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.