Marqeta, the US-based payment card issuer backed by corporate investors Commerzbank, Visa and CreditEase, has confidentially filed for an initial public offering, Reuters has reported, citing a person familiar with the matter.
The company is targeting a $10bn valuation in the offering, more than double the $4.3bn valuation at which it last raised funding. Goldman Sachs and JPMorgan Chase are among the underwriters for the IPO, which could take place as soon as April this year.
Marqeta is the creator of a technology platform that allows organisations to create and issue their own physical or virtual payment cards and engage with business or point-of-sale lending activities.
The company had raised a total of $526m as of May 2020, when it received $150m from a single unnamed investor at the aforementioned $4.3bn valuation.
Online lending platform developer CreditEase, payment services firm Visa and CommerzVentures, the investment arm of financial services firm CommerzBank, had participated in Marqeta’s $260m series E round a year earlier, valuing it at almost $2bn.
Coatue Management led the series E round, which also featured investment banking firm Goldman Sachs, Geodesic Capital, Iconiq Capital, 83North, Vitruvian Partners, Spark Capital, Lone Pine Capital and Granite Ventures.
Marqeta had completed a $70m series D round in 2018 that included Visa, CreditEase, CommerzVentures, Goldman Sachs, Iconiq Capital, Granite Ventures, Commerce Ventures, 83 North and IA Capital.
CommerzVentures, IA Capital, existing backers 83North, Granite Ventures and Commerce Ventures had already joined private investors including Max Levchin to supply $25m in series C funding for the company in 2015.
