US-based card issuing FinTech Marqeta is considering an initial public offering, reports Reuters.
In Brief:
Backed by Goldman Sachs, Marqeta helps businesses issue debit and credit cards to their staff.
It raised $150mn private investment in May.
This puts its pre-IPO valuation at $4.3bn.
What does this mean?
Marqeta has already said it’s seen increased use since the outbreak of Covid-19. It cites a significant uptick in ecommerce and food delivery payments handled via its platform. Even pre-Covid, the company was on a significant growth journey with revenue increasing by 100% last year according to Reuters’ sources.
