Paymentus set for $2bn IPO

Paymentus Holdings, a US-based payments and billing network, is set to make an initial public offering (IPO) at a projected valuation of $2.43 billion.

The Redmond, Washington company, founded in 2004, reports over 1,300 clients in financial services, insurance, healthcare, and telecoms which serve 16 million consumers and businesses.

Paymentus intends to raise $210 million by selling 10 million shares at between $19 and $21 each on the New York Stock Exchange (NYSE).

The move comes after a period of growth for the company; revenues increased from $235.8 million in 2019 to $301.8 million in 2020, a year-over-year increase of 28.0 per cent.

Marqeta, another US payments company, announced their IPO early this week at a projected valuation reported to be around $10 billion.

The US IPO market continues to flourish; 494 IPOs were recorded for all of 2020, a 150 per cent increase over 2019 according to financial data firm FactSet, despite marked economic uncertainty.

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