Prepaid Payments Platform Company Marqeta Raises $14 Million
Marqeta is a platform that rewards customer loyalty, which can replace messy incentive programs. Marqeta created the +M Platform to help serve the needs of large enterprises, membership organizations, and affinity groups. Marqeta has raised $14 million in a new round of funding from Greylock IL (an affiliate of Greylock Partners), Granite Ventures, Commerce Ventures, and other strategic investors.
Marqeta allows large and small merchants to create a card with a stored value such as rewards and gift cards. Marqeta is able to provide pre-paid amounts from multiple retailers on one payment card or mobile app.
Marqeta is now powering the recently launched Facebook Card. The Facebook Card is a way for people to give their friends gifts to places like Jamba Juice, Sephora, Olive Garden, and Target all on a reusable gift card bought from Facebook. Marqeta launched a loyalty service in San Francisco recently. Rather than offering points and product rewards, Marqeta merchants can give consumers more money to spend on groceries, dining venues, dry cleaning, etc.
The funding will be used towards building additional infrastructure, talent, and technology. Merchants do not want to change their point of sale systems when adding a loyalty program. Marqeta enables merchants to use their existing infrastructure and they do not have to retrain anyone in using new loyalty systems.