Category: card payments

May 21, 2019 Off

Payment card startup Marqeta confirms $260M round at close to $2B valuation

By Jill T Frey

Startups that are disrupting and unlocking the lucrative world of financial services continue to unlock big fund funding rounds for themselves.

Today, Marqeta — which helps third parties like Square, Affirm, DoorDash, Kabbage and Instacart build and offer card services to their customers — announced that it has raised a Series E of $260 million led by Coatue Management.

Marqeta plans to use this growth round to to continue building out its platform with an emphasis on global expansion, founder and CEO Jason Gardner said in an interview. He added that the funding values the startup at close to $2 billion.

While the company is not yet profitable, it’s growing fast: Gardner said Marqeta has¬†doubled revenues each year for the last three years, and he¬†expects that the next step for the 9 year-old company is likely an IPO in the next 18 months.

The news today confirms our Read the rest