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.

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