The Securities and Exchange Commission has issued a notice regarding Marqeta, Inc.'s application for an order under the Investment Company Act of 1940. Marqeta seeks to be recognized as primarily engaging in business activities other than investing in securities, focusing on providing a payment card issuing platform. The application details Marqeta's operations, historical development, and financial practices to demonstrate that it does not function as an investment company. The SEC invites interested parties to request a hearing concerning the application with a deadline in March 2025.
Simple Explanation
Marqeta wants to prove to the government that it is a company helping people with payment cards, not just making money from buying and selling things like stocks. The government is checking their request carefully and wants people to speak up if they have any questions by a certain time.