The tech that helps power Cash Appās debit card? Other fintechs, including Plaid which also works with Robinhood
Marqeta
Headquarters: Oakland, California
Debit card transaction processor gives companies that issue cards to workers or customers more control over which transactions are approved. Grocery delivery service Instacart uses Marqeta to control which items its order-fillers can buy, reducing fraud. Square uses Marqeta for its fast-growing Cash App, which lets consumers make retail purchases, transfer money and buy stocks.
Funding: $378 million from Visa, 83 North (formerly Greylock Israel), Coatue Management and others; latest valuation of $1.9 billion
Bona fides: Has doubled revenue every year since 2016, reaching more than $300 million in 2019, Forbes estimates.
Cofounder & CEO: Jason Gardner, 50, who founded a rent payments company in 2004 that was acquired by MoneyGram for $28 million.
Plaid
Headquarters: San Francisco
Making its fifthāand assuming its pending acquisition by Visa goes through, lastāappearance on this list, Plaid connects payment apps like Square Cash and personal finance apps like Acorns to usersā bank accounts to transfer and track funds. Doubled number of customers in 2019 to 2,600, while expanding to the U.K., Spain, France and Ireland.
Funding: $310 million from Andreessen Horowitz, Kleiner Perkins, NEA and others; latest valuation: In January, Visa agreed to buy Plaid for $5.3 billion, double its value a year prior.
Bona fides: Works with most of the largest fintech apps in the U.S., including Venmo, Robinhood and Coinbase.
Cofounders: CEO Zach Perret, 32, and former CTO William Hockey, 30. They met as fledgling Bain consultants before founding Plaid in 2012.