By Joshua Franklin
(Reuters) – U.S. payment card issuing start-up Marqeta Inc on Tuesday filed confidentially with the U.S. Securities and Exchange Commision for a proposed initial public offering (IPO), according to a person familiar with the matter.
Marqeta will now await feedback from the SEC on its filing and hopes to complete its IPO as early as April, the source said, requesting anonymity because the matter is private.
Marqeta is eyeing a valuation in the IPO of around $10 billion and is working with Goldman Sachs Group Inc and JPMorgan Chase & Co, the source added.
The source cautioned that the IPO plans are subject to market conditions. Marqeta, Goldman Sachs and JPMorgan declined to comment.
Oakland, California-based Marqeta enables companies to issue credit and debit cards to their staff. It has seen a surge in online shopping and food delivery payments processed through its platform, as U.S. consumers make purchases from home during the coronavirus outbreak.
Food delivery company DoorDash Inc, a Marqeta customer, went public in December and has since seen the value of its stock more than double.
Marqeta raised $150 million in a private fundraising round in May, doubling its valuation to $4.3 billion.
Reuters reported in July that Marqeta was seeking to hire investment banks to advise on a potential IPO.
(Reporting by Joshua Franklin in Miami; editing by Jonathan Oatis)
