Marqeta, a fintech unicorn that claims to be the first global modern card issuing platform, announced on Tuesday it is set to issue its 140 millionth card in 2019, ending a calendar year filled with major growth milestones as its open API payments issuing and processing platform takes global flight. The company claims if the 140 millionth card is consolidated as a single card issuer, it will rank as one of the largest 25 issuers of payment cards in the U.S.
As previously reported, Marqeta claims it has re-engineered how payment cards, virtual cards, and mobile authorization products should be developed and deployed by providing a fully documented, open API issuer processor platform.
“Companies can build, issue and deploy innovative payment, finance and commerce solutions with enormous control over what, where, and how purchases are authorized.”
Marqeta also revealed that it has quadrupled its valuation in 2019 to nearly $2 billion after it closed its $260 million Series E fundraising round in May, led by Coatue Management. The company noted it doubled its revenue for a fourth consecutive year in 2019 and tripled payments volume through its platform. It added in 175 new positions in 2019, growing its global headcount to nearly 400 people. Jason Gardner, Founder and CEO of Marqeta, spoke about the company’s growth this year by stating:
“2019 has been a year of unprecedented growth at Marqeta. The customers using our modern card issuing platform to support their business continue to grow from strength to strength, new innovators and disruptors continue to choose Marqeta to build their business on and we put ourselves in position to benefit hugely from the rapid digitization of payments globally.”
Gardner then added:
“To see this core strength reflected by strong topline metrics and industry recognition is exciting, but we’re confident that 2019 is just one step of many to come as we turn Marqeta into a generational piece of technology that will help transform the payments industry for years to come.”