Marqeta acquiring Power Finance is all about Embedded Finance 💸; Walmart continues to solidify its Super App ambitions 📲; PhonePe’s surging revenue and path to profitability 💰

FinTech is Eating the World, 31 January

Hey Everyone,

Good morning! My internet provider continues to fail me, so yesterday’s issue has to come out today. But it’s definitely worth the wait as it’s the best one yet! We’re looking at Marqeta acquiring Power Finance (it’s all about Embedded Finance & Credit Card market), Walmart that continues to solidify its Super App ambitions (don’t ignore them!), and PhonePe that’s showing surging revenue and a path to profitability (& why Super App play will turbocharge this). Let’s jump straight into the hot stuff 🌶

Marqeta acquiring Power Finance is all about Embedded Finance 💸

The news 📰 Card issuing platform and payments FinTech Marqeta MQ 0.00%↑ is to acquire credit card program management platform Power Finance for $275 million in cash.

This is Marqeta’s first acquisition in the publicly traded company’s 13-year history. The deal is expected to close this quarter.

More on this 👉 Founded in early 2021 by FinTech veterans CEO Randy Fernando and CFO Andrew Dust, Power raised just $16.1M since its inception in 2021 from a roster of investors including Anthemis, Fin Capital, CRV, Dash Fund, and Restive Ventures.

Power’s core product is a credit card issuance program, which is designed for companies, brands, and banks to offer embeddable FinTech experiences, such as customized credit card programs, targeted promotions, and personalized rewards, into existing mobile and web applications.

Why this is a big deal? 🤔 Marqeta + Power is a fascinating deal for a few reasons but most importantly - it’s all about embedded finance. Let’s take a look.

(bonus is 2 more reads on Marqeta + a reminder of why embedded finance will explode)