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Visa-Backed Marqeta Targets $10 Billion Valuation in 2021 IPO

Bloomberg logoBloomberg 11/24/2020 Gillian Tan, Crystal Tse and Jenny Surane
Visa Inc. headquarters in Foster City, California, U.S., on Monday, Nov. 23, 2020. © Bloomberg Visa Inc. headquarters in Foster City, California, U.S., on Monday, Nov. 23, 2020.

(Bloomberg) -- Marqeta, a payments startup backed by Goldman Sachs Group Inc. and Visa Inc., hired underwriters for a planned 2021 initial public offering, according to people with knowledge of the matter.

The Oakland, California-based company is working with Goldman and JPMorgan Chase & Co. on the listing, said the people, who asked not to be identified because the information is private. The company may seek a valuation of about $10 billion, one of them said. A valuation hasn’t been finalized and, as with any IPO, could change pending investor feedback.

A JPMorgan representative declined to comment, as did James Robinson, a spokesman for Marqeta, and a Goldman Sachs spokesperson.

Marqeta, led by Chief Executive Officer Jason Gardner, struck a deal with Uber Technologies Inc. to become its global card-issuing partner, and JPMorgan said in July it would use the firm’s technology in its commercial card business. Marqeta in June added its first independent directors, a move that’s often viewed as a precursor to a foray into the public markets.

In May, the company said it raised $150 million at a $4.3 billion valuation. Its other backers include Coatue, Iconiq Capital, Granite Ventures and 83North.

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