(Reuters) -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’.
(Reporting by Niket Nishant and Tiyashi Datta in Bengaluru; Editing by Devika Syamnath and Sriraj Kalluvila)
