A Big Step Forward for Marqeta: A New Global Partnership with Visa and New Funding
By Jason Gardner.
We focus on just one thing here at Marqeta: Innovation in consumer and commercial card issuing and processing solutions. During the past seven years, I‘ve been incredibly proud of how we’ve taken the hard route to build the first open API card issuing and core processing platform architected from the ground up in the past twenty years.
We enable the future of digital payments, powering physical, virtual and tokenized cards. The platform is focused on developers and technology-driven businesses and our success with leading customers across industries speaks to our ability to fulfill the pent-up demand for a modern payments issuing platform.
We’re just getting started. Today we announced a multi-year, global partnership with Visa designed to drive new commercial and consumer payments experiences (see more information here). And we’re announcing a Series D funding round worth $25 million, led by Visa and with participation from previous Marqeta investors Commerce Ventures, 83 North, Granite Ventures, IA Capital, and CommerzVentures GmbH, as well as new investor CreditEase, the world’s largest alternative lender.
The Visa global partnership and funding round is another validation of the pioneering work we’re doing with the world’s leading innovators, helping them scale and utilize next generation issuing and processing payment features and solutions as a competitive advantage. For instance, developers on Marqeta’s platform can sign up for a sandbox in under a minute and then leverage Marqeta’s modern set of card controls and configurations to get a fully funded card program to market in a matter of days. This level of speed, agility and modernization is unmatched.
All companies need to control their own destiny and fate when it comes to building digital payment solutions — whether it supports their core business or it is their core business. This is made possible by the hard work we’ve done at Marqeta. This capability changes the course for companies that want to create their own payment solution. Instead of wasting time and money trying to piecemeal together a solution that won’t scale and won’t do everything they need it to, companies can tap into the Marqeta platform and get back to doing what they do best, building world class user experiences.
This funding round was opportunistic, driven by the possibility to partner globally with Visa. It provides us with a tighter alignment with Visa and a dramatically expanded market opportunity. While we’ve raised a total of $71 million, the funding is secondary to — and directly because of — our ability to satisfy customers with new payment features, such as Just-in-Time “JIT” Funding which allows companies of all sizes to authorize their own card transactions using a patent-pending process that fundamentally changes how companies engage with transaction processing. I want to thank everyone who has supported Marqeta. We’ve come a long way. There’s more work to be done and it’s time to get back to doing it.
