Payments giant Marqeta gearing up to be next big US fintech IPO
Reports suggest a price tag target of up to $15bn for the fintech could be announced next week.
Card issuing and payments giant Marqeta is planning an IPO later this year, according to the latest report on the long-rumoured IPO from Insider over the weekend.
The report suggests that Marqeta could achieve a valuation of around three times its current $4.3bn as part of the process, giving it a price tag of up to $15bn.
Marqeta said it will publish its IPO plans next week on 14 May, essentially confirming earlier reports that it confidentially filed its prospectus back in February with the US market regulator.
Last May, Marqeta raised $150m, giving it a $4.3bn valuation, with backers later revealed as Coatue, Vitruvian Partners and several others. Its existing investors include Visa, Goldman Sachs and 83North.
“We’re building a single global platform to define and power the future of money for the world’s leading innovators. This new capital helps us accelerate our mission to empower builders to bring the most innovative products to market, wherever they are in the world,” Jason Gardner, Marqeta’s founder and CEO, said at the time.
Across the pond Marqeta’s customers include DoorDash, Instacart and Uber, and earlier this year Goldman Sachs partnered with Marqeta to issue cards for its own upcoming debit card.