Digital payment processing company Marqeta Inc. looks to have gained some considerable momentum in recent months, if reports of its upcoming funding round are any indication.

The company is all set to close on a huge $250 million Series E round of funding that will brings its valuation to about $1.9 billion. That’s a massive leap from the company’s previous valuation of $545 million. To date, Marqeta has managed to raise only $116 million worth of funding over four previous rounds since its founding in 2010.

The round hasn’t officially been announced, but people familiar with the matter told TechCrunch it should close within a “few weeks from now.” Marqeta confirmed to SiliconANGLE that funding talks are in progress, and are in the process of closing.

“We see it as a huge validation of what we’ve built these past several years as a truly modern card issuer,” Marqeta Chief Revenue Officer Omri Dahan told SiliconANGLE.

Marqeta is a payments processing company that provides payment cards and other financial services to brands that want to offer such services to their customers. Its partners include fintech startups such as Square Inc. and Kabbage Inc. In October, Marqeta said its payment processing volume had more than doubled over the last 12 months.

The company has recently expanded its operations into Europe to compete with startups such as N26 Bank GmbH and Revolut Ltd., which are themselves challenging traditional banks.

TechCrunch said the European banking sector is a potential goldmine for these startups, since they already account for 14 percent of its annual $238 billion revenue. In contrast, challenger banks such as Marqeto account for just 3.5 percent of U.S. banking revenues.

Marqeta clearly sees a big opportunity in Europe and the potential revenue there may also explain why it can attract much more funding than it previously could. The company is said to be focused on offering new services that complement its digital payments platform, including virtual credit cards, real-time fund transfers and voice services.

“We’re looking forward to growing this even further, while using the round to further fuel our domestic and international expansion,” Dahan said.

It isn’t clear whom Marqeta’s latest investors are, but the company has previously secured funding from Granite Ventures, 83North, The Goldman Sachs Group Inc. and Visa Inc.

Image: Marqeta