Reuters

Marqeta Inc, the U.S. payment card issuing start-up whose investors include Goldman Sachs Group Inc, is seeking to hire investment banks to advise on a potential initial public offering (IPO), according to people familiar with the matter.

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.

The sources requested anonymity to discuss the confidential IPO preparations. Marqeta declined to comment.

Marqeta raised $150 million in a private fundraising round in May, doubling its valuation to $4.3 billion. Banks have told the company it could go public at a considerably higher valuation, one of the sources said.

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