Open API card issuing and processing platform Marqeta has raised $45 million in a funding round led by Iconiq Capital and joined by Goldman Sachs.
The round follows a $25 million raise led by Visa last June, and brings Marqeta's total funding to $116 million.
Marqeta says that its platform and patent-pending Just-In-Time Funding feature allows companies of all sizes to authorise their own card transactions, fundamentally changing how they engage with issuing and processing.
Developers on Marqeta’s platform can sign up for a sandbox in under a minute and then leverage a set of card controls and configurations to get a fully funded card programme to market in a matter of days.
The startup - which already powers card programmes for big names including Instacart, Square, Affirm, Kabbage and Alipay - says that it will use the latest money to accelerate growth at home and abroad.
Jason Gardner, CEO, Marqeta, says: "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. We're just getting started."