Payment card issuer Marqeta Inc revealed that its revenue doubled in 2020 in its initial public offering (IPO) filing with U.S. securities regulators made public on Friday.
A pandemic-induced boom in online shopping and food delivery payments from homebound customers helped the U.S. company’s revenue double to $290.3 million in 2020.
The company said its revenue rose 123% to $108 million for the three months ended March 31. Net loss attributable to common stockholders was $12.8 million, smaller than the $14.5 million loss a year earlier.
The filing comes as the IPO market is seeing roaring investor interest.
More than 670 companies have raised over $140 billion globally through IPOs this year, data from Refinitiv showed, with almost one in five IPOs in the technology sector. Tech IPOs accounted for about 27% of the total proceeds.
Marqeta doubled its valuation to $4.3 billion after it raised $150 million in a funding round in May last year. The IPO could potentially value it at $10 billion, Reuters had reported earlier.
Goldman Sachs and J.P. Morgan are the lead underwriters for the offering. It will list on the Nasdaq under the symbol ‘MQ’.
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