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January 30, 2023
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| Marqeta Blog
 
News and views on modern card issuing and the evolution of payments
 * Company News
   
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MARQETA ANNOUNCES PLANS TO ACQUIRE POWER FINANCE, INC.

January 30, 2023January 30, 2023 457 2 min read
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We’re excited to announce that we’ve entered into an agreement to acquire credit
card program management platform, Power Finance, Inc. (“Power”). This is our
first company acquisition and a major milestone for Marqeta. The deal is
expected to close in the first quarter of 2023, subject to the satisfaction of
customary closing conditions. 

Power’s cloud-native platform offers credit card program management services for
companies creating new credit card programs. The company was founded in early
2021 by fintech veterans CEO Randy Fernando and CFO Andrew Dust. As part of this
acquisition, Power Finance CEO Randy Fernando will now lead the product
management of the Marqeta credit card platform.

This acquisition will allow Marqeta to add credit card program management
capabilities to our card issuing platform and will help us address a large
market opportunity – there is more than $4 trillion in card spend on credit
cards in the US each year. 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.

“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 Randy Fernando, co-founder and CEO at
Power Finance. “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.” 

We’re thrilled to welcome the Power team and product to Marqeta and are excited
about the possibilities ahead. Discover more about our credit platform here. 

Tagged: acquisition company credit Innovation news platform
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RELATED STORIES

 * MARQETA ANNOUNCES MAJOR ENHANCEMENTS TO ITS CREDIT PLATFORM
   
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| Marqeta Blog
 
News and views on modern card issuing and the evolution of payments
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