Marqeta, a developer and provider of payment processing technologies, has raised $25 million in a new round of funding as it looks to expand in the U.S. and overseas.
The company’s new investors include IA Capital, CommerzVentures, and serial entrepreneur Max Levchin. Previous investors 83North, Granite Ventures, and Commerce Ventures also participated in the funding.
In addition to being a Marqeta investor, Levchin is also a customer. His lending startup, Affirm, joins a clutch of other tech companies using Marqeta’s application program interface to bring additional features to its business. In Levchin’s case, Marqeta aids in processing transactions for the lending service online and in-store.
Other businesses that are swiping with the Marqeta API include the delivery service DoorDash, HyperWallet, a payment service for individual contractors, and the small business and consumer lending company, Kabbage.
In each instance, Marqeta’s development of a customized API opens up a new market for the company, according to CEO Jason Gardner. With applications that can process transactions for DoorDash, Marqeta can also sell a similar service to PostMates, Gardner says. Affirm’s API could be used by other point of sale lenders, and HyperWallet’s transaction approval system can e sold to other vendors servicing contractors and small business clients.Featured Image: Tungphoto/Shutterstock