FinTech news in Marqeta category

Power’s first product is a credit card issuance program, which is designed for companies, brands and banks to offer embeddable fintech experiences, such as customized credit card programs, targeted promotions and personalized rewards, into existing mobile and web applications. Historically, Marqeta was focused on debit and prepaid cards, but in February 2021, it formally expanded into the consumer credit card space to help other brands launch credit card programs. Once the deal closes, Power Finance CEO Randy Fernando will lead the product management of Marqeta’s credit card platform. Marqeta has agreed to acquire two-year-old fintech infrastructure startup Power Finance for $223 million in cash, marking the first acquisition in the publicly-traded company 13-year history.

The company is working to streamline operations at other fintech startups, specifically through its reconciliation software that those companies can use to help ensure they’re working with accurate and precise data even when it comes from different places, said co-founder and CEO Kyle Maloney.

M2P Fintech, a payments infrastructure startup that has established market dominance in India, has raised $56 million in a new financing round, less than three months after closing its previous funding, as it works to deepen its footprints in several international geographies.