![]() We already see considerable demand for differentiated credit products from companies looking to innovate in this space who are held back by the constraints of legacy technology,” said Simon Khalaf, incoming CEO at Marqeta. “We’re thrilled to welcome the Power team and product to Marqeta. The company is a cloud-native platform offering credit card program management for other companies. Investors include Anthemis, Fin Capital, CRV, Dash Fund and Restive Ventures. Power Finance was founded just two years ago in early 2021 by CEO Randy Fernando and CFO Andrew Dust.įernando will now lead the product management of Marqeta’s credit card platform. ![]() The deal is expected to close in the first quarter of 2023 with one-third of the price payable over a two-year period and $52m in cash subject to a milestone expected to be achieved within the next 12 months. The acquisition will allow Marqeta customers to launch a wide range of credit products, according to the company. ![]() Fintech card issuing platform Marqeta is paying $223m in cash to acquire a two-year-old rival fintech company Power Finance. ![]()
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