Oakland-based Marqeta closes $260m Series E

BFSI News

Oakland-based-Marqeta-closes-260m-Series-E Oakland-based Marqeta closes $260m Series EMarqeta, an Oakland, California-based modern card issuing platform, as per recent reports this week, has just closed a Series E fundraising round, raising $260 million in investment funding. The recent Series E round was led by Coatue Management, a Menlo Park, California-based technology sector hedge fund, and was participated by Marqeta’s several new investors: Vitruvian Partners, Spark Capital, Lone Pine Capital, and Geodesic; along with existing investors: Visa, Iconiq, Goldman Sachs, 83North, Granite Ventures, CommerzVentures and CreditEase.

With this recent $260 million investment funding, Marqeta’s valuation is now up at nearly $2 billion. The firm plans to utilize these funding to further accelerate its plans to expand, both domestically and globally.

“We are in the midst of a transformation in card issuing around the globe,” states Jason Gardner, Founder & 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.”

Adding further, Gardner says, “We are building Marqeta as a generational business and have the opportunity to accelerate our vision for a better global payments and digital banking infrastructure that will remain a relevant part of the ecosystem for decades to come.”

“Marqeta is attacking a multi-trillion-dollar opportunity in this market. This investment puts us in prime position to round out our product vision, bring Marqeta to new geographies, build even more ground-breaking features for our customers and double down on our already aggressive growth trajectory.”