California based Marqeta is gunning for the centre of a multi-trillion dollar card issuing market that is changing fast as new entrants disrupt the dominance of big banks.
The Oakland, California-based company enables companies to issue credit and debit cards to their staff. It has seen a surge in online shopping and food delivery payments processed through its platform, as U.S. consumers make purchases from home during the coronavirus outbreak. Later this month, Marqeta is planning to interview investment banks that are seeking roles in its IPO, the sources said. The IPO could come later this year or in 2021, the sources said.