Squarespace founder & CEO Anthony Casalena image: Collin Hughes for Squarespace

According to a Bloomberg report, Squarespace is in talks with banks to take on as much as $400 million in debt financing that would help prepare the way for an initial public offering. Bloomberg reports the company is seeking to arrange the debt facility ahead of an IPO that could happen in 2021 or later. Its report also notes that Squarespace, unlike several other high-profile unicorns, is cash-flow positive.

Securing a credit facility from Wall Street banks often comes before a public offering. In such a case, companies typically return favors to banks that make significant lending commitments by offering roles on their IPOs, which in turn leads to substantial fees for the banks.

Squarespace, a do-it-yourself (DIY) website service, has raised nearly $300 million in total funding according to Crunchbase data. Last valued at $1.7 billion, the New York-based company is known be only backed by four VC firms; Index Ventures, Accel, General Atlantic and Mosaic Ventures.

Being cash-flow positive will likely put Squarespace on the path to a successful IPO, especially at a time when several newly debuted public companies continue to record significant losses. In a case of an IPO, Squarespace won’t even be the first DIY website service to test the public markets, with its main competitor Wix having done that six years ago. Wix’s public market ride has been so far successful, with the Israeli company currently (as of writing) trading at $128 a share, way up from a debut price of $16.50.

Squarespace was founded in 2003 and has been led by its founder, Anthony Casalena, since that time. The company has grown to currently employ more than 1,000, across offices in New York, Oregon, and Dublin.