Oakland, Calif.-based Marqeta entered an agreement to acquire credit card program management startup Power Finance.
The deal is valued at $223M, with an additional payment of $52M available, subject to reaching milestones in the next 12 months. The acquisition will help Marqeta expand its product offerings, incorporate data science programs, and launch new rewards programs.
- Marqeta is a publicly traded company with a market capitalization of $3.7B that offers a cloud-based open API platform for card transaction processing.
- Notable clients of the firm include Block, Uber, Google, DoorDash, JP Morgan, Citi, and Goldman Sachs.
- The Power Finance acquisition is Marqeta's first to date.
- Power Finance, established in 2021, previously raised $16.1M in seed funding and a $300M credit facility.
- Anthemis, Fin Capital, CRV, Restive Ventures, Dash Fund, and others have backed the New York-based startup.
