Marqeta Headquarters in Oakland, Calif.

Yalonda M. James | San Francisco Chronicle | Hearst Newspapers through Getty Images

Marqeta has grow to be one of many hottest companies in digital commerce, though few shoppers have ever heard of it.

Its identify is about to grow to be far more acquainted. On Friday, the company filed to go public and, in its prospectus to traders, disclosed annualized income progress within the first quarter of 123% to $108 million, whereas its web loss narrowed to $12.8 million from $14.5 million a 12 months earlier.

In 2020, annual income greater than doubled to $290.3 million, and the company recorded a lack of $47.7 million.

Founded in 2010 and primarily based in Oakland, California, Marqeta sells cost expertise that is designed to detect potential fraud and be sure that cash is correctly routed. The company points custom-made bodily playing cards that appear like credit score and debit playing cards, which contractors from DoorDash or Instacart use to make point-of-sale purchases from eating places or supermarkets.

Many of Marqeta’s prime clients are coming off document years as the pandemic pushed commerce to cellular gadgets. In addition to meal-delivery firms, Marqeta powers Square’s debit card for small enterprise house owners and its common Cash App for peer-to-peer funds.