Technology platform for card issuers Marqeta is eying for a valuation of over $12bn as it goes for initial public offering (IPO) in the US next week.

It is aiming to tap the surge in online retail shopping and food-delivery transactions in the wake of Covid-19 pandemic.

In a regulatory filing on Tuesday, the California-based payments startup intends to sell about 45.4 million shares priced at between $20.00 and $24.00 per share.

It plans to raise more than $1bn at the high end of the range.

Marqeta aids firms to issue credit and debit cards to their employees.

The technology firm, which was launched in 2010, earlier disclosed that its revenue grew over two-fold to $290.3m in 2020 as customers shopped more online due to Covid-19 pandemic.

The company’s customers include Uber Technologies and food delivery company DoorDash.

In May 2020, Marqeta doubled its valuation to $4.3bn after it raised $150m through a funding round.

In May 2019, the firm attracted $250m through a funding round.

The platform provides a feature called ‘Just-In-Time Funding’ that helps to avoid the requirement to maintain enough balances for each cardholder transaction.

Funds get transferred automatically into the account during the transaction.

Reuters had earlier reported that Marqeta submitted paperwork for its listing in February.

Goldman Sachs and J.P. Morgan are the lead underwriters for the offering.