The income of the company issuing payment cards have doubled in 2019.
“Consumers who do not have a bank account with the inland revenue, or approximately 28 million Americans — would be forced to receive a paper check in the mail and having to wait several months, while if these people open a Cash account App, they could receive their money more quickly,” explained Jason Gardner, the CEO of the issuing company cards payments Marqeta.
At the end of the month of march, when the health crisis had confined nearly half of the world’s population in it and put 33 million Americans unemployed in seven weeks, the man at the head of the fintech Marqeta did not hesitate to defend the talents of the other fintech. It must be said that for its startup born in 2010, everything is for the better, and all the more when the market is benefiting from the situation health. His company, Marqeta, is part of the fintech B2B – in the shadow of the great public – to-income exponential.
To believe in, just know that Marqeta works with clients in the United States, Canada, Europe and Asia-Pacific, already, for a total of 140 million credit cards issued, its main activity. These customers are other fintech and companies that are looking to equip their customers – or their banking services, a debit card or credit. Square, one of the actors in the fintech of the most important in the world (who has the Cash App), part of its customers.
Other new partners, such as neo-swiss bank Yapeal who has signed a contract with Marqeta a few hours ago, see in the card issuer an indispensable partner. ” The platform Marqeta has been at the heart of the creation of our range of cards present, the most important characteristic of our portfolio “, said Thomas Hilgendorff, CEO of Yapeal.
A stock introduction to the study
In a recent dispatch from the british agency Reuters, it is reported, according to sources close to the matter that Marqeta would be the study of an ipo. The fintech california is currently in the process of looking to surround themselves with investment banks for guidance in this pathway to cause the listing of a part of its share capital.
The olympic form of the fintech is at the origin of such a choice. It must be said that his situation is far from being fragile : in 2019, its revenues have doubled ($300 million). The fintech is now supported by the investment bank Goldman Sachs and Visa, two giants who intend to operate and continue to reign in the finance industry of tomorrow.
Last may, while business had not been specifically impacted by the crisis, Marqueta has managed to raise $ 150 million, to reach a valuation of $ 4.3 billion. Last week, it is the assurtech Lemonade, which was propelled into the spotlight during its IPO.
It must be said that the first few hours of the startup on Wall Street have been exceptional, with an increase of 140 % of its course, to give the morale in the SoftBank Group, which holds 22% stake in the company, and who had not managed to negotiate its investments in an optimal way during the crisis.
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