Global card issuing platform Marqeta has acquired Power Finance, a credit card management platform
In Brief:
Founded in 2021, Power’s cloud-native platform offers credit card management services for companies creating new credit card programmes
The acquisition, Marqeta’s first, is expected to close in Q1 2023 and will comprise of $223m in cash, around a third of which is payable over a two-year period with an additional $52m subject to a milestone expected to be achieved within the next 12 months
The deal will allow California-based Marqeta to offer customers the ability to create and launch a range of credit solutions, “significantly” boosting the firm’s credit product capabilities
What does this mean?
Power Finance CEO and co-founder Randy Fernando says: “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.”
