Marqeta launches European digital banking platform, signs three customers

Marqeta has launched a digital banking solution for European fintechs and signed three customers to use it: Aplazame, Morning and Yapeal.

Marqeta’s new European Digital Banking solution is designed to help customers build, test and refine features in a developer sandbox while allowing them to integrate new solutions into existing banking systems and software. The new offering supports instant issuance of virtual cards and advanced spend controls.

“We see the U.K. and Europe as a key market as we continue to expand our global footprint and the first step in a much larger international expansion,” Ian Johnson, head of European growth at Marqeta, said in a press release. “To be able to bring on customers of this caliber is true validation of the global possibilities of modern card issuing and our technology platform.”

Marqeta, of Oakland, Calif., signed ConnexPay as a client in October to help it streamline and simplify payments in the online travel industry. In early recognition of Marqeta’s potential in card issuance Visa led an investment funding round for the company in 2017.

In March, Marqeta raised $250 million in a Series E funding round, bringing its total capital raised to over $350 million. According to Prime Unicorn Index, an equally weighted price return index that measures the share price performance of U.S. private companies valued at $500 million or more, the pricing of Marqeta stock at $3.89 per share gives it a valuation of $1.87 billion. This represents a significant jump from its Series D fundraising, which had a pricing of $1.2053 per share for a company value of $547 million.