American card issuing platform Marqeta has unveiled plans to hire around 175 new people in this year to support its expansion plans.

The Oakland-based company, which started the year with 230 employees, aims to boost its staff-strength past 400 by the end of this year.

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The decision follows the closure of a $260m fundraising by the company in May this year. Currently, Marqeta is valued at nearly $2bn.

It also strengthened its executive team and expanded Oakland office this year as part of its efforts to increase global footprint.

Last year, Marqeta opened its London office, which now employs 15 people.

Marqeta founder and CEO Jason Gardner said: “Marqeta was founded and took shape in Oakland and it has been immensely satisfying to see such a strong local tech hub form in parallel with our own growth over the last decade.

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“We’ve built real, meaningful open API card issuing and processing technology that is set up to have generational impact in the payment industry.

“Oakland has been the ideal home for these innovations, both an intricate part of the Silicon Valley ecosystem, with its own unique sense of community and individualism.”

Established in 2010, Marqeta focuses on providing clients with advanced infrastructure and tools to develop highly configurable payment cards.

Last month, the UK’s Capital on Tap partnered Marqeta to support small business credit card payments.