Marqeta Accelerates with $45M
June 6, 2018
has raised $45 million in new funding in a round led by ICONIQ Capital,
with participation from Goldman Sachs and existing investors, bringing
Marqeta's total funding to $116 million.
"Marqeta is the clear market leader in modern card issuing, and we're
thrilled to be part of their already phenomenal growth story," said Will
Griffith, partner at ICONIQ Capital. "They have the most advanced card
issuing technology in the category, and they have assembled an
extraordinary team of industry leaders."
Marqeta will leverage the investment, along with the $25 million it took
in from a strategic round in June 2017, led by Visa, to extend its
leadership in innovative consumer and commercial card solutions, and to
accelerate its domestic and international growth. Marqeta already powers
card programs for industry leaders such as Instacart, Square, Affirm,
Kabbage, Alipay and several others.
"We're excited to bring aboard ICONIQ Capital and Goldman Sachs, who
deeply understand innovation in financial technology and payments," said
Marqeta founder and CEO Jason Gardner. "We look forward to their
contributions to Marqeta as we continue to scale operations and expand
our footprint around the world."
Marqeta built the first developer-friendly card issuing and core
processing platform in the past two decades: an end-to-end, cloud-based
system powering physical, virtual and tokenized cards, built from the
ground up with developers and technology-driven businesses in mind.
The investment follows a year of strong growth for Marqeta, during which
it formed a global strategic partnership with Visa, launched its
international effort and more than doubled the size of its team.
also announced several new products in 2017 including the Marqeta
Digital Wallet SDK for Apple Pay and Google Pay, Marqeta.js, and
Marqeta's Virtual Card Wizard. Using this technology, businesses can now
easily and efficiently build customized, PCI-compliant card experiences
that have not been possible on legacy platforms.
"We're consistently delivering new products to market and powering
today's most innovative companies, driving significant growth in payment
volume and greater operational efficiency with each passing month,"
added Gardner. "We're just getting started."
Financial Technology Partners ("FT Partners") served as Marqeta's
strategic and financial advisor on this transaction and acted as the
placement agent for the funding from ICONIQ Capital.