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Marqeta eyes IPO - Reuters

Marqeta eyes IPO - Reuters

Unicorn open API card issuing and processing platform Marqeta has begun talking to investment banks about a potential initial public offering, according to Reuters.

The move comes just a couple of months after the California-based firm - which counts Goldman Sachs and Visa among its investors - closed a $150 million funding round at a $4.3 billion valuation.

The company is set to interview banks looking to work on any IPO later this month about a listing later this year or next, says Reuters, citing sources.

Founded in 2010, Marqeta is gunning for the centre of a multi-trillion dollar card issuing market that is changing fast as new entrants disrupt the dominance of big banks.

Its platform and Just-In-Time Funding feature allows companies of all sizes to authorise their own card transactions, fundamentally changing how they engage with issuing and processing. Developers on Marqeta’s platform can sign up for a sandbox in under a minute and then leverage a set of card controls and configurations to get a fully funded card programme to market in a matter of days.

The firm has seen more than 140 million cards issued through its platform, with Instacart, Square, Affirm and Uber among its big name users.

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