Marqeta Goes Public on The NASDAQ

Marqeta went public on the Nasdaq this afternoon, raising $1.2 billion and pricing higher than expectations. The firm priced 45.5 million shares at $27, and prices rose to over $30 a share.

Marqeta sells payment tech designed to detect fraud by issuing physical cards to independent contractor firms like DoorDash and Instacart. Contractors use Marqeta cards at point-of-sale in restaurants and supermarkets. Marqeta also enables Square’s Cash App debit card and Buy Now Pay Later fintech firms Affirm and Klarna to move money.

The firm applied for a public offering on May 15th, posting an annualized first quarter 2021 revenue growth of 123% to $108 million and a 2020 annual revenue that had doubled to $290.3 million.

Kevin Travers was a Reporter at deBanked.