American card issuing platform Marqeta has raised $260m in Series E funding round led by investment firm Coatue Management.

The company’s existing investors including Visa, Iconiq, Goldman Sachs, 83North, Granite Ventures, CommerzVentures and CreditEase also participated in the funding round.

Apart from existing investors, the funding also saw participation from some new investors such as Spark Capital, Vitruvian Partners, Geodesic and Lone Pine Capital.

With the latest of funding, Marqeta’s valuation has surged to $2bn.

Marqeta said it intends to use the funds to support its domestic as well as international expansion plan.

Marqeta founder and CEO Jason Gardner said: “We are in the midst of a transformation in card issuing around the globe. We are building Marqeta as a generational business and have the opportunity to accelerate our vision for better global payments and digital banking infrastructure that will remain a relevant part of the ecosystem for decades to come.

“Marqeta is attacking a multi-trillion dollar opportunity in this market. This investment puts us in prime position to round out our product vision, bring Marqeta to new geographies, build even more ground-breaking features for our customers and double down on our already aggressive growth trajectory.”

Marqeta offers open APIs using which the businesses can develop payment programmes and customise payment cards to meet their customer needs.

Coatue Management partner Kris Fredrickson said: “We’re incredibly excited to be partnering with Marqeta. We believe that the company has a world class team, industry-leading technology, and the ability to bring about a profound change in card issuing and the global payments infrastructure.

“The company’s momentum over the last several years is a testament to the team’s hard work and the scale of the opportunity at hand.”

Recently, Marqeta signed its first batch of European customers and also announced the launch of a new digital banking solution for fintech innovators in Europe.

Square, Kabbage, Alipay and Instacart are some of Marqeta’s existing users.