The deal also includes a potential additional $52 million for the burgeoning fintech infrastructure company if certain undisclosed conditions are met. Approximately 33% of the purchase will be paid over the next two years, and “most” of Power’s 30 employees are expected to be absorbed by Marqeta in the acquisition.
Estimated reading time: 0 minutes, 24 seconds
Marqeta Makes First-ever Acquisition with Purchase of Two-year-old Fintech Startup
Marqeta is set to make its first acquisition in its 13-year existence as it agreed to purchase fintech startup Power Finance in a $223 million all-cash deal. So reports TechCrunch.
Most Read
-
-
Apr 27 2019
-
Written by FinTech News Brief Staff
The Securities and Exchange Commission announced the concept of digital…
-
-
-
Jan 09 2019
-
Written by FinTech News Brief Staff
Ripple CEO Brad Garlinghouse said cryptocurrency and blockchain stand to…
-
-
-
Sep 03 2020
-
Written by FinTech News Brief Staff
The IRS issued new guidance indicating cryptocurrency earned from crowdsourcing-based…
-
-
-
Sep 21 2018
-
Written by Jacob Roberts
Online software vendor Kashoo is forming focus group to react…
-