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Marqeta raises $150m at $4.3bn valuation

Marqeta raises $150m at $4.3bn valuation

Marqeta has raised $150 million from an unnamed institutional investor, valuing the open API card issuing and processing platform at $4.3 billion.

The latest funding comes a year after a $260 million Series E round for the firm, which counts Visa, Goldman Sachs, 83North and Granite Ventures among its backers.

Founded in 2010, Marqeta is gunning for the centre of a multi-trillion dollar card issuing market that is changing fast as new entrants disrupt the dominance of big banks.

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 firm has seen more than 140 million cards issued through its platform, with Instacart, Square, Affirm and Uber among its big name users.

Jason Gardner, CEO, Marqeta, says: “We’re building a single global platform to define and power the future of money for the world’s leading innovators. This new capital helps us accelerate our mission to empower builders to bring the most innovative products to market, wherever they are in the world.”

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