Open API card issuing and processing platform Marqeta is closing in on a $250 million Series E round at a $1.875 billion valuation, according to TechCrunch.
The figures come from a filing provided to TechCrunch and are currently provisional, but the round could close within weeks, the blog claims the blog.
Details on investors are not known, but a $45 million June 2018 round was led by Iconiq Capital and joined by Goldman Sachs. Visa is also an investor.
Marqeta says that its platform and 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 powers card programmes for big names including Instacart, Square, Affirm, Kabbage and Alipay.