Payment start-up Marqeta files for IPO

Payment technology start-up Marqeta has filed for an initial public offering (IPO) on the Nasdaq.

The target valuation for the listing is unknown, but the FinTech’s stock already trades on private markets at a valuation of between $16 billion to $17 billion.

Marqeta’s platform enables companies to create physical, virtual, and tokenised single or multiple use debit and credit cards for their employees.

The Oakland, California-based company competes with older payments providers like Fiserv and FIS alongside newer companies like Stripe and Adyen.

The news comes after Marqeta raised $150 million in May 2020 at a valuation of $4.3 billion in a round led by Coatue Management.

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

The company says it has provided 320 million cards through its platform as of 3 March 2021.
Marqeta also reported first quarter revenues of $108 million, a 123 per cent year-on-year increase, while its net loss for the quarter fell to $12.8 million from $14.5 million.

Goldman Sachs and J.P. Morgan are set to act as lead underwriters for the flotation.

Marqeta intends to use a dual class share structure for the listing, which will give the founders more voting rights.

Measures that would allow for dual class share listings in the UK are still under government review.

    Share Story:

Recent Stories

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.