We talked about it a year ago, with numbers already colossal. Marqeta, the California fintech that competes with the Irish Stripe, has just filed its IPO application after considering such an operation for a year.
In twelve months, the rating has multiplied. It must be said that revenues doubled in 2019 as much as in 2020. In the first quarter of 2021 the growth was still 123%. The financial equilibrium is very tight. Net losses decreased from $ 14.5 million a year ago to $ 12.8 million.
Marqeta is not a name that is very familiar to individuals. But many professionals do business in the fintech landscape. We’ll only mention Square (including Cash App), Affirm and Klarna, or Doordash and Instacart.
The main activity is the issuing of payment cards, whereby the entire system is managed by Fintech itself. “With the world’s first open API platform, Marqeta brings speed and efficiency to card issuance and payment processing. […] An innovative payment experience for a multitude of applications and services that you use every day, ”describes the company on LinkedIn.
Marqeta’s services also make people happy at Neobanks. “The Marqeta platform was of central importance for the creation of our current card offering, the most important feature of our portfolio,” said Thomas Hilgendorff, CEO of Yapeal (a Swiss neobank), in March 2020.
With such a nugget, historical players like Visa and Mastercard are very interested. Visa is one of the main investors alongside Goldman Sachs Bank. Mastercard also works actively with Marqeta.
Noise on Wall Street
Marqeta’s initial public offering is expected to value the company between $ 16 billion and $ 17 billion. We’re nowhere near the $ 4.3 billion estimated a year ago. Of course, the big favorite of the current fintech nuggets, Stripe continues to raise colossal cash (his last Series H brought him $ 600 million).
However, to some industry sources polled by CNBC, Marqeta’s arrival on the exchange will sound like a big deal. This applies in particular to Larry Albukerk, the managing director of the private market exchange platform EB Exchanges:
“It is certainly one of the hottest companies in the private markets. […] It has grown steadily over the past two years and has recently become one of the most sought-after stocks to buy on the pre-market, ”he said.