Marqeta has announced it has completed a US$260m Series E fundraise, led by Coatue Management. This funding values the card issuer at nearly US$2bn. Marqeta says it will use the round to accelerate its expansion plans, both domestically and in key global markets.

The global market for card issuing volume is over US$45 trillion, according to Edgar, Dunn & Company research, with new entrants disrupting a space traditionally dominated by big banks. Marqeta says that its payments platform is at the core of a secular shift underway to capture business and consumer deposits, and lending volume and card payment activity.

The round saw participation from several new investors, including Vitruvian Partners, Spark Capital, Lone Pine Capital and Geodesic. They join existing Marqeta investors Visa, ICONIQ, Goldman Sachs, 83North, Granite Ventures, CommerzVentures and CreditEase.

Marqeta’s open APIs allow a new generation of businesses to build in payment programmes and experiences, allowing companies on the cutting-edge of technology and finance like Square, Affirm, DoorDash, Kabbage and Instacart, to customise payment cards to meet the unique needs of their customers. It has doubled its revenue for three straight years and seen an increase in spending activity on its platform in that same time. FT Partners served as the exclusive strategic and financial advisor to Marqeta and its board of directors in the transaction.