Meanwhile, Marqeta s current chief people officer, Lori McAdams, is stepping down. Adams plans to stay on until the role is filled.
Marqeta earns most of its revenue from interchange Samantha Lee/Business Insider
Marqeta operates on a usage-based business model, meaning that the more its customers use its card-issuing tech, the more money it earns.
In 2020, its revenue grew 103% year-over-year to $290.3 million. Largely, that growth is a result of the boom in online spending and displacement of cash brought on by the coronavirus pandemic.
The fintech prospered as a result of customers like DoorDash, Instacart, Affirm, and Klarna all enjoying massive growth in 2020. Across all its users, Marqeta processed $60.1 billion in total volumes, up 177% from 2019.
in 2020, annual revenue more than doubled to $290.3 million, and the company recorded a loss of $47.7 million.
Founded in 2010 and based in Oakland, California, Marqeta sells payment technology that s designed to detect potential fraud and ensure that money is properly routed. The company issues customized physical cards, which look like credit and debit cards, which contractors from DoorDash or Instacart use to make point-of-sale purchases from restaurants or supermarkets.
Many of Marqeta s top customers are coming off record years as the pandemic pushed commerce to mobile devices. In addition to meal-delivery companies, Marqeta powers Square s debit card for small business owners and its popular Cash App for peer-to-peer payments. Affirm and Klarna, which provide small-dollar lending to consumers for purchases like bikes and TVs, use Marqeta s technology to move money with their installment loans.
Fintech Unicorn Marqeta Might Conduct IPO as Early As Next Month: Report
Fintech Unicorn
Marqeta is reportedly planning to conduct an initial public offering (IPO) later this year, according to a report from BI.
Oakland-based payments processor Marqeta is valued at around $4.3 billion. The company provides debit cards to firms such as
DoorDash and
Goldman Sachs.
Marqeta said it intends to share its IPO plans with the general public on May 14, 2021. The Fintech firm is getting ready for a listing at some point next month, according to BI which cited sources familiar with the matter.
In February 2021, Marqeta had confidentially filed its public offering prospectus with the