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Marqeta shares end first day up 13% after IPO

The fintech company's stock soared 20% as it began trading on the Nasdaq. It closed at $30.52, up 13% from the offering price.

Marqeta provides the infrastructure for issuing debit and prepaid cards and processing payments.
Marqeta provides the infrastructure for issuing debit and prepaid cards and processing payments.
Image: Marqeta

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.

Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

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