Marqeta last raised a round of funding at a $1.9 billion valuation in March 2019; while details of the round weren’t shared, one person familiar with the matter said that the single investor was Capital Group (the investment firm that runs American Funds); Marqeta has set themselves apart from the few other fintechs that have been able to raise during the crisis such as Stripe and Brex who saw modest increases in valuation; last year the company reported revenues in excess of $300 million or about double that of the year prior; CEO Jason Gardner shared that the company is growing faster than he forecasted even before the coronavirus hit; Marqeta has seen increasing demand from big customers like Instacart and DoorDash with on-demand delivery transaction volume tripling in the last three months; the company books revenues on every order; another customer that is helping boost the growth is Square; Garner also shared that the new round was an opportunistic fund raise and that they have years of cash in the bank. Forbes
