta’s strategic and financial advisor on the round, and also acted as the placement agent for the funding from ICONIQ Capital.