U.S. payments startup Marqeta , which counts the likes of Uber and Stripe among existing backers, on Tuesday priced its initial public offering (IPO) well above the target range to raise $1.2 billion, the company said in a statement.
Marqeta sold 45.45 million shares at $27 per share. It had earlier set a price range of $20 to $24 a 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.
The company had been valued at $4.3 billion when it raised $150 million from investors in May last year. Excluding employee stock options, Marqeta will have a market capitalization of $14.3 billion.
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 forced consumers to use more online financial services. A number of payments startups such as Flywire and Paymentus have gone public in recent weeks.