Marqeta To Buy Power Finance For $223 Mln In Cash

(RTTNews) - Marqeta, Inc. (MQ), a payment card issuing platform, said on Monday that it has inked a deal to acquire credit card program management platform, Power Finance, Inc., for $223 million in cash. Marqeta will pay additional $52 million in cash if certain milestones are achieved within a year. The deal is expected to conclude in the first quarter of 2023.

The acquisition helps Marqeta to directly provide the tools to the customers need to create innovative credit products that meet the changing demands for credit cards from consumers and businesses.

Power's cloud-native platform offers credit card program management services for companies creating new credit card programs.