Why Marqeta Stock Is Soaring 26% This Week

By Motley Fool

Shares of Marqeta (NASDAQ: MQ) are soaring 25% higher this week, according to data provided by S&P Global Market Intelligence, after the “modern card” issuing platform signed important new deals with the freight division of Uber Technologies (NYSE: UBER) and with fintech stock Bill.com Holdings (NYSE: BILL). The agreements come after Marqueta made a big splash in the world of cryptocurrency last week, inking deals with crypto businesses like Shakepay, Fold, and Coinbase Global (NASDAQ: COIN) to create cards through Visa specifically for crypto users to spend their alt coins wherever Visa is accepted. Uber Freight will be using Marqeta's card-issuing platform, as well as the technology from workforce payments platform Branch, to pay carriers faster and more reliably than what is currently standard in the industry.

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