Shares of the Oakland, Calif., company were rising 17.5% to $31.71.
The company said that it sold 45.45 million shares at $27 a share in its initial public offering. It had earlier set a price range of $20 to $24 a share.
Marqeta, which was launched in 2010, helps companies issue credit and debit cards to their staff.
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, according to Reuters.
Marqeta had been valued at $4.3 billion when it raised $150 million from investors in May 2020. Excluding employee stock options, the company will have a market capitalization of $14.3 billion.
In the three months ended March 31, the company said its Marqeta Platform processed $24 billion of total processing volume, or TPV, up 167% from a year earlier.
"Digital commerce is increasing rapidly," Marqeta said in the filing. "Visa estimates that from 2016 to 2022, the share of global retail commerce conducted online is expected to more than double from 9% to 19%."
The company it believes the COVID-19 pandemic has accelerated these shifts to digital payments.
"Indeed, Bain & Company estimates that because of the effects of the COVID-19 pandemic, the percentage of global digital transaction volumes in 2025 will increase from 57% to 67%," the company said.
The company said the Marqeta Platform "is designed to meet the card issuing and transaction processing needs of both the new use cases created by technology innovators and the traditional use cases."