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Marqeta has raised $150 million in capital from an undisclosed institutional investor that values the highflying fintech at $4.three billion.
Capital Group, the funding administration agency behind the Americas Funds, is the investor, individuals conversant in the scenario mentioned. Executives from Marqeta and Capital Group declined to remark.
“Marqeta continues to move forward from strength to strength in 2020 as our global modern card issuing platform provides essential infrastructure and support to our customers across industries and oceans,” mentioned Jason Gardner, Marqeta’s founder and CEO, in a press release.
Marqeta final raised $260 million in 2019. The Collection E spherical, led by Coatue Administration and included Vitruvian Companions, valued Marqeta at almost $2 billion. Marqeta can be backed by
(GS), 83North, Granite Ventures, and ICONIQ Capital.
Based in 2010, Marqeta offers API know-how that helps corporations like Sq., Instacart and DoorDash difficulty playing cards and course of funds for his or her clients. The Oakland, Calif., startup was seen as one of many fintechs probably to promote after Plaid. In January, Visa acquired Plaid for $5.three billion.
Marqeta’s fundraising started in early April, nicely after Covid-19 started ravaging the U.S. economic system, Steve McLaughlin, founder and CEO of FT Companions, which suggested on the method, mentioned. “It was challenging,” McLaughlin mentioned. “We couldn’t meet face-to-face.”
Covid-19 prevented executives concerned within the deal from touring. This did permit them to spend extra time on the telephone or by video convention, McLaughlin mentioned.
Enterprise funding valuations post-coronavirus have additionally modified. Firms which have carried out nicely throughout the pandemic can command the next price, whereas people who have accomplished poorly are receiving worse valuations. “Marqeta is growing nicely,” mentioned McLaughlin, who estimated that the corporate’s income has doubled.
Forbes beforehand reported that Capital Group invested the $150 million in Marqeta.
Write to Luisa Beltran at [email protected]