Payments Firm Marqeta Files for IPO Showing Revenue Doubled

Digital payments firm Marqeta Inc. filed for an initial public offering, disclosing shrinking losses as revenue more than doubled last year.

Marqeta, whose backers include Goldman Sachs Group Inc. and Visa Inc., competes with legacy players such as Global Payments Inc. and Intelligent Systems Corp.

In Friday’s filing, Marqeta listed the size of its offering as $100 million, a placeholder that will change when it sets terms for the share sale.

Marqeta said in May 2020 that it was valued at $4.3 billion in a $150 million funding round led by Coatue Management with participation from Vitruvian Partners and others. Marqeta’s backers also include 83North, Granite Ventures and Iconiq Capital.

In November, Marqeta was considering seeking a valuation of about $10 billion in an IPO, Bloomberg News reported.

The Oakland, California-based company had a net loss of $48 million on revenue of $290 million in 2020, according to the filing. That compared with a loss of $58 million on $143 million in revenue the previous year.

The company will have a dual-class share structure, with the Class A shares sold in the IPO having one vote each compared to 10 each for Class B stock, according to the filing.

The offering is being led by Goldman Sachs and JPMorgan Chase & Co. Marqeta plans for its shares to trade on the Nasdaq Global Select Market under the symbol MQ.

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