Shares of payment processing company Marqeta closed up 13% after its market debut Wednesday on the Nasdaq. Shares closed at $30.52, giving the company a market cap of just over $16 billion.
Marqeta priced just over 45 million shares at $27 apiece on Tuesday, above its initial $20 to $24 target range. The company raised $1.2 billion at an implied $15.2 billion valuation, up from its last private market valuation last year of about $4.3 billion.
Founded in 2010 and based in Oakland, California, Marqeta sells payment technology that’s designed to detect potential fraud and ensure that money is properly routed. The company issues customized physical cards that look like credit and debit cards, which contractors from DoorDash or Instacart use to make point-of-sale purchases from restaurants or supermarkets.
In its IPO prospectus, Marqeta disclosed annualized revenue growth in the first quarter of 123% to $108 million, while its net loss narrowed to $12.8 million from $14.5 million a year earlier. In 2020, annual revenue more than doubled to $290.3 million.
The company says the total addressable global market for