" " Marqeta Acquires Fintech Infrastructure Company Power Finance for $275 Million – Financial Tips " "
Financial Tips
Advertisement
  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us
No Result
View All Result
  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us
No Result
View All Result
Financial Tips
No Result
View All Result
Home Banking

Marqeta Acquires Fintech Infrastructure Company Power Finance for $275 Million

admin by admin
January 30, 2023
in Banking


  • Marqeta is acquiring credit card program management platform Power Finance.
  • The company will add Power Finance’s credit card program management capabilities to its own card issuing platform.
  • Financial terms of the deal were not disclosed.

Global card issuer Marqeta agreed to acquire credit card program management platform Power Finance. Terms of the deal, which is scheduled to close in the first quarter of this year, were not disclosed.

Power Finance was founded in 2021 by CEO Randy Fernando and CFO Andrew Dust to offer credit card program management services to companies seeking to create new credit card programs. The company’s platform takes care of credit card management, customer experience, application decisioning, transaction processing, and more. And because Power Finance is pre-integrated with third-party data vendors, it saves companies time when setting up KYC and underwriting processes.

“Companies like ours were made possible because of the path Marqeta blazed in modern card issuing, demonstrating the possibilities in payments with flexible and modern payment infrastructure,” said Fernando. “At Power, we built a full-stack, cloud-native credit card issuance platform, and by becoming a part of Marqeta we have the ability now to bring this innovation to a much larger market at global scale.”

Once the deal is finalized, Fernando will lead the product management of the Marqeta credit card platform.

Marqeta will leverage the acquisition by adding Power Finance’s credit card program management capabilities to its own card issuing platform. “It will allow us to accelerate processing revenue derived from credit programs, and improve our competitive positioning when competing for new deals, offering our customers a holistic credit card program management solution,” Marqeta said in a blog post announcement.

Marqeta launched its card issuing platform in 2010 to enable clients to manage their own card programs. The company offers configurable and flexible payment tools and customizes payment cards for their end customers. Earlier this month, Marqeta launched a Web Push Provisioning Solution to enable consumers to transact from their mobile wallets without having to download a separate mobile app.

Marqeta is a publicly traded company listed on the NASDAQ under the ticker MQ. The company has a market capitalization of $3.54 billion.


Photo by Nataliya Vaitkevich



Source link

Previous Post

AKUVO Partners with Eltropy to Help Credit Unions Leverage Text to Improve Collections

Next Post

Bitcoin Rise in First Month of 2023 Moves Crypto Fear Index From ‘Extreme Fear’ to ‘Greed’ – Market Updates Bitcoin News

Next Post

Bitcoin Rise in First Month of 2023 Moves Crypto Fear Index From 'Extreme Fear' to 'Greed' – Market Updates Bitcoin News

Recommended

Outsourcing, Retiring with Real Estate, & Investing in College

January 15, 2023

How To Calculate Debt-To-Income Ratio

May 30, 2023

Don't miss it

Investment

Four Considerations for Strong Investment Policy Statements

September 26, 2023
News

Private Debt Funds are Attractive Right Now—But You Must Ask These Questions First

September 26, 2023
News

Optimism OP token slips 10% in week ahead of $30M token unlock

September 26, 2023
News

Spending More Money On Food: An Experiment In Decumulation

September 26, 2023
Banking

Seven Stories: Greg Palmer and the Finovate Podcast’s Summer Series

September 26, 2023
Banking

Backbase and FrankieOne Announce Strategic Partnership to Enhance Digital Onboarding

September 26, 2023

© Financial Tips News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us

© 2022 Financial Tips News Hubb All rights reserved.

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/