Fresh off a $150 million funding round announced Thursday, Marqeta is developing a credit card product. The Oakland, Calif.-based startup raised the funds as an extension of its Series E from an undisclosed investor, more than doubling its valuation to $4.3 billion, up from $1.9 billion last year.

“We took $150 million from an investor that we consider to be a gold standard,” said founder and CEO Jason Gardner. “We are now going to speed up our product development and focus on geographical expansion.” The company has raised nearly $525 million to date.

Marqeta is an underlying tech provider that issues virtual and physical debit cards to employees, partners and customers, and works with such companies as Kabbage, Affirm and Square. As of last year, the startup has issued more than 140 million cards.

According to Gardner, the pandemic has “fast forwarded the need of digital credentialing” by an order of years and Marqeta is in a strong position to evolve with the change. Digital credentialing is the process of creating a digital wallet for a person’s complete identity and financial records, to reduce friction in the digital payments space.

While digital credentialing and improving the platform for increased traffic appears to be the primary goal of the company, it has also been working on a credit card platform for the past two and a half months, Gardner said. No timeline was given for when the new product will hit the market.

“This is an age-old space entrenched with legacy players, so you’ve had very fixed, inflexible payment products that companies have had to rely on,” Vidya Peters, Marqeta chief marketing officer, previously told Bank Innovation.

The COVID-19 pandemic and social distancing rules spurred a rise in contactless payments and a need for digital credentialing. Marqeta has seen a 120% increase in contactless payments, and on-demand delivery on its platform has skyrocketed twentyfold since the start of the pandemic.

The forecast and revenues for the startup were rising beyond projections before the pandemic hit, Gardner said. Marqeta’s revenue exceeded $300 million in 2019, although the company declined to share its transaction volume.

“Since the lockdown, our on-demand delivery transactions have increased threefold since mid-February,” due to a surge in users among its key costumers like DoorDash, Instacart and Square, while the company’s verticals operating in the travel sector, like Uber, have taken a huge hit, Gardner noted.