Exclusive: $4.3 billion fintech darling Marqeta is planning an IPO as early as June

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Jason Gardner, Marqeta CEO

Last valued at $4.3 billion, fintech startup Marqeta is going public in June, sources tell Insider. The Oakland-based startup plans to make its IPO filing public on May 14. Marqeta issues debit cards to companies like DoorDash and Instacart, and banks like Goldman Sachs. See more stories on Insider’s business page.

Payments processing startup Marqeta plans to make its IPO paperwork public on May 14, and is targeting a listing in mid-to-late June, two sources close to the company told Insider.

Insider previously reported the company confidentially filed its IPO prospectus with the SEC in February. Goldman Sachs is still leading the listing along with JPMorgan, said one of the sources who asked not to be identified because the information is private. Both banks are Marqeta investors and customers.

The company last raised $150 million in May 2020 at a $4.3 billion valuation, but that could nearly triple to between $10 billion and $15 billion when it goes public, Insider previously reported.

A representative for Marqeta declined to comment on its IPO plans.

CEO Jason Gardner founded the Oakland, California-based company in 2010, around the same time other fintech darlings like Stripe, SoFi and Square were just starting to take off.

Marqeta’s core business issues debit cards and other financial products to companies like Square, DoorDash and Instacart. For example, Instacart shoppers use cards that are issued and powered by Marqeta to pay for groceries instead of having to front the cost. The cards have a zero balance, and the transaction amount and store information are verified before funds are moved.

Before Marqeta came along, Instacart and other on-demand delivery startups would hand drivers prepaid debit cards with “thousands of dollars on it,” Gardner explained in an interview with Insider in February. “There was no mechanism to control whether that driver was buying the right order, or buying food for himself,” he said.

Marqeta’s revenue is derived from transaction fees as well as other service and platform