Payment card issuing startup Marqeta may IPO in April

The U.S.-based startup helps companies issue credit and debit cards to staff

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

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

The IPO is likely to be valued around $10 billion as the payment card startup works with Goldman Sachs and J.P. Morgan Chase, the news agency stated, citing an unnamed source.

Based in Oakland, California, Marqeta is involved in helping companies issue credit and debit cards to staff. The company has seen more online shopping and food delivery payments through its platform during the Covid pandemic.

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

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

Last July, the news agency also reported that Marqeta was looking to potentially hire 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.

According to a blog post, 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.”