Marqeta shares climb in trading
Marqueta (QM) – Get a report climbed Wednesday as the payment processor entered its first day of trading.
Shares of the Oakland, Calif., Company rose 17.5% to $ 31.71.
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The company said it sold 45.45 million shares at $ 27 a share when it went public. He had previously set a price range of $ 20 to $ 24 per share.
Marqeta, which was launched in 2010, helps businesses issue credit and debit cards to their staff.
On a fully diluted basis, which includes securities such as stock options and restricted stock units, Marqeta is currently valued at $ 15.23 billion, based on its IPO price in stock market, according to Reuters.
Marqeta was valued at $ 4.3 billion when it raised $ 150 million from investors in May 2020. Excluding employee stock options, the company will have a market capitalization of $ 14.3 billion. dollars.
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In the three months ended March 31, the company said its Marqeta platform processed $ 24 billion in total processing volume, or TPV, up 167% from the previous year.
“Digital commerce is growing rapidly,” Marqeta said on the record. “Visa estimates that from 2016 to 2022, the share of global retail trade conducted online is expected to more than double, from 9% to 19%.”
The company believes the COVID-19 pandemic has accelerated these changes to digital payments.
“Indeed, Bain & Company estimates that due to the effects of the COVID-19 pandemic, the percentage of global digital transaction volumes in 2025 will drop from 57% to 67%,” the company said.
The company said the Marqeta platform “is designed to meet the card issuance and transaction processing needs of new use cases created by technology innovators and traditional use cases.”