Marqeta rates its IPO above the range, valuing it at $ 15 billion – source


NEW YORK (Reuters) – U.S. payments startup Marqeta, which counts Uber and Stripe among existing backers, on Tuesday valued its initial public offering (IPO) well above the target range to raise 1.2 billion dollars, said a person familiar with the matter. .

Marqeta sold 45.45 million shares at $ 27 per share, the source said. He previously set a price range of $ 20 to $ 24 per share.

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 Exchange.

The company was valued at $ 4.3 billion when it raised $ 150 million from investors in May of last year. Excluding employee stock options, Marqeta will have a market capitalization of $ 14.3 billion.

The source requested anonymity as details were not yet public. Marqeta did not immediately respond to a request for comment.

Marqeta’s IPO comes at a time when investors are betting big on high-growth fintech startups, which have received a boost during the COVID-19 pandemic that has forced consumers to use more financial services by line. A number of payment startups such as Flywire and Paymentus have gone public in recent weeks.

Marqeta, whose clients include Uber Technologies, food delivery company DoorDash Inc and payment company Square Inc, previously revealed that its revenue more than doubled to $ 290.3 million in 2020, with customers confined to home buying more online.

Marqeta, based in Oakland, Calif., Was launched in 2010 and helps businesses issue credit and debit cards to their staff.

It offers a feature called “Just-in-Time Funding” which avoids the need to maintain sufficient balances for each cardholder transaction. The funds are automatically transferred to the account at the time of the transaction.

Marqeta shares are expected to start trading on the Nasdaq on Wednesday under the symbol “MQ”. Goldman Sachs and JP Morgan are the main underwriters of the offer.

Echo Wang report; Editing by Lincoln Feast.


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