Fintech startup Marqeta, valued at $4.3 billion, has confidentially filed paperwork to go public

  • Fintech Marqeta has confidentially filed its IPO paperwork, sources close to the company say.
  • Early investor and customer Goldman Sachs is leading the listing along with JPMorgan.
  • Marqeta is eyeing an IPO date in Q2 and hopes for a $10 to $15 billion market cap, sources say.
  • Visit the Business section of Insider for more stories.

Marqeta, a startup that helps companies issue debit cards and other financial products, has confidentially filed its IPO paperwork, sources close to the company told Insider.

Goldman Sachs, an early investor and a customer of Marqeta, is leading the listing along with JPMorgan, also a Marqeta customer.

The company is eyeing a listing date in the second quarter of 2021, a source told Insider. The fintech is targeting a valuation in the $10 billion to $15 billion range in its public markets debut, more than doubling its last valuation as a private company a year ago, another source told Insider. Both asked not to be identified sharing information about the not-yet-public IPO documents and a Marqeta spokesperson declined to comment.

In May, Marqeta took in $150 million from a single investor, pushing its valuation to $4.3 billion. The company’s backers include Greylock Partners, Coatue Management, MasterCard, and Visa’s venture arm.

Marqeta is a card issuer for businesses. With Marqeta, companies can issue debit cards or even “virtual cards,” for contactless payments to their employees and set the rules around what kinds of transactions they can make.

For example, DoorDash uses Marqeta so its delivery workers have the ability to pay for food on behalf of customers. The card only works if the delivery worker is picking up from the restaurant where the order was placed.

The company is especially popular with gig companies like Uber and Instacart, but it also works with lenders like Affirm and Afterpay, which let customers shop now and pay later.

Fintech startups like Marqeta, Plaid, and Finix have been booming since the start of the pandemic as more people looked to handle their finances from their smartphones. Marqeta’s growth promoted it to go on a hiring spree, increasing its workforce by 20%. 

In January, Marqeta also revealed it’s going to be the card issuer for Goldman Sach, which will begin offering checking accounts through its consumer banking play, called Marcus, later in 2021.

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