US-based card issuing FinTech Marqeta is considering an initial public offering, reports Reuters.
In Brief:
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Backed by Goldman Sachs, Marqeta helps businesses issue debit and credit cards to their staff.
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It raised $150mn private investment in May.
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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.
