Marqeta, a California-based FinTech, has raised $25 million in Series C round of funding led by IA Capital, CommerzVentures, 83North, Granite Ventures and Commerce Ventures. FT Partners were the financial advisors on the deal.
Founded in 2010, the startup Marqeta has re-defined the ways how payment cards, virtual cards and mobile authorization products should be developed and deployed. Its platform offers the world’s first fully documented, open API issuer processor platform. Organizations can build, issue and deploy innovating payment, finance and commerce solutions. The Marqeta platform combines Visa, MasterCard and Discover to make the whole payments process simple and develop more efficient business processes.
“Innovation at the intersections of commerce, finance and payments has exploded these last few years. However, in payments, change has mostly been confined to the acquirer side and not to the essential though less sexy ‘last mile’ – the transaction authorization,” said Jason Gardner, founder and CEO of Marqeta. “Marqeta’s Open API platform is powering the most innovative solutions coming to market today. We’re thrilled to see such a strong, positive response from the industry.
With the fresh funds, Marqeta plans to expand its market reach in the USA and make additional investments in its Open API platform and start international expansion in North America and Europe in 2016. Stefan Tirtey, MD at CommerzVentures said, “There’s nothing like Marqeta in Europe and we see huge potential for them here.” With this new round, the company’s total investment raises to $46 million.
The Marqeta funding round is FT Partners’ 12th announced transaction just since June that includes BlackRock’s acquisition of FutureAdvisor, $310 million sale of Currencies Direct, $300 million financing for GreenSky, $135 million financing for Kabbage, $225 million AvidXchange financing, $100Chrome River financing and BillGuard’s sale to Prosper, among others. These financial transactions shows FT Partners role in the FinTech industry.