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Mastercard Inc. credit score and debit playing cards
has invested in Marqeta, a card-issuing platform, because it extends its partnership with the fintech.
Monetary phrases weren’t disclosed. Marqeta offers API know-how that helps corporations like Sq. (ticker: SQ), Instacart, and DoorDash problem playing cards, together with debit and pay as you go, and course of funds for his or her clients.
Since 2014, Marqueta and Mastercard (ticker: MA) have labored collectively serving to fintechs and digital banks throughout North America and Europe convey card merchandise and packages to market, the assertion stated. With Mastercard’s assist, Marqeta will develop into new geographies, starting with the Asia Pacific. The 2 corporations additionally will collaborate to supply open entry to Mastercard merchandise for Marqeta clients, a press release stated.
“Mastercard’s investment in Marqeta is a significant validation of the power of modern card issuing and the strength of our technology,” stated Jason Gardner, founder and CEO at Marqeta, within the assertion.
Marqeta was pegged by Barron’s as one of many fintechs almost certainly to promote after
(V) scooped up Plaid, a fintech that helps shoppers give monetary apps entry to their bank account data, for $5.Three billion earlier this 12 months. Marqeta, nonetheless, has maintained it isn’t on the market. The fintech is now anticipated to go public, however that doubtless received’t come till 2021.
Marqeta final raised $150 million from an undisclosed investor in May. The deal valued the Oakland, California, firm at $4.Three billion. Marqeta additionally collected $260 million in 2019. The Collection E spherical, led by Coatue Administration and included Vitruvian Companions, valued Marqeta at practically $2 billion.
The funding is the most recent for the acquisitive Mastercard. The monetary companies firm in June agreed to purchase Finicity, an information aggregator that additionally offers a set of APIs that helps corporations authenticate and enroll clients, for practically $1 billion. In 2019, Mastercard acquired Nets, a European funds firm, for $3.2 billion. It additionally purchased Transactis, which helps companies ship payments and obtain funds, final 12 months.
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