Over the last months there has been speculation over whether or not card issuer Marqeta will be joining the frenzy of 2021 IPO’s alongside fintechs SoFi, Coinbase, and MoneyLion. Recent director hires, as well as the appointment of Goldman Sachs and JPMorgan Chase & Co reveal that the company is pulling no punches going into its IPO application to the SEC.
Since launching in 2010, Marqeta has pursued a path toward becoming the world’s first modern card issuer through its platform. Its mission “is to be the global standard for modern card issuing, empow-ering builders to bring the most innovative products to the world.” The company now has over 550 employees facilitating its customers and services across 35 countries.
Today, Marqeta is known for providing the tools for financial services platforms of all kinds to provide cards, wallets, and other payment mechanisms. Marqeta has issued a total of 270 million cards through its platform as of the end of 2020, and the California-based company is currently valued at $4.3 billion after raising a total of $528 million since its inception.
In the lead-up to the IPO, the company’s latest venture is tackling the consumer credit card space by creating the ability for brands to launch smart credit card programs. Kick-starting this move is Marqeta’s collaboration with fellow startup Deserve whose technology and API platform will be pivot-al for powering Marqeta’s program management services. Speaking on the venture into credit cards Marqeta’s founder and CEO, Jason Gardner said, “This technology is complex, and we saw that this barrier to market had created an opportunity for us to take what we’ve learned helping customers innovate in the prepaid and debit space and adapt to that credit.” He further shared that the complex-ities arise around businesses wanting to create modern card products while technology is lacking for innovation.
As contactless payments become the norm, being able to provide the full spectrum of payment cards will help Marqeta stay ahead of the curve, growing market share while meeting new demands. It was shared that these credit cards will be competitive through their ease of accessibility, flexible controls, and features that include real-time views of rewards, APR, and credit lines. Leveraging Deserve’s APIs to increase speed to market will be key in completing this goal.
Pursuing this innovation shortly after the confirmation of the company’s listing for an IPO could line the listing up for success as the company continues its growth trajectory.