In today’s top news, Marqeta has priced its shares at $20 to $24 for its initial public offering (IPO), and Citi and AT&T have renewed their credit card partnership in a multi-year extension. Plus, J.P. Morgan reported that customer credit card spending is up 17 percent from 2019.
Marqeta, Inc. plans to offer approximately 45.5 million shares at an estimated initial public offering (IPO) price in the range of $20 to $24 on the Nasdaq Global Select Market. The card issuer brought in net revenue of $350 million in Q4 2020 and a $48 million net loss in 2020.
Citi and AT&T have renewed their consumer co-branded credit card portfolio, the AT&T Access Card, in the U.S. in a multi-year extension to boost customer engagement and continue providing innovative products and offerings.
J.P. Morgan credit card customers have spent 17 percent more year to date than at the same time in 2019. That increase in spending makes the bank more confident that loans will grow at a modest pace before the end of the year.
In a positive sign of how Wall Street views digital payments and emerging markets, dLocal shares surged nearly 50 percent in their trading debut. The dLocal launch comes on the heels of other IPOs such as Flywire and Paymentus, which also started trading in 2021.
Merchants want more of a relationship with their customer than a transaction on a credit card statement. In the U.S. Open Banking Tracker, TD Bank’s Barry Baird explains how account-to-account and digital wallet payments can help merchants develop a direct relationship with the customer, lock in customer loyalty and boost engagement.
From the temptation of meme stocks to the wild roller-coaster ride of the crypto markets to breaking down the “glass walls” at venture firms, former Treasury Secretary Rosie Rios tells Karen Webster that she wants to see some thoughtful, but proactive, change.
An estimated 50,000 people are expected to participate in an in-depth, two-day discussion of the global prospects of digital currency at an event headlined by Twitter and Square CEO Jack Dorsey and renowned pro skater Tony Hawk. The event will only highlight the rift that exists between the faithful and the doubtful.