Marqeta a payment technology company to launch an IPO after being valued at USD 16 billion

Marqeta a payment technology company has now become one of the biggest businesses in digital commerce domain, even though a handful of consumers have heard of it. The company is about to establish its name even more as it has filed for the IPO and go public and, and has written it in the prospectus to investors, disclosed annual revenue growth rate in the first quarter to stand at 123% amounting to USD 108 million, whereas the company’s net loss shrinks to USD 12.81 million from USD 14.52 million the previous year.

In 2020, the company’s annual revenue has more than doubled to USD 290.33 million, and the company has registered a loss of USD 47.7 million. The company was founded in 2010 in Oakland, California. Marqeta is a payment technology company selling its services to detect potential frauds and ensuring that the money is safe. The company issues physical cards customized to customer needs that look like debit and credit cards, which contractors from Instacart or DoorDash can leverage to make point-of-sale purchases from supermarkets.

Additionally, Marqeta also powers Square’s debit card for small businesses and popular Cash App for engaging in peer-to-peer payments. Klarna and Affirm, which provide small-dollar lending services to consumers for small purchases like TVs and bikes leverage Marqeta payment technology to flowing money with their installments.

One broker at the EB Exchange stated that the Marqeta shares are trading on the secondary market for over USD 33 to USD 35 each. One year ago, Marqeta had raised a capital when the company had a valuation of USD 4.3 billion and it is presently standing at a valuation of USD 16.3 billion. The company is definitely one of the best performing companies in the private market and has been reassuring of the steady performance for the past couple of years. The company has been the growing and has become one of the most sought-after stocks to purchase in pre-public steup.