Modern card issuing platform Marqeta (NASDAQ:MQ) announced today that it has entered into an agreement to acquire credit card program management platform Power Finance, Inc. The deal is expected to close in the first quarter of 2023, subject to the satisfaction of customary closing conditions.
The purchase price, which is subject to customary adjustments, consists of $223 million in cash, approximately one-third of which is payable over a two-year period subject to certain conditions, plus $52 million in cash subject to a milestone that is expected to be achieved within the next 12 months.
“We’re thrilled to welcome the Power team and product to Marqeta. We already see considerable demand for differentiated credit products from companies looking to innovate in this space who are held back by the constraints of legacy…
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