Marqeta plans 2021 IPO
Marqeta, the California-based card-issuing platform, is planning a 2021 initial public offering (IPO).
Reuters source says Marqeta could go ahead with an IPO later this year or early in 2021.
The company is on a high following a surge in demand during the coronavirus pandemic.
According to Reuters sources, the payments firm is seeking investment banks to advise on its plans.
Marqeta provides cards, wallets and other payment tools to businesses. Through Marqeta companies can issue credit and debit cards to workers.
Among its clients are Square, Uber, Instacart and DoorDash.
Founded in 2010, the company operates in the United States, Canada, Europe and Asia-Pacific. It claims that more than 140 million cards had been issued through its platform.
The fintech raised $150 million from an undisclosed investor back in May 2020, setting its value at $4.3 billion. Other backers of the payments firm include Goldman Sachs, CommerzVentures, and Visa.
Despite this, it has yet to turn a profit. Founder and CEO, Jason Gardner, told TechCrunch earlier this year that the firm sees itself as “a public company”.
According to an Edgar, Dunn & Company report, the modern card issuing market is expected to grow by $30 trillion in the next decade, and become an $80 trillion opportunity.