Marqeta is a modern card issuing platform that provides infrastructure and tools to help companies build and manage payment programs. Its open payment processor platform provides a set of controls and configurations designed to meet the needs of on-demand service companies, alternative lenders, as well as those looking for payouts for workers.
It offers its solutions in the various verticals, including commerce disruptors, digital banks, tech giants, and large financial institutions; and operates in the United States, Canada, Europe, and Australia and is certified to process payments in 10 countries in APAC.
Founded in 2010, Marqeta competes with Stripe, Adyen and SoFi-owned Galileo, as well as traditional financial vendors including FIS and Global Payments. The company has raised over $400 million in funding since 2019; its backers include 83North, Granite Ventures and Iconiq Capital.
The pandemic-fueled online shopping boom helped to more than double the company's 2020 revenue to $290.3 million, up from $143.3 million a year earlier. Marqeta reported an even stronger first-quarter revenue growth, which jumped 123% to $108 million, compared to $48.4 million in Q1 2020.