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.