OAKLAND — Marqeta, which offers a payment and debit card issuing platform, has completed a $260 million Series E round, 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.
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 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 $45 trillion, 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.
Marqeta provides debit cards to companies including Square, Instacart and Doordash.
“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.”