Marqeta Series E

Marqeta just raised $150M at $4.3B and I'm struggling to form a strong opinion either way. Visa, Goldman Sachs are backing what amounts to card rails autopsy, which is either prescient or premature depending on how the next eighteen months shake out. The Series E valuation isn't offensive, the team has relevant experience, and the market is real if competitive. But there's nothing here that makes me sit up in my chair. It's the VC equivalent of ordering the chicken at a steakhouse—perfectly fine, slightly underwhelming, and you'll forget about it by tomorrow.