Goldman Sachs and Visa-backed American payments startup Marqeta is reportedly preparing to go public next year, targeting a valuation of nearly $10bn.
The company has hired underwriters for its planned initial public offering (IPO) in 2021, Bloomberg reported citing people familiar with the matter.
Marqeta is currently working with investment bank Goldman Sachs and American banking giant JPMorgan Chase on the IPO listing.
However, this valuation is not finalised yet since an IPO relies on investor feedback, the report added.
Earlier this month, the card-issuing platform Marqeta and ridesharing pioneer and delivery platform Uber Technologies entered into a strategic global card-issuing partnership.
Last month, Marqeta and Mastercard extended their partnership to expand into new geographies, open access to new products, and launch additional card programmes together.
In September, Marqeta launched a tokenisation-as-a-service (TaaS) product, allowing card issuers to facilitate the ability to add virtual payment cards into mobile wallets.
In July, JPMorgan also agreed to use Marqueta’s technology in its commercial card business.
In June, Marqeta appointed its first independent directors. This move is viewed as a catalyst to enter into the public markets, according to Bloomberg.
In May, Marqeta said that it raked in $150m at a $4.3bn valuation. Its other investors include Coatue, Iconiq Capital, Granite Ventures and 83North.