Marqeta has reportedly reached a valuation of $15 billion following its initial public offering.

Last week it was reported that the company, which is backed by Uber and hedge fund Coatue, was aiming for a valuation of around $12 billion in the listing.

According to a report from Reuters, the US payments start-up priced its listing well above the target range to raise $1.2 billion.

The company had previously set a share range of $20 to $24, but ended up selling 45.45 million shares at $27 per share.

“Today represents an exciting milestone for our company and our mission to be the global standard for modern card issuing,” said the company in a statement. “In 2010, Marqeta’s founder and chief executive, Jason Gardner, set out to simplify the complex and change what’s possible with commercial and consumer card programs.”

Marqeta currently has 500 employees in 35 countries, and its customers include Uber, Doordash, Klarna, Square, and JP Morgan.

The California-based company, which competes with older payments providers like Fiserv and FIS alongside newer companies like Stripe and Adyen, saw its revenue more than double to $290 million last year.

The valuation of the company also increased two-fold to $4.3 billion in 2020, following a $150 million funding round.

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