Marqeta to purchase credit-card management company Power Finance for at least $223 million

Marqeta Inc. MQ plans to acquire credit-card program-management company Power Finance for at least $223 million in cash, the company announced Monday. “We already see considerable demand for differentiated credit products from companies looking to innovate in this space who are held back by the constraints of legacy technology,” Simon Khalaf, Marqeta’s incoming chief executive, said in a release.

“We already see considerable demand for differentiated credit products from companies looking to innovate in this space who are held back by the constraints of legacy technology,” Simon Khalaf, Marqeta’s incoming chief executive, said in a release. Marqeta “thoroughly examined possible acquisitions to more quickly establish Marqeta’s leadership in the modern credit space” and expects that Power Finance will “strengthen” its existing efforts.

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