US-based Marqeta, a fintech startup that provides infrastructure and tools to help companies build and manage payment programs, filed regulatory paperwork for an IPO (initial public offering) on 15 May 2021. The company’s target IPO valuation might reach up to US$ 15 billion. Goldman Sachs and J.P. Morgan will be the lead underwriters on the offering on the Nasdaq. The stock will list under the ticker symbol MQ.
Marqeta also disclosed that its annual revenue doubled to US$ 290.3 million last year, especially as a result of the pandemic that sent online transactions soaring. In 2019, Marqeta earned US$ 143.3 million in net revenue. The company processed over 1.6 billion transactions in 2020 and had 57 million active cards at the end of the year. It incurred a net loss of US$ 47.7 million in 2020, down from a loss of US$ 58.2 million in 2019.
The CEO of Marqeta, Jason Gardner has a 14.1% stake in the company, including shares in trust for his children and options that he can exercise within the next month. Entities affiliated with investor Granite Ventures hold an 11.2% stake in Marqeta. Other investors include 83North, ICONIQ Capital, DFS Services LLC and Coatue.
About Marqeta
Founded in 2010 by Jason Gardner, Marqeta powers company-issued debit cards. It calls itself the “world’s first modern card issuing platform.” With its open API, the Marqeta platform helps businesses that want a simple and tailored way of managing payment programs to create experiences and power new modes of commerce. Marqeta is headquartered in Oakland, California, with operations in the United States, Canada, Europe and Australia. It is certified to process payments in 10 countries in APAC.
Marqeta faced a strong demand for its services during the pandemic. DoorDash and Instacart were among its first customers, rolling out Marqeta debit cards to freelance workers who would swipe them to pay for meals or groceries for delivery. The company believes that processing government stimulus payments also helped it to boost its revenue to US$ 108 million in the first quarter of 2021. Some of Marqeta’s other notable customers include Affirm, Klarna and Square.
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