US-based payment card issuing platform operator Marqeta has secured $25m in a series D round led by payment services firm and new strategic partner Visa.
The round also featured CommerzVentures, the venture capital arm of financial services firm Commerzbank, as well as online lending platform CreditEase, Commerce Ventures, 83 North, Granite Ventures and IA Capital.
Marqeta has built a platform that businesses can use to issue and process their own prepaid, debit and credit cards. It has now raised $71m since it was founded in 2010, founder and CEO Jason Gardner said in a blog post.
CommerzVentures had previously taken part in Marqeta’s $25m series C round in late 2015, together with IA Capital, 83North, Granite Ventures, Commerce Ventures and Max Levchin, a co-founder of online payment platform PayPal.
Visa’s participation was confirmed shortly after Marqeta disclosed a strategic partnership between the companies that will involve the joint exploration of new ways of utilising virtual, physical and tokenised payment methods across a range of channels.
Jim McCarthy, Visa’s executive vice-president of innovation and strategic partnerships, said: “We are always looking for partnerships and investments that allow us to evaluate innovative, new ways to support our clients’ needs, and increasingly see open, developer-friendly platforms as a way to help clients move quickly in today’s fast-paced environment.”