US-based payment card issuing platform Marqeta has reportedly started preparations to launch an IPO this year or early next year.
According to a Reuters report, the company is planning to hire investment banks for advice on the IPO. It is expected to hold discussions with investment banks later this month, sources told the news agency.
The move comes after the Covid-19 pandemic led to an increase in online payments processed through Marqeta platform.
However, the card issuing firm declined to comment on the report.
Marqeta, based in California, allows companies to issue and process credit or debit cards using its API platform.
The company was founded in 2010 and counts Goldman Sachs and Visa as its investors.
In May, the company raised $150m through a private fundraising round raising its valuation to $4.3bn.
In 2019, the company recorded a revenue of $300m. It also issued more than 140 million cards by the end of last year.
Currently, Marqeta operates in the US, Canada, Europe and Asia-Pacific regions.
Recently, digital banking startup Yapeal selected Marqeta to power its digital wallet. The move will enable Yapeal’s digital wallet to offer various personal finance services including a mobile ready debit card connected to payment apps.
Yapeal will also provide access to multiple currencies and budgeting tools.