The deal also includes a potential additional $52 million for the burgeoning fintech infrastructure company if certain undisclosed conditions are met. Approximately 33% of the purchase will be paid over the next two years, and “most” of Power’s 30 employees are expected to be absorbed by Marqeta in the acquisition.
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Marqeta Makes First-ever Acquisition with Purchase of Two-year-old Fintech Startup
Marqeta is set to make its first acquisition in its 13-year existence as it agreed to purchase fintech startup Power Finance in a $223 million all-cash deal. So reports TechCrunch.
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