Marqeta reported revenue growth in the first quarter of 123% to $108 million, while its net loss narrowed to $12.8 million from $14.5 million a year earlier.
Marqeta has become one of the hottest businesses in digital commerce, even though few consumers have ever heard of it.
On Friday, the company filed to go public and, in its prospectus to investors, disclosed annualized revenue growth in the first quarter of 123% to $108 million, while its net loss narrowed to $12.8 million from $14.5 million a year earlier.
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 that look like credit and debit cards, which contractors from DoorDash or Instacart use to make point-of-sale purchases from restaurants or supermarkets.
