The round saw participation from several new investors, including Vitruvian Partners, Spark Capital, Lone Pine Capital, and Geodesic. They joined existing Marqeta investors Visa, ICONIQ, Goldman Sachs, 83North, Granite Ventures, CommerzVentures, and CreditEase. FT Partners served as the exclusive strategic and financial advisor to Marqeta and its board of directors in the transaction.
The company will use the amount to accelerate its expansion plans, both domestically and globaly.
According to research by Edgar, Dunn & Company, the global market for card issuing volume is over USD 45 trillion, with new entrants disrupting a space traditionally dominated by big banks.
Founded in 2010, Marqeta is a global modern card issuer. Its open APIs allow a new generation of businesses to build in payment programs and experiences, allowing companies like Square, Affirm, DoorDash, Kabbage, and Instacart to customise payment cards to meet the needs of their customers.
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