Paytech firm Marqeta raises $45m from Iconiq Capital and Goldman Sachs
Marqeta, an open-API platform for card issuing, 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.
Will Griffith, partner at Iconiq Capital, describes the paytech firm’s offering as ” the most advanced card issuing technology in the category” and the team as “extraordinary”.
Marqeta will leverage the investment, along with the $25 million it took in from a strategic round in June 2017, led by Visa, to accelerate its domestic and international growth.
Marqeta sys it 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 tokenised 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.
Marqeta 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 customised, PCI-compliant card experiences that have not been possible on legacy platforms,” the company explains.
“We’re just getting started,” states Marqeta founder and CEO Jason Gardner.
Financial Technology (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.