Marqueta, a California-based company with a cloud-based payment processing platform, has entered an agreement to acquire N.Y.-based fintech Power Finance in a $275M all-cash deal.
Marqueta’s open API platform provides expense management and digital banking for fintech and other companies.
- Power Finance was founded in 2021 and specializes in a cloud-native credit card issuance platform companies use to deliver generational credit card programs.
- The N.Y.-based fintech claims to offer customizable, redeemable rewards, tailored credit card programs, and targeted promotions to enable strategic customer engagement.
- Marqueta aims to leverage the acquisition to add additional credit card management capabilities to its payment solutions platform and accelerate revenue from credit programs to boost its competitive positioning.
- The deal is expected to close in Q1 2023. Post-acquisition Power Finance CEO Randy Fernando will be in charge of product management for Marqueta’s credit card platform.
