Marqeta, a Fintech Unicorn that claims to be the primary international trendy card-issuing platform, is reportedly working with many startups that at the moment are utilizing Marqeta’s cost card issuance expertise.
Marqeta can be working carefully with Goldman Sachs and J.P. Morgan Chase & Co. as the corporate could be on the brink of go public subsequent 12 months at a valuation of round $10 billion, in line with Bloomberg.
The Oakland, California headquartered agency is notably one of many Bay Space’s most profitable Fintech corporations. Marqeta’s purchasers embody main companies comparable to Coinbase, DoorDash, Sq., Uber, amongst others.
Marqeta permits Fintech companies to hyperlink up with Mastercard and Visa’s international funds networks with out having to create or handle their very own infrastructure (considerably much like how Amazon Net Providers assists corporations with launching on-line platforms and companies).
In May 2020, Marqeta had secured $150 million in capital at a $4.three billion valuation. The agency’s traders embody funds large Visa (NYSE: V), Wall Street funding bank Goldman Sachs (NYSE: GS), Coatue Administration, Iconiq Capital, Granite Ventures and 83North.
Earlier this 12 months, Marqeta’s administration determined it will set up its second headquarters in Denver. The Fintech agency additionally confirmed that it will proceed to keep up its head places of work in Oakland. Marqeta revealed that it had explored its choices in 17 different cities earlier than lastly selecting Denver, the place it intends to recruit round 100 extra employees by the top of subsequent 12 months.
Established in 2010, Marqeta is led by Founder and CEO Jason Gardner, who beforehand served in senior administration positions at MoneyGram Worldwide. Gardner notes that the bank card companies sector has been managed by banking establishments, and Marqeta has been “turning that model on its head.”
Earlier this month, Marqeta introduced that it has fashioned a worldwide card issuing partnership with Uber. The corporate reported that the partnership will assist assist its essential monetary infrastructure and its international growth plans.
The Marqeta staff famous:
“Uber plans to integrate our technology across multiple product verticals and in several major international markets, including Europe. Our platform will help streamline Uber’s payment experiences, create more seamless interfaces throughout its ecosystem, and allow for further efficiencies in its Eats product.”
In October 2020, Mastercard expanded its international partnership with Marqeta. In July 2020, JPMorgan introduced that it will be collaborating with Marqeta on its digital card program.
