Open API card issuing and processing platform Marqeta has filed confidentially with US regulators for a proposed initial public offering, according to Reuters.
The firm is hoping to go public as early as April at a $10 billion valuation, says Reuters, citing a person familiar with the matter.
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 counts Visa, Mastecard and Goldman Sachs among its investors and last May raised $150 million at a $4.3 billion valuation.