Open API card issuing and processing platform Marqeta is reportedly in talks to raise $250m in a Series E funding round.

In case the deal materialises, it will bring the company’s valuation to about $1.9bn.

The round hasn’t been announced by the company officially. However, citing people familiar with the development TechCrunch reported that the deal should close within a few weeks.

However, the report did reveal the names of the investors.

In June last year, Marqeta raised $45m in a financing round led by ICONIQ Capital. The round was also joined by Goldman Sachs and few existing investors.

Marqeta being a payments processing company, provides financial services and payment cards to brands that want to offer the same services to their customers.

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.

In October last year, the company forayed into the European card issuance industry. It set up an office in London, UK in collaboration with Visa.

In 2017, the company introduced new solutions including Marqeta Digital Wallet SDK and Virtual Card Wizard to deliver customised card experiences.