Key takeaways from Goldman-backed Marqeta’s IPO paperwork, from its revenue concentration with Square to how the $4.3 billion fintech makes money

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Marqeta is an infrastructure fintech, meaning it sells software that enables companies to issue credit and debit cards.

The fintech was launched in 2010 by Jason Gardner, who previously founded PropertyBridge, acquired by MoneyGram in 2007.

Marqeta powers companies like DoorDash, Instacart, Affirm, and Klarna’s ability to issue both physical and digital cards. While Marqeta started with debit cards, it added credit cards to its platform in February. It has also nabbed customers in the financial services industry, including Goldman Sachs’ digital bank Marcus and JPMorgan.

The fintech unveiled its card-issuing API in 2014, which allows customers to issue physical and virtual cards for spending. It’s proven popular with use cases like on-demand delivery, where a company like Instacart can instantly issue a virtual card to one of its shoppers while they’re checking out at the grocery store.

Marqeta has raised more than $500 million to-date from big-name VCs like Coatue, Commerce Ventures, and Greylock, corporates like Goldman Sachs, Mastercard, and Visa, and angel investors including Affirm CEO Max Levchin.

The startup was last valued at $4.3 billion. Marqeta is planning its public debut in mid to late-June, Insider reported.

The S-1 also revealed that ahead of its listing, Marqeta hired AWS exec Darren Mowry as chief revenue officer.

Meanwhile, Marqeta’s current chief people officer, Lori McAdams, is stepping down. Adams plans to stay on until the role is filled.