Marqeta Completes $260 Million Series E Fundraise, as Its Modern Card Issuing Platform Takes on Global Scale
OAKLAND, Calif.--(BUSINESS WIRE)--May 21, 2019--
Marqeta, the leading global modern card issuing platform, announced today it has completed a $260 million Series E fundraise, led by Coatue Management. This new funding values Marqeta at nearly $2 billion and solidifies the company’s place on the frontlines of the financial technology revolution, as the creator of the rapidly expanding modern card issuing market. It will use the round to accelerate its expansion plans, both domestically and in key global markets.
“We are in the midst of a transformation in card issuing around the globe,” said Jason Gardner, founder and CEO of Marqeta. “When today’s innovators are in need of modern payment solutions, they aren’t turning to banks as their primary issuers anymore and want a platform built for their needs. We’ve been proud to power this transformation as the most advanced card issuing platform built in over two decades. It has been exciting to see our customers embrace these new possibilities and build extraordinary products and services that have helped define markets in their own right.”
The global market for card issuing volume is over $45T, according to Edgar, Dunn & Company research, with new entrants disrupting a space traditionally dominated by big banks. Marqeta’s payments platform is at the core of a secular shift underway to capture consumer and business deposits, lending volume and card payment activity, relied upon by everyone from two-person startups to some of the largest global enterprises.
“We’re incredibly excited to be partnering with Marqeta,” said Kris Fredrickson, Partner at Coatue Management. “We believe that the company has a world class team, industry leading technology, and the ability to bring about profound change in card issuing and the global payments infrastructure. The company’s momentum over the last several years is a testament to the team’s hard work and the scale of the opportunity at hand.”
The round saw participation from several new investors, including Vitruvian Partners, Spark Capital, Lone Pine Capital and Geodesic. They join existing Marqeta investors Visa, ICONIQ, Goldman Sachs, 83North, Granite Ventures, CommerzVentures and CreditEase.
“We are building Marqeta as a generational business and have the opportunity to accelerate our vision for a better global payments and digital banking infrastructure that will remain a relevant part of the ecosystem for decades to come,” added Gardner. “Marqeta is attacking a multi-trillion dollar opportunity in this market. This investment puts us in prime position to round out our product vision, bring Marqeta to new geographies, build even more groundbreaking features for our customers and double down on our already aggressive growth trajectory.”
Founded in 2010, Marqeta is the leading global modern card issuer, powered by the most advanced issuer processor platform built in over two decades. Marqeta’s open APIs allow a new generation of businesses to build in innovative payment programs and experiences, allowing companies on the cutting-edge of technology and finance like Square, Affirm, DoorDash, Kabbage and Instacart, to customize payment cards to meet the unique needs of their customers. It has doubled its revenue for three straight years and seen a dramatic increase in spending activity on its platform in that same time. It has 300 employees and has recently expanded internationally, opening a European office headquartered in London.
FT Partners served as the exclusive strategic and financial advisor to Marqeta and its board of directors in the transaction.
Marqeta is the leading global modern card issuing platform, providing the most advanced infrastructure and tools for building highly configurable payment cards. With its open API, the Marqeta platform is designed for innovators who want a simplified way of managing payment programs so that they can create world-class experiences and power new modes of commerce. Marqeta is headquartered in Oakland, California. For more information, visit www.marqeta.com, Twitter and LinkedIn.
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CONTACT: James Robinson
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
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