Marqeta raising $250 million in new funding round

Marqeta, which launched in 2010 with a payments platform to support payments through mobile and virtual channels, reportedly has attracted $250 million in a new funding round, which would bring its total funding amount to more than $350 million.

The Oakland, Calif.-based company, which delivers its services to merchants and financial institutions via APIs, said in a Thursday statement the funding round is not closed. According to The Wall Street Journal Marqeta is in advanced talks for a Series E funding round, with the company valued at about $2 billion.

“We see [the new funding round] as a huge validation of what we’ve built these past several years as a truly modern card issuer … we’re looking forward to growing this even further, while using the round to further fuel our domestic and international expansion,” Marqeta said in the statement.

Visa made a strategic investment in Marqeta in 2017.