Marqeta, Inc. (NasdaqGS:MQ) entered into an agreement to acquire Power Finance Inc. for approximately $280 million on January 30, 2023. 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. Power Finance Chief Executive Officer Randy Fernando will now lead the product management of Marqeta's credit card platform.

The deal is expected to close in the first quarter of 2023. John Olson and Randall Clark of Gunderson Dettmer acted as legal advisors to Power Finance in the transaction. Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisor to Marqeta, Inc. (NasdaqGS:MQ).