On the heels of payment processing startup Adyen pricing its IPO in Europe to raise $1 billion, another startup working in the area of digital payment processing has raised a significant growth round. Marqeta, a startup out of Oakland that works with businesses for payment-card related services, including instant card-based payments and issuing their own branded credit cards, has raised $45 million led by Iconiq.

Marqeta says it plans to use its Series D to keep focusising on developing more solutions, as well as take its business international.

“We’re excited to bring aboard ICONIQ Capital and Goldman Sachs, who deeply understand innovation in financial technology and payments,” said Marqeta founder and CEO Jason Gardner in a statement. “We look forward to their contributions to Marqeta as we continue to scale operations and expand our footprint around the world.”

By coincidence, Iconiq happens to be one of Adyen’s major backers, too.

Other investors participating in this round, a Series D extension, include Goldman Sachs and other, unnamed existing investors. (Those previous backers include Visa, which led the original Series D of $25 million; Max Levchin whose business Affirm is a customer; CommerzVentures; 83North and more.)

The round being announced today brings Marqeta’s total funding to $116 million, and while the company is not disclosing its valuation, a spokesperson confirmed that it was at a higher number than before. When it looked like Marqeta was raising only an additional $40 million earlier this year, PitchBook estimated the pre-money valuation for this round at $500 million with a post-money of $540 million.

However, it appears that the round was oversubscribed after a strong period of growth for the company: it says payment volume more than doubled in last six months, with its virtual card business is on pace to grow 4 times this year, and its customer base doubling in 2017.

“Marqeta is the clear market leader in modern card issuing, and we’re thrilled to be part of their already phenomenal growth story,” said Will Griffith, partner at ICONIQ Capital, in a statement. “They have the most advanced card issuing technology in the category, and they have assembled an extraordinary team of industry leaders.” Gardner, for one, is a repeat (and successful) entrepreneur, previously working as an executive at MoneyGram after it acquired his previous company, PropertyBridge.

The startup has partnerships with Visa, MasterCard and Discover to provide both payment services to a wide range of businesses that work in marketplace environments where payments are taken from one party, transferred via a second, and then eventually made to a third.

These include e-commerce businesses such as Square, Instacart and DoorDash; as well as others working in other kinds of financial transactions that need instant turnarounds, such as loan platforms like Kabbage and Klarna. The second big area of Marqeta’s business is focused on card issuing, providing customised card services to companies that issue cards (physical or virtual) to their customers.

It’s also been working with Visa on developing payment technologies. As with another fast-growing payments startup, Stripe, Marqeta positions itself as “developer friendly.” The company provides many of its payment processing services via API and one big focus is to streamline and improve the security around each transaction.

It’s also been expanding its presence across the digital payments landscape, launching a Digital Wallet SDK for Apple Pay and Google Pay, Marqeta.js, and Marqeta’s Virtual Card Wizard, making it easier for businesses to build more customised card experiences for their users.

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