Visa-backed Marqeta targets US$10b valuation in 2021 IPO

[NEW YORK] Marqeta, a payments startup backed by Goldman Sachs Group and Visa, hired underwriters for a planned 2021 initial public offering (IPO), according to people with knowledge of the matter.

The Oakland, California-based company is working with Goldman and JPMorgan Chase & Co on the listing, said the people, who asked not to be identified because the information is private. The company may seek a valuation of about US$10 billion, one of them said. A valuation hasn't been finalised and, as with any IPO, could change pending investor feedback.

A JPMorgan representative declined to comment, as did James Robinson, a spokesman for Marqeta, and a Goldman Sachs spokesperson.

Marqeta, led by chief executive officer Jason Gardner, struck a deal with Uber Technologies to become its global card-issuing partner, and JPMorgan said in July it would use the firm's technology in its commercial card business. Marqeta in June added its first independent directors, a move that's often viewed as a precursor to a foray into the public markets.

In May, the company said it raised US$150 million at a US$4.3 billion valuation. Its other backers include Coatue, Iconiq Capital, Granite Ventures and 83North.

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