Marqeta is reportedly aiming for a valuation of over $12 billion in its US public offering.

The American payments company, which filed for the listing last month, has profited from the shift to online shopping and the increase in food deliveries during the pandemic.

According to a report by Reuters, Marqeta plans to sell around 45.4 million shares priced at between $20 and $24 each. At the top end of the range, the company would raise more than $1 billion.

Marqeta currently reports 500 employees in 35 countries, and its customers include Uber, Doordash, Klarna, Square, and JP Morgan.

The California-based company, which competes with older payments providers like Fiserv and FIS alongside newer companies like Stripe and Adyen, saw its revenue more than double to $290 million last year.

The valuation of the company also increased two-fold to $4.3 billion in 2020, following a $150 million funding round.

Goldman Sachs and JP Morgan will be the lead underwriters for the offering.

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