Marqeta Inc., an online card and payment processing company, rose as much as 21% in its trading debut after raising $1.23 billion in an initial public offering priced above a marketed range.

Shares of the Oakland, California-based company were up 11.4% to $30.09 at 3:41 p.m. Wednesday in New York trading, giving it a market value of about $16 billion. Diluted to include holdings such as stock options, Marqeta’s value rises to more than $16.7 billion.

Marqeta sold 45.5 million shares for $27 apiece on Tuesday after marketing them for $20 to $24.

Founded in 2010 by PropertyBridge co-founder Jason Gardner, Marqeta offers physical and virtual debit, credit and prepaid cards. Its IPO follows a wave of listings in the past year by financial technology businesses.

“The reason there’s a flurry of companies especially in the payment space is that everything is moving to modern platforms,” Gardner, Marqeta’s chief executive officer, said in an interview. “Payments are becoming more digitized.”

Gardner said Marqeta will expand to new markets and countries where it sees opportunities, as well as consider acquisitions.

“We’ve been looking at a number of things too, but nothing has caught our eye,” he said.

Marqeta’s customers include technology-enabled companies like Uber Technologies Inc., Doordash Inc. and Instacart Inc. Uber is also a backer of the company through the holding of a stock warrant.

Payments company Square Inc. is Marqeta’s largest customer, accounting for 70% of its net revenue in 2020, according to the filings with the U.S. Securities and Exchange Commission.

Marqeta reported $108 million in revenue in the first quarter of the year, more than doubled the same period in 2020. Its net loss narrowed to $12.8 million versus $14.5 million last year.

The company’s backers include 83North II, Coatue, Iconiq, Granite Ventures, and Discover Financial Services.

JPMorgan Chase & Co., one of the lead underwriters of the offering, uses Marqeta to enable its commercial credit card customers to use their cards on digital wallets such as Apple wallet.

Goldman Sachs Group Inc. led the share sale with JPMorgan. Marqeta’s shares are trading on Nasdaq Global Select Market under the symbol MQ.

By Crystal Tse and Katie Roof (Bloomberg Mercury)

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