U.S. payments startup Marqeta eyes over $12 bln valuation in U.S. IPO

Payments startup Marqeta Inc (MQ.O) is aiming for a valuation of more than $12 billion in its U.S. initial public offering (IPO), capitalizing on a boom in online shopping and food-delivery transactions during the COVID-19 pandemic…

The company plans to sell about 45.4 million shares priced at between $20.00 and $24.00 apiece, according to a regulatory filing on Tuesday. It would raise over $1 billion at the top end of the range.

Marqeta, which helps companies issue credit and debit cards to their staff, previously disclosed that its revenue jumped more than two-fold to $290.3 million in 2020 as homebound customers shopped more online.

The company, whose customers include Uber Technologies (UBER.N) and food delivery company DoorDash Inc (DASH.N), doubled its valuation to $4.3 billion in May last year when it raised $150 million in funding.

The Oakland, California-based startup’s platform offers a feature called “Just-In-Time Funding” that circumvents the need to…

Continue reading at REUTERS.COM


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