Marqeta, a payments startup backed by Goldman Sachs Group and Visa, is planning to file for an initial public offering (IPO) next year, according to a Bloomberg report citing sources.
The company is coordinating with both Goldman and J.P. Morgan Chase on the listing, said the sources, who asked not to be identified because the information is private.
The company may seek a valuation of about $10 billion, one of them said. A valuation hasn’t been finalized and, as with any IPO, could change pending investor feedback.
A J.P. Morgan representative declined to comment, as did James Robinson, a spokesman for Marqeta, and a Goldman Sachs spokesperson.
Founded in 2010 by Jason Gardner, who serves as chief executive officer, Marqeta is a platform that offers simplified payment tools for card issuers. The startup partnered with Uber to be its exclusive global card-issuing partner. It also teamed up with J.P. Morgan and added directors in June, a maneuver that typically leads to an IPO.
Additionally, the firm recently partnered with buy now, pay later (BNPL) firm Afterpay. Mastercard and Marqeta partnered in October to deepen their global collaboration. Mastercard is also planning to invest in the startup and accelerate Marqeta’s international expansion.
The company's most recent funding round was in May, when it raised $150 million from investors that included Coatue, Iconiq Capital, Granite Ventures and 83North. The valuation was pegged at $4.3 billion.
News of a possible IPO first started circulating in July. Marqeta’s revenue doubled in 2019, hitting roughly $300 million.
In a recent PYMNTS report, Visa said that Marqeta belonged to a new class of payment providers. The company was one of the more than 20 firms in Visa's Fast Track program.
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