Open-API platform provider Marqeta has raised $45m in a new financing round led by ICONIQ Capital.

The funding round was also joined by Goldman Sachs and Marqeta’s existing investors.

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The latest round brings the total funds raised by Marqeta to $116m, including the $25m raised in June last year which was led by Visa.

The startup plans to use the new funds to enhance its domestic and international growth, as well as expand consumer and commercial card solutions.

Marqeta founder and CEO Jason Gardner said: “We’re excited to bring aboard ICONIQ Capital and Goldman Sachs, who deeply understand innovation in financial technology and payments.

“We look forward to their contributions to Marqeta as we continue to scale operations and expand our footprint around the world.”

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The company designed its card issuing and core processing platform as an end-to-end, cloud-based solution to support physical, virtual and tokenised cards.

Marqeta currently powers various card programmes such as those of Instacart, Square, Affirm, Kabbage and Alipay.

Last year, the company introduced new solutions including Marqeta Digital Wallet SDK and Virtual Card Wizard to deliver customised card experiences.

Gardner added: “We’re consistently delivering new products to market and powering today’s most innovative companies, driving significant growth in payment volume and greater operational efficiency with each passing month.”