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brought in a round of $150 million in fresh capital from an undisclosed investor, valuing the company at $4.3 billion, the company announced Thursday.

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The new valuation is a sharp increase from the Oakland, California-based company’s last funding round in 2019. At the time, the modern card issuing platform was valued at $2 billion. Marqeta provides infrastructure and tools to help companies build and manage payment programs. It touts customers including , , , and .

Prior to this announcement, Marqeta raised a that included 12 investors and was led by , according to Crunchbase data. The new capital brings the company above $500 million in since the company was founded in 2010.

By the end of 2019, the company said, more than 140 million cards had been issued through its platform.

鈥淲e鈥檙e building a single global platform to define and power the future of money for the world鈥檚 leading innovators,鈥� Founder and CEO said in a written statement. 鈥淭his new capital helps us accelerate our mission to empower builders to bring the most innovative products to market, wherever they are in the world.鈥�

The global modern card issuing market is expected to into an $80 trillion opportunity, according to research by commissioned by Marqeta.

Gardner said the company is also 鈥渨ell-positioned to support the current surge in demand for digital payments following COVID-19 lockdowns.鈥�

鈥淭he transformative possibilities of modern card issuing are more commonplace than ever for the everyday consumer in 2020,鈥� he added. 鈥淲e see Marqeta becoming an indispensable part of the global payments infrastructure, and we鈥檙e in a solid position to realize that vision for our company.鈥�

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