Payments Processor Marqeta Climbs After $1.23 Billion IPO (2)

Marqeta Inc., an online card and payment processing company, rose 13% 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 rose as much as 21% Wednesday and closed at $30.52, giving Marqeta a market value of $16 billion. Diluted to include holdings such as stock options, the company’s value rises to about $17 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 ...