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Marqeta (MQ) is a fintech company providing financial products and services. It’s been described as “the world’s first modern card issuing platform”. Headquartered in Oakland, California, Marqeta’ clients include Square (SQ), Doordash (DASH), Uber (UBER) and Afterpay (AP).
Its intuitive platform provides customers with the tools and infrastructure to launch their own fully-customisable payment solutions, including the issuing of both physical and virtual cards, fraud checks to ensure payments are processed quickly, and providing customers with data insights into how their cards are being used. Customers control the spending configurations for their cards, with optional limits on the number of transactions and their value. These controls allow for greater security, leading to a reduction in fraudulent charges.
Marqeta went public on 9 June 2021, listing its shares on the Nasdaq under the ticker symbol MQ.
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Founded in 2010 by serial entrepreneur Jason Gardner, the company struggled at first. Marqeta’s early business models – prepaid loyalty cards and a gift card commissioned by Facebook (FB) – both failed, and the company was in dire straits. Having already developed the company’s payment processing software, Gardner pivoted the company, allowing clients access to the technology in order to create their own payment solutions.
Similar to payment processing companies Visa (V) and Mastercard (MA), Marqeta makes money by charging a small fee for each transaction. The company ensures its technology is as open and accessible as possible. As of 31 March 2021, it had issued 320 million cards.
With Capital.com’s comprehensive MQ stock chart, you can quickly view the company’s current share price and past performance.
On 14 May 2021, Marqeta announced its intention to go public. On 1 June, in an update to its prospectus filed with the Securities and Exchange Commission (SEC), the company set the initial price range between $20 and $24 a share, valuing its initial public offering (IPO) at around $900m to $1.09bn.
The IPO took place on 9 June 2021, with Marqeta selling 45 million shares at $27 each, giving it a market capitalisation of $15bn. During its first trading session, the Marqeta Inc share price (MQ) rose to an intraday high of $32.75, before falling to $28.62. The stock ended the day at $30.52 a share.
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