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February 17, 2021

Card issuing platform Marqeta files for IPO

American card issuing platform provider Marqeta has reportedly filed confidentially with the US Securities and Exchange Commission (SEC) for an IPO.

Plans are on to complete the flotation by April, with the IPO valuation expected at approximately $10bn. Marqeta currently awaits the regulator’s feedback on the matter, reported Reuters.

According to the report, Marqeta is working with US banks Goldman Sachs and JPMorgan Chase on the matter. The IPO is subject to market conditions, added the report.

None of the concerned parties commented on the matter.

In May last year, Marqeta secured $150m investment that doubled its valuation to $4.3bn.

Developments at Marqeta

Last month, Goldman Sachs selected Marqeta to power digital checking accounts for its digital bank Marcus.

The bank plans to use Marqeta’s open APIs and webhooks to build personalised banking experiences and products.

In the same month, Marqeta teamed up with the UK-based credit card provider Tymit to power new credit card offering.

In November 2020, Marqeta and ride-hailing app Uber inked a strategic global card-issuing partnership.

Uber plans to integrate Marqeta’s technology across multiple product verticals and use the Marqeta platform in major international markets.

Last October, Marqeta and Mastercard announced an extended global partnership to expand into new geographies, open access to new products, and launch additional card programmes together. At the same time, Mastercard said that it will invest in Marqeta.

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