Marqeta, a California-based open API card issuing and processing platform, is set to reach over $1.8bn in value following its current funding round.
The firm’s series E round is almost at $250mn, which will lead to a valuation of $1.875bn, according to Techcrunch which was cited a Delaware filing.
The round is still in progress, so final details have not been released. However, the firm’s Series D round in June 2018 proved a success, raising $45mn led by ICONIQ Capital and Goldman Sachs.
Last year, the company stated it would use the funding to expand its business across borders and develop more solutions.
The company, which refers to itself as the “first new card issuing and payment processing platform in 20 years”, uses open API to allow developers to build payment experiences.