Marqeta, a US-based card issuing and payment processing platform backed by payment services firm Visa, online lender CreditEase and financial services firm Commerzbank, has filed to raise $250m in funding, TechCrunch reported yesterday.
The Delaware filing, which was provided to TechCrunch by PrimeUnicornIndex, states that Marqeta intends to raise the capital at a valuation of approximately $1.88bn. A source close to the company told the site the round is underway and could close in the upcoming weeks.
Marqeta’s technology enables business customers to create and issue customised physical, virtual or tokenised payment cards, allowing them to track payments and manage which transactions are approved.
The forthcoming deal would follow $116m in past funding, the most recent of which was a $45m extension to Marqeta’s series D round that was led by multi-family office Iconiq Capital and backed by investment banking firm Goldman Sachs in June 2018, reportedly valuing it at $545m.
The company had received $25m in its 2017 series D round, which was led Visa and rounded out by CreditEase, Commerzbank subsidiary CommerzVentures, 83 North, Granite Ventures, Commerce Ventures and IA Capital.
CommerzVentures had already joined IA Capital, existing backers 83North, Granite Ventures and Commerce Ventures, private investor Max Levchin and the team behind debit card provider NetSpend to supply $25m of series funding for Marqeta in 2015.
