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At a Glance
Marqeta, a payments service company, has gained a market capitalization of over $17.2 billion on its debut. This is due to the company’s share rise of more than 20%. Marqeta’s clients include Uber Technologies and DoorDash, Inc. The company’s value increased from $4.3 billion in May 2020, when it last sought funds.
Marqeta, a payments service company, has gained a market capitalization of over $17.2 billion on its debut. This is due to the company’s share rise of more than 20%. Marqeta’s clients include Uber Technologies and DoorDash, Inc.
On Wednesday, the shares of the financial technology firm started at $32.50, up from its initial public offering (IPO) price of $27 per share. Marqeta’s IPO was priced substantially above its projected range of $20 to $24 per share.
The IPO raised $1.2 billion for California-based Marqeta, which sold 45.45 million shares. Uber, Goldman Sachs Group Inc, and Visa Inc have previously invested in the company.
This is a generational company, and we wanted to have a more traditional process of going public.Jason Gardner, founder and CEO of Marqeta
He added that the company never contemplated a straight listing or a SPAC merger as a way to go public.
Marqeta, founded in 2010, has also developed tremendously. It earlier stated that sales more than doubled to $290.3 million in 2020 as homebound clients increased their online shopping. This increased the company’s value from $4.3 billion in May 2020, when it last sought funds from private investors.
Many of our customers have become essential services during the pandemic. Their success is our success. I believe that ordering through on-demand services apps and buy-now-pay-later companies is still in the early innings. These are young businesses in a massive market.Jason Gardner, founder and CEO of Marqeta
Interchange fees earned by transactions on Marqeta’s platform account for the majority of the company’s income. The company receives a portion of the fees produced for every card swipe.
Marqueta currently operates in 36 countries, and according to Mr. Gardner, as the firm expands, it plans to recruit more employees. Still, it may also look for acquisition options, particularly outside of the United States