U.S. investment bank and financial services company Goldman Sachs Group has joined a $45 million investment round in Marqeta, a financial technology company offering technology businesses can use to issue payment cards.
Companies said in a statement that the round, which brings Marqeta’s total funding raised to $116 million, was led by U.S venture capital firm ICONIQ Capital. Marqeta is also backed by financial services company Visa.
Marqeta said that it will use the funding to grow the business and expand operations internationally.
The investment from Goldman comes as the Wall Street bank seeks to expand its retail operations to offset weakness in other divisions such as trading. Last year, the bank’s executives laid out a goal to generate $5 billion in revenue from new sources, including consumer banking.