By Joshua Franklin and Krystal Hu (Reuters) – Marqeta Inc, the U.S. cost card issuing start-up whose traders embody Goldman Sachs Group Inc (NYSE:), is searching for to rent funding banks to advise on a possible preliminary public providing (IPO), in response to individuals accustomed to the matter. The Oakland, California-based firm permits firms to concern credit score and debit playing cards to their workers. It has seen a surge in on-line procuring and meals supply funds processed via its platform, as U.S. shoppers make purchases from house through the coronavirus outbreak. Later this month, Marqeta is planning to interview funding banks which can be searching for roles in its IPO, the sources mentioned. The IPO might come later this 12 months or in 2021, the sources mentioned. The sources requested anonymity to debate the confidential IPO preparations. Marqeta declined to remark. Marqeta raised $150 million in a non-public fundraising spherical in May, doubling its valuation to $4.three billion. Banks have informed the corporate it might go public at a significantly increased valuation, one of many sources mentioned. Marqeta’s income doubled in 2019 to round $300 million, the sources mentioned. Marqeta’s IPO would come amid a wave of stock listings by firms searching for to capitalize available on the market’s restoration within the aftermath of the pandemic. Final month, one other funds know-how firm, Shift4 Funds Inc, priced its $345 million IPO effectively above its indicated vary and its shares have almost doubled in value since then. Based in 2010 and backed by Goldman Sachs and Visa Inc (NYSE:), Marqeta has developed a platform that it says makes cost card issuing and processing easier and extra environment friendly for companies. The corporate presently operates in the USA, Canada, Europe and Asia-Pacific. By the tip of final 12 months, greater than 140 million playing cards had been issued via its platform. Marqeta’s purchasers embody many well-known know-how start-ups, reminiscent of funds firm Sq. Inc (NYSE:), ride-hailing firm Uber Applied sciences (NYSE:) Inc and grocery supply app Instacart.
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