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Publicly traded card issuing and payment processing firm Marqeta agreed to acquire Power Finance, a New York-based startup that enables brands to easily spin up customized credit cards and card-based reward programs. Marqeta will pay $223 million in cash, one-third of which will be paid out over a two-year period subject to certain conditions.
“We’re thrilled to welcome the Power team and product to Marqeta. 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 thoroughly examined possible acquisitions to more quickly establish Marqeta’s leadership in the modern credit space. It became clear to us that Power would strengthen Marqeta’s platform with a best-in-class tech stack for credit card program management.”
