Card issuing and processing startup Marqeta is reportedly on pace to move forward with a June IPO, making the paperwork public in May.

Why should we care?
Marqeta, which issues debit and other financial product offerings for large tech companies like DoorDash, Instacart, and Uber, is benefiting from a wave of digital-payment adoption during the pandemic. The company recently moved into credit cards, letting partners quickly launch credit cards with flexible controls. This includes the ability to easily turn on or off various functions, including rewards, annual percentage rates, and credit lines in real time based on custom rules. It’s also moving into new use cases, both financial and non-financial. Marqeta’s $4B-plus valuation could grow two to three times in an IPO, recent reports suggest. The company competes with legacy as well as newer payments players, including the likes of Stripe, Synchrony, CoreCard, and Galileo. It raised $150M last May, with funders including Coatue, Vitruvian Partners, and others. “We’re building a single global platform to define and power the future of money for the world’s leading innovators,” said CEO Jason Gardner on the occasion of the company’s last fund raise. He added that the company plans to “empower builders to bring the most innovative products to market, wherever they are in the world.”