Marqeta reaches USD 17 bln valuation post-Nasdaq debut

Friday 11 June 2021 11:33 CET | News

Card issuing and payments company Marqeta has observed an increase in share price during its first day of trading, increasing its valuation to USD 17 billion, according to AltFi.

The newly-listed firm floated its shares on the Nasdaq at USD 27, but opened as high as USD 32.50 although they settled to USD 30.52 by the close of trading. In its last private funding round in May 2020, Marqeta raised USD 150 million at a USD 4.3 billion valuation, with backers including Coatue, Vitruvian Partners, Visa, Goldman Sachs, and 83North.

The last year has been transformative according to the company, with its annual revenue more than doubling to USD 290.3 million in 2020 as the race to digital finance was accelerated by Covid-19. The recent IPO raised USD 1.2 billion for the firm, cash which the firm says will be used predominantly as working capital and to grow the business globally, and potentially for acquisitions.

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Keywords: Marqeta, investment
Categories: Payments & Commerce
Countries: World
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