Highnote
Also a provider — view Highnote’s profile →“Can one unified platform replace the separate issuing + acquiring + credit + money-movement stacks that fintechs today have to stitch together?”
Founded2020
HQSan Francisco, California
FoundersJohn MacIlwaine, Kin Kee
Latest roundSeries B, 2025
Valuation$750M+ (2025)
IndustryInfrastructure / Card issuing
The story
Founded 2020 by former Braintree/Marqeta execs to build a modern card-issuing processor. Has since expanded well beyond issuing into a unified payments platform combining acquiring, credit, money movement (ACH/RTP/FedNow/wire/stablecoin), and a real-time ledger — positioning explicitly as combining what Marqeta and Stripe each do separately. Stood up its own regulated MSB subsidiary (Highnote Payments) and is pursuing state MTLs to reduce dependence on sponsor banks over time.
Last 12 months
Product timeline
2020
Founded in San Francisco by John MacIlwaine and Kin Kee· founding
2020
Launched card-issuing platform (debit, credit, virtual, charge, prepaid)· banking
2025
Raised $90M Series B led by Adams Street Partners at $750M+ valuation· funding
2025
Expanded to unified platform covering Issuing, Acquiring, Credit, Money Movement, and real-time Ledgering· pivot
Regulated entities
2
regulatory licences held by Highnote
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
9 layers disclosed in Highnote’s embedded-finance stack
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Ledger
in the full report
Lending
in the full report
Open banking
in the full report
KYC
in the full report
FX & payouts
in the full report
Accounting gap: none
11 more providers across 8 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.