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    PartsTech, a Boston-based car component startup, bags $35 million

    PartsTech, a Boston-based car component startup, bags $35 million

    Gradiant raises $225 million in Series D, enters the unicorn club

    Gradiant raises $225 million in Series D, enters the unicorn club

    Ohmium, a green hydrogen startup closes $250 million Series C

    Ohmium, a green hydrogen startup closes $250 million Series C

    Vedanta Biosciences, a clinical-stage company, secured $106.5 million

    Vedanta Biosciences, a clinical-stage company, secured $106.5 million

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      PartsTech, a Boston-based car component startup, bags $35 million

      PartsTech, a Boston-based car component startup, bags $35 million

      Gradiant raises $225 million in Series D, enters the unicorn club

      Gradiant raises $225 million in Series D, enters the unicorn club

      Ohmium, a green hydrogen startup closes $250 million Series C

      Ohmium, a green hydrogen startup closes $250 million Series C

      Vedanta Biosciences, a clinical-stage company, secured $106.5 million

      Vedanta Biosciences, a clinical-stage company, secured $106.5 million

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      Home Fintech

      US payment giant Marqeta files for an IPO 

      USTechTimes Editor by USTechTimes Editor
      May 22, 2021
      Marqeta is an infrastructure fintech based in USA.

      Marqeta is an infrastructure fintech based in USA.

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      Payment giant Marqeta, an Oakland, California-based firm that assists businesses to issue debit and credit cards to employees or contract workers, has filed with the federal Securities and Exchange Commission (SEC) to go public.

      Last May, Marqeta raised $ 150 million, giving it a $ 4.3billion valuation, with backers later revealed as Coatue, Vitruvian Partners, and several others. Its existing investors include Visa, Goldman Sachs, and 83North. The filing was widely expected. Marqeta’s customers including Instacart, DoorDash, and Square. The IPO could value Marqeta at about $ 10 billion.

      The pandemic-fueled online shopping boom has helped the company more than double its 2020 revenue to $ 290.3 million, up from $143.3 million a year earlier. Marqeta reported an even more robust first-quarter revenue growth, which jumped 123 percent to $ 108 million, compared to $ 48.4 million in Q1 2020.

      In its S-1 statement used for SEC filing, the company, as part of their business metrics, has mentioned $ 350 million in annualized net revenue based on fourth-quarter 2020 data; more than 100 percent year-over-year growth in net revenue for 2020; and more than 320 million cards issued to date. According to the filing, Marqueta does business in 36 countries.

      Top stock in the secondary market 

      Marqeta is one of the most coveted private stocks on the secondary market, where it trades between $33 and $35 per share, CNBC reported. At that price and based on shares offered, Marqeta’s valuation is about $16 billion to $17 billion, well above its last private valuation of a reported $4.3 billion.

      Explaining its business proposition in the S-1, Marqeta has mentioned that, “As a technology-centric organization with novel business models and needs, such as Uber and Expensify, have gained popularity over the last decade, the inherent constraints of legacy issuing technology needed a new approach. Developers, technical product managers, and visionary entrepreneurs desire the tools and infrastructure necessary to build their products to serve customers around the world.”

      “They require open, configurable and well-documented, application programming interfaces (APIs) to embed advanced payment technologies natively into their platforms to programmatically authorize and direct these payment flows without needing to integrate directly with issuing banks and card networks. Open APIs have spurred innovation in previously entrenched industries,” the statement read.

      Jason Gardner, Marqeta’s founder, and CEO has earlier said, “We’re building a single global platform to define and power the future of money for the world’s leading innovators. This new capital helps us accelerate our mission to empower builders to bring the most innovative products to market, wherever they are in the world.”

      Related Posts

      • Dlocal
        Uruguay-based payment startup DLocal confidentially files for US IPO

        The Uruguay-based company DLocal, a payment startup, has confidentially filed for a US initial public…

      Tags: MarqetaOnline transactionsPayment PlatformUS IPO
      USTechTimes Editor

      USTechTimes Editor

      USTechTimes.com is an independent new media site that focuses on the latest technology and digital news in the United States and around the world. The site focuses on new startup launching, startup funding, and development in the startup space.

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