Card issuing giant Marqeta is set to float on the stock market on 9 June.
In Brief:
Marqeta was founded in 2010 and its biggest customer is FinTech giant Square.
It hopes to raise $1bn which would value the business at $12bn.
It’ll offer 45mn Class A shares, while its CEO and early investors retain more “powerful” Class B shares.
What does this mean?
Many of the most popular FinTechs began by offering customers a pre-paid card, and personalising this is exactly what Marqeta offers. Since 2010, the business states it has become a “card-issuing platform category leader” across a number of areas such as alternative lending, expense management and digital banks.
