Card issuing and processing startup Marqeta has filed paperwork with the Securities and Exchange Commission (SEC) to go public, after more than doubling its 2020 year-over-year revenue.

Why should we care?
Marqeta’s business has grown swiftly during the coronavirus pandemic, with banks and fintechs rushing to offer digital payment methods, including virtual cards. The company recently moved into credit cards, letting partners quickly launch credit cards with flexible controls. Marqeta’s S1 filing with the SEC says the company’s “modern architecture allows for flexibility, a high degree of configurability, and accelerated product development, democratizing access to card issuing technology.” Last year, it processed $60.1B of total payment volume, up 177% from the prior year. Marqeta touts its payments toolset as an easy addition for other tech companies, and current clients include DoorDash, Instacart, and Uber. The company revealed in its IPO filing that Square was its biggest customer, making up 70% of its revenue last year. The public listing reportedly drives up the company’s valuation to $16B – up from $4.3B a year ago. Among the risk factors it outlined, Marqeta cited the possibility that digital behavior and current transaction patterns don’t keep up. “If this trend in consumer demand and spending patterns slows or reverses as shelter-in-place restrictions ease and as the pandemic subsides, our net revenue growth may be adversely affected,” the filing said. The company’s competitors include Stripe, Adyen, FIS, and Fiserv.