Shares of Marqeta rallied Wednesday as the banking technology provider debuted as a publicly-traded company. Marqeta's stock, which was priced at $27 a share, climbed 20% to $32.46 around 12:30 Eastern time as the shares began trading on the Nasdaq.
The stock ended the trading session up 13% at $30.52.
"Our focus is on using this enormous capital to accelerate our product vision and our global expansion plans," Chief Marketing Officer Vidya Peters told Protocol shortly before the trading began. "Our biggest challenge will be hiring, our ability to hire great talent at scale."
The Oakland-based company provides payment infrastructure technology to major companies, including Goldman Sachs and DoorDash.
"There's this massive $74 trillion opportunity ahead of us, and we want to make sure that we are accelerating our pace in capturing that," Peters said.