New York-based fintech Power Finance is still a young organization, having been founded two short years ago by Randy Fernando and Andrew Dust. But since 2021, the company has attracted considerable attention from investors, with its uniquely customizable credit card issuance program being widely praised as a fresh offering in the fintech landscape.
Power Finance will go on pushing the boundaries of fintech in consumer credit. But as of early February, it will now be doing so as a subsidiary of Marqeta, the publicly traded open API platform, which has acquired Power Finance in a $275 million all-cash deal. Both companies position the purchase as a major step forward both for Marqeta and for the state of credit issuance technology across the board.
“Companies like ours were made possible because of the path Marqeta blazed in modern card issuing, demonstrating the possibilities in payments with flexible and modern payment infrastructure,” said Fernando in a public statement on the acquisition. “At Power, we built a full-stack, cloud-native credit card issuance platform, and by becoming a part of Marqeta we have the ability now to bring this innovation to a much larger market at global scale.”