Payment card issuer Marqeta Inc revealed a doubling of revenue in 2020 in an initial public offering (IPO) filing with U.S. securities regulators made public on Friday.
Marqeta, which helps companies issue credit and debit cards to their staff, has profited as the pandemic fueled a boom in online shopping and food delivery payments from homebound customers.
The U.S. company's revenue surged to $290.3 million in 2020, from $143.3 million a year earlier.
Marqeta's customers include Uber Technologies and food delivery company DoorDash Inc, which went public in December.
The company has issued about 320 million cards through its platform as of March 31, the filing showed.
Its platform offers a feature called "Just-In-Time Funding", which circumvents the need to maintain sufficient balances for each cardholder transaction. Funds are automatically transferred into the account at the time of the transaction.
In the three months ended March 31, revenue rose 123% to $108 million, while net loss attributable to common stockholders narrowed to $12.8 million from $14.5 million a year earlier.
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 reported earlier.
The Oakland, California-based startup, which is backed by Goldman Sachs, had confidentially submitted paperwork for its listing in February, the report said.
Marqeta's 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.
Goldman Sachs and J.P. Morgan are the lead underwriters for the offering. It will list on the Nasdaq under the symbol 'MQ'.