Payments Startup Marqeta’s Valuation Jumps to $4.3B With New $150M Funding Round

Marqeta brought in a round of $150 million in fresh capital from an undisclosed investor, valuing the company at $4.3 billion, the company announced Thursday.

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The new valuation is a sharp increase from the Oakland, California-based company’s last funding round in 2019. At the time, the modern card issuing platform was valued at $2 billion. Marqeta provides infrastructure and tools to help companies build and manage payment programs. It touts customers including Square, Uber, Affirm, Instacart and DoorDash.

Prior to this announcement, Marqeta raised a $260 million round of Series E funding that included 12 investors and was led by Coatue Management, according to Crunchbase data. The new capital brings the company above $500 million in total funding raised since the company was founded in 2010.

By the end of 2019, the company said, more than 140 million cards had been issued through its platform.

“We’re building a single global platform to define and power the future of money for the world’s leading innovators,” Founder and CEO Jason Gardner said in a written statement. “This new capital helps us accelerate our mission to empower builders to bring the most innovative products to market, wherever they are in the world.”

The global modern card issuing market is expected to grow by $30 trillion in the next decade into an $80 trillion opportunity, according to research by Edgar, Dunn & Company commissioned by Marqeta.

Gardner said the company is also “well-positioned to support the current surge in demand for digital payments following COVID-19 lockdowns.”

“The transformative possibilities of modern card issuing are more commonplace than ever for the everyday consumer in 2020,” he added. “We see Marqeta becoming an indispensable part of the global payments infrastructure, and we’re in a solid position to realize that vision for our company.”

Illustration: Li-Anne Dias