Card issuing platform Marqeta has raked in an additional $150m funding for product development and international expansion.
The investment was made by an institutional investor, whose name has not been revealed by the company.
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The latest funding round brings the total amount raised by the company to date to $410m and has pushed Marqeta’s valuation to $4.3bn.
Marqeta said it will use the funding to boost its product offerings on its card-issuing platform and continue to expand global presence.
Marqeta founder and CEO Jason Gardner said: “Marqeta continues to move forward from strength to strength in 2020 as our global modern card issuing platform provides essential infrastructure and support to our customers across industries and oceans.
“We’re building a single global platform to define and power the future of money for the world’s leading innovators.
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By GlobalData“This new capital helps us accelerate our mission to empower builders to bring the most innovative products to market, wherever they are in the world.”
The California-based company said that it intends to make card issuing and processing more efficient for businesses that rely on physical, virtual, and tokenised card products.
Founded in 2010, Marqeta client base includes Square, Uber, Affirm, Instacart, and DoorDash. Its platform uses open API to deliver configurable payment solutions.
Currently operating in the US, Canada, Europe, and Australia, the platform has issued over 140 million cards as of 2019.
