Marqeta acquires financial technology startup Power Finance for over USD 223M

Date:

Share post:

Marqeta Inc. has announced its intention to acquire Power Finance Inc. for USD 223 million in cash. Power Finance is a financial technology startup that emerged from stealth mode last year.

Within a year, Power Finance intends to reach that accomplishment. The startup received USD 300 million in credit facilities and USD 16.1 million in seed funding from investors prior to the acquisition. Marqeta, a company based in Oakland, California, listed its shares on the Nasdaq in 2021 after raising USD 1.2 billion in an IPO.

It runs a platform that enables businesses to give their clients and workers branded payment cards. In the third quarter, it made USD 192 million in revenue, which is 46% more than it did at the same time last year.

Read More: Marqeta acquires financial technology startup Power Finance in $223M+ deal

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

TerraPay appoints Ruben Salazar Genovez, former Head of Visa Direct, as President

TerraPay, a global money movement company, is pleased to announce the appointment of Ruben Salazar Genovez, recently the...

Crif launches ESG analytics tool for UK banks

ESG Analytics from CRIF, a provider of consumer and business credit information and a key global player in...

Pulsate raises USD 7.7 million in its Series A funding round

Pulsate, a mobile-first customer engagement platform for community financial institutions, has secured USD 7.7 million in funding. Pulsate's platform...

Revenir AI, a FinTech firm, launches hassle-free mobile VAT reclaim for travelers

Revenir AI, a UK FinTech startup, has developed a white-label app for banks that allows travelers to automatically...