Paymentus files for IPO at valuation up to $2.4B

The electronic billing and payments company is seeking to raise up to $210 million in its public market debut

Paymentus, an electronic billing and payments company, has filed with the Securities and Exchange Commission to secure up to $210 million at a valuation of up to $2.4 billion through a U.S. IPO, Reuters reported. 

The SEC filing shows that Paymentus, which is based in Washington, is offering 10 million shares priced between $19 and $21 for the public offering, PYMNTS reported. 

The company has seen some traction this year, with Q1 revenue up 32% at $92.2 million compared to the same time in the prior year, Reuters reported.

The IPO is being underwritten by Citigroup, Bank of America Securities and Goldman Sachs, the news organization said. 

This year has already seen a flurry of fintechs filing to go public through various means, whether its an IPO, SPAC or direct listing.

Just yesterday we reported that payments technology company Marqeta has filed to go public with the Securities and Exchange Commission.Despite the many headwinds of 2020, Marqeta’s annual revenue more than doubled to $290.3 million and saw a loss of $47.7 million, CNBC reports.

We also reported in early May that global payments remittance processor Remitly is prepping for an initial public offering that could value it at about $5 billion, Reuters reported citing sources familiar with the matter.

Many fintech companies have benefited from the COVID-19 pandemic as the shift to digital accelerated trends that were already occurring in the financial and technology sectors. Which explains why we’re seeing so many fintech companies mature and head to the public markets.

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