- The payment processor, which works with Square, Instacart, DoorDash and others, closed a Series E Funding round on Tuesday.
- The new cash injection brings its latest valuation to $2 billion as investors pour into the payments space.
- Venture capital funding for payments and processing grew to $4.4 billion in 2018, a 46% increase from the total a year earlier, according to PitchBook.
…In the case of Instacart and DoorDash, Marqeta provides the debit cards drivers use to pay for the groceries in person. Because of the card’s technology, it won’t work if the driver isn’t in the right location and won’t authorize a card swipe unless it’s the customer’s exact amount, helping reduce fraud.
“We provide technology to the card to make sure that the right order, at the right time, for the right amount is being picked up,” Gardner said.