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Marqeta Files With SEC, Could IPO In April

Marqeta, the U.S.-based payment card issuing startup, has filed confidentially for an initial public offering (IPO) with the Securities and Exchanges Commission (SEC), a Reuters report says.

Marqeta is now waiting on the feedback from the SEC. It wants to complete its IPO as early as April.

The value of the IPO will likely be around $10 billion as Marqeta works with Goldman Sachs and J.P. Morgan Chase, Reuters writes, citing an unnamed source.

Marqeta is based in Oakland, California and works to help companies issue credit and debit cards to staff. The company has seen more online shopping and food delivery payments through its platform since the pandemic.

Marqeta raised $150 million in a private fundraiser last May, which doubled its valuation to $4.3 billion.

One Marqeta customer, DoorDash, went public in December and has seen the value of its own stock more than double since then, Reuters writes.

Last July, Reuters also reported that Marqeta was looking at potentially hiring investment banks for its own possible IPO.

PYMNTS reported on Marqeta’s partnership with Goldman Sachs earlier this year in order to help give a boost to powering digital checking accounts for Marcus.

Marqeta said the help from Goldman would leverage the company’s new card issuing platform in order to debut the checking accounts. The digital checking accounts worked to help Marcus expand its portfolio for digital banking initiatives. Those initiatives also include things like high-yield savings, certificates of deposits and personal loans, among others, the report says.

A blog post indicated that the partnership would “take advantage of our platform’s open APIs and webhooks, as well as our first-rate developer experience, built to help power future-forward banking experiences.”



About: Buy Now, Pay Later: Millennials And The Shifting Dynamics Of Online Credit, a PYMNTS and PayPal collaboration, examines the demand for new flexible credit options as well as how consumers, especially those in the millennial demographic, are paying online. The study is based on two surveys, totaling nearly 15,000 U.S. consumers.

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