Marqeta, a US-based payment card issuer backed by corporates Visa, Commerzbank and CreditEase, received $150m in funding from an undisclosed institutional investor yesterday at a $4.3bn valuation.
Founded in 2010, Marqeta has built a software and hardware platform that corporate clients can use to create and issue configurable payment cards.
Jason Gardner, Marqeta’s founder and chief executive, said: “The transformative possibilities of modern card issuing are more commonplace than ever for the everyday consumer in 2020.
“Marqeta has a deep commitment to powering the innovators driving these shifts in the market and is well-positioned to support the current surge in demand for digital payments following Covid-19 lockdowns.”
The round took Mareqta’s total funding to $526m and came after a $260m series E in May 2019 that was backed by payment services firm Visa, online lender CreditEase and CommerzVentures, the venture capital arm of financial services firm CommerzBank, at valuation near $2bn.
The series E round was led by investment manager Coatue Management and included investment bank Goldman Sachs, Vitruvian Partners, Spark Capital, Lone Pine Capital, Geodesic Capital, Iconiq Capital, 83North and Granite Ventures.
CommerzVentures joined existing backers IA Capital, 83North, Granite Ventures and Commerce Ventures, as well as private investors including Max Levchin, to provide $25m in series C funding for the company in 2015.
Marqeta subsequently closed a $70m series D round in mid-2018 featuring Visa, CreditEase, CommerzVentures, Goldman Sachs, Iconiq Capital, Granite Ventures, Commerce Ventures, 83 North and IA Capital.
