Marqeta Corp. has raised $260 million in a Series E funding round led by Coatue Management. According to a press release, this latest round values the company at $2 billion.
The round was backed by several new investors, including Vitruvian Partners, Spark Capital, Lone Pine Capital and Geodesic. They join the firm’s existing investors Visa, Iconiq, Goldman Sachs, 83 North, Granite Ventures, CommerzVentures and CreditEase.
The firm said the new funding round will be used to expand its modern card issuing platform into new domestic and international markets.
“We are in the midst of a transformation in card issuing around the globe,” Marqeta founder and CEO Jason Gardner said in the announcement. “When today’s innovators are in need of modern payment solutions, they aren’t turning to banks as their primary issuers anymore and want a platform built for their needs.”
Oakland, California-based Marqeta, founded in 2010, uses open APIs to allow companies such as Square, DoorDash, Kabbage and Instacart to create customized payment cards for their customers. The firm has 300 employees worldwide and recently opened a London-based office for its expanding European business.