Marqeta, the US-based operator of a payment-card issuing service, closed a $260m series E round yesterday featuring payment services firm Visa, financial services firm CommerzBank and online wealth manager CreditEase.
Investment manager Coatue Management led the round, which valued the company at almost $2bn. It included Goldman Sachs, Vitruvian Partners, Spark Capital, Lone Pine Capital, Geodesic Capital, Iconiq Capital, 83North and Granite Ventures, while CommerzBank invested through its CommerzVentures unit.
Founded in 2010, Marqeta has built a card processing platform that allows businesses to integrate customised payment cards into their services. It will put the funding into local and international expansion, having recently moved into Europe by opening of a London office.
Jason Gardner, Marqeta’s founder and CEO, said: “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.
“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 ground-breaking features for our customers and double down on our already aggressive growth trajectory.”
The round took the company’s total funding to $376m. It last raised money in June 2018 when Iconiq Capital led a $45m extension to its series D round that also featured Goldman Sachs and unnamed existing investors, reportedly valuing it at $545m.
Visa led Marqeta’s $25m series D round in 2017, investing together with CommerzVentures, CreditEase, 83 North, Granite Ventures, Commerce Ventures and IA Capital. The latter four had previously joined CommerzVentures for the company’s $25m series C two years earlier.
