Marqeta Closes $25 Million

Ecommerce startup Marqeta announced the completion of $25 million in financing. Six investors contributed to the round: VISA, Commerce Ventures, 83 North, Granite Ventures, Commerzbank, and CreditEase.

Founded in 2010, Marqeta seeks to re-engineer the development and deployment of payment cards, virtual cards, and mobile authorization products. The Marqeta platform, built from the ground up with no legacy infrastructure, is 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. The Marqeta Platform integrates with Visa, MasterCard, and Discover and makes it easier than ever to make payments, receive payments, reward customers, and create more efficient business processes.

According to the company, VISA is poised to aid the company in three significant areas. The global payments company will instantly provide Marqeta with broader distribution by promoting its developer-centric products to VISA partners and customers. Given its global footprint, VISA will also be able to help Marqeta expand internationally. And, finally, VISA and Marqeta will collaborate on technology exchanges.