Marqeta, a U.S. financial technology startup backed by Goldman Sachs, is expanding overseas.
Investing.com, citing a Reuters report, said that the company, which helps other startups issue payment cards, has set its sights on London and has already hired five employees and signed up customers. In addition to Goldman Sachs, Marqeta is backed by Visa. The startup has created a platform that makes it easier to issue payment cards. The expansion into the U.K. comes via a partnership with Visa, noted the report. During an interview at a conference in Las Vegas Jason Gardner, the founder and chief executive of Marqeta, said the U.K. and the rest of Europe are attractive markets for Marqeta because of the growing number of digital-only banks and FinTech startups located in Europe. “We have invested an enormous amount of resources in tech and operations, and have been quietly building a presence there,” Gardner said. The executive noted that the decision on the part of the U.K. to leave the European Union wasn’t an issue when choosing the U.K. as the first European country to enter.
The U.K. has been a hotbed of new entrants in the banking and payments industry. These FinTechs are acquiring more market share in the U.K. than the startups operating out of the U.S. and the rest of Europe, noted the report, citing data from Accenture. According to the data, U.K. new players have 14 percent of the industry revenues compared to 3.5 percent in the U.S. Marqeta was founded in 2010 and has raised $116 million in venture funding, with the most recent round led by ICONIQ Capital and including Goldman Sachs as an investor. “Marqeta is the clear market leader in modern card issuing, and we’re thrilled to be part of their already phenomenal growth story,” said Will Griffith, partner at ICONIQ Capital said in June. “They have the most advanced card issuing technology in the category, and they have assembled an extraordinary team of industry leaders.”