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Tracking fintech, banking & financial services innovations since 1994
Capital on Tap is partnering with Marqeta, a global modern card issuing platform, to power payment processing for its small business credit card, relied on by over 60,000 UK enterprises, reports Sharon Kimathi of Fintech Futures (Finovate’s sister publication).
Since its launch in 2012, Capital on Tap has competed with the offering of major banks, by offering small businesses a faster and more transparent way to fund their business. Capital on Tap has already provided close to £1 billion in funding to more than 60,000 small businesses across the UK.
“Capital on Tap have shown themselves to be true innovators in the UK fintech space, taking an underserved market like credit for small businesses and building a product that can make a real difference for their customers,” said Ian Johnson, head of European growth at Marqeta.
Founded in Oakland, California in 2010, the Marqeta platform is used by various innovators to drive new modes of commerce through modern card issuing.
“We’re excited to partner with Marqeta,” said David Luck, co-founder and CEO of Capital on Tap.
“We loved the transparency and simplicity of their technology and how future focused and innovative their open-API platform is. They showed an intuitive understanding in how they could support our mission to help small businesses thrive through better access to working capital.”
Marqeta’s European digital banking solution supports instantly issued virtual cards and offers advanced spend controls to engage users and grow card use. It’s platform and APIs are highly configurable and scalable, and allow Marqeta partners to access actionable, real-time transaction data to drive program improvements.
Marqeta CTO Tony Ford presentedDemocratizing Issuer Payment Processing with Just-in-time “JIT” Funding at our developers conference, FinDEVR Silicon Valley, in 2016. During the discussion, Ford explained the anatomy of a payment card authorization, the importance of putting customers into the authorization stream, and the role of open payment APIs.
With more than $376 million funding from investors including Coatue Management and Granite Ventures, Marqeta was founded in 2010 and is headquartered in Oakland, California.
Global card issuing platform Marqeta, which demonstrated its Payment Gateways technology at FinDEVr Silicon Valley 2016, announced today that it has secured $260 million in new funding in a round led by Coatue Management. The capital will be used to further develop the company’s payment card platform and to fuel global expansion, according to company founder and CEO Jason Gardner.
The investment boosts Marqeta’s valuation to “nearly $2 billion” and featured the participation of new investors Vitruvian Partners, Spark Capital, Lone Pine Capital, and Geodesic. The company’s existing investors include Visa, ICONIQ, Goldman Sachs, 83North, Granite Ventures, CommerzVentures, and CreditEase.
In a statement, Gardner positioned Marqeta at the center of a worldwide transformation in card issuance. “When today’s innovators are in need of modern payment solutions, they aren’t turning to banks as their primary issuers any more and want a platform built for their needs,” he said. “We’ve been proud to power this transformation as the most advanced card issuing platform built in over two decades.”
With more than 300 employees around the world, Marqeta leverages its platform and open APIs to enable fintechs to build and offer a wide variety of payment-based solutions for customers. The growth in the company’s business has been connected increasingly to the rise of new technology-savvy companies entering the financial services space who seek to offer payment, lending, and other solutions without relying on traditional banks.
“Marqeta is attacking a multi-trillion dollar opportunity in this market,” Gardner said. “This investment puts us in prime position to round out our product vision, bring Marqeta to new geographies, build even more groundbreaking features for our customers and double down on our already aggressive growth trajectory.”
Founded in 2010, Marqeta is based in Oakland, California. With partners including Square, Affirm, and Kabbage, the company has doubled revenues for the past three years and opened a new office in London last fall to kick off its European expansion. TechCrunch reported that Marqeta is considering an initial public offering within the next year and a half.
Marqeta presentedDemocratizing Issuer Payment Processing with Just-In-Time (JIT) Funding at our developers conference, FinDEVr Silicon Valley 2016. The discussion, led by Marqeta CTO Tony Ford, introduced the company’s open payment APIs, which democratize issuer payment processing by making e-commerce innovators a part of the authorization stream.
Modern card issuer Marqeta has secured its first four partnerships in Europe following its launch in-market in the region last October,reports Jane Connolly of Fintech Futures (Finovate’s sister publication).
The California fintech has signed up digital banks Morning and YAPEAL – from France and Switzerland respectively – along with Spain’s point-of-sale lender Aplazame and Scandinavian mobile payments platform Auka.
Marqeta, which has created an advanced payments infrastructure and open-API platform defining a new standard for modern card issuing, sees the UK and Europe as a key market in its global expansion plans.
According to Marqeta’s research, Europeans are 2.5 times more likely to be already using a digital bank than someone in the United States.
Ian Johnson, head of European growth at Marqeta, said: “(The U.K. and Europe) has a thriving ecosystem of digital banks and fintech start-ups that have already had a lot of success in market. To be able to bring on customers of this calibre is true validation of the global possibilities around modern card issuing and of our early work in the market.”
Marqeta has been awarded a valuation of nearly $2 billion. The fintech views modern card issuing as a $40 trillion addressable opportunity.
The company participated in our developers conference, FinDEVr Silicon Valley, in 2016. At the event, Chief Technology Officer Tony Ford provided a presentation on payment gateways and API innovation titled Democratizing Issuer Payment Processing with Just-in-time Funding.
Founded in 2010 and headquartered in Oakland, California, Marqeta has raised more than $116 million in funding. The company’s investors include 83North, ICONIQ Capital, Commerce Ventures, IA Capital Group, and Visa.
“Recognition as a leading innovator in fintech is tremendous validation for the hard work we’ve done at Marqeta to open the industry up to the possibilities and opportunities of modern card issuing,” company CEO and founder Jason Gardner said. Marqeta is among the 20 companies to make its first appearance on the Forbes Fintech 50 roster.
Also earning their first appearances on Forbes Fintech 50 roster are New York based mobile investment platform Stash and San Francisco supply chain payments innovator Tradeshift.
“Very excited to be included in the 2019 Forbes Fintech 50!,” Stash tweeted once the news was released at the start of the week, “Monday = made.”
“We made the list!” Tradeshift tweeted this morning.
Summarizing this year’s selection of top fintechs, the editors noted that while 19 out of the 50 fintechs featured are unicorns with valuations of more than $1 billion, a nearly equal amount – 20 startups – are making their first showing on Forbes top fintech list. The two areas where newcomers were more prevalent, according to the editors, were payments technology and startups serving the un- and underbanked.
See how Marqeta’s open APIs are democratizing issuer payment processing by putting customers into the authorization stream.
Why it’s a must-see
Get the control and insight of an issuer processor without the complexity—all through Marqeta’s API. Fund cards and authorize transactions in real time with JIT Funding. Add your own rules, your own decision engine, and your own data to make transactions happen in real time.