PNC Financial Services Group Inc. Increases Stock Position in Marqeta, Inc. (NASDAQ:MQ)

PNC Financial Services Group Inc. (PNC) has recently announced that it has increased its stock position in Marqeta, Inc. (MARQ). The investment was made through a private placement of common stock, with PNC purchasing 1.5 million shares at a price of $20 per share. This represents an increase of approximately 7% in PNC's ownership stake in Marqeta.

Marqeta is a leading provider of payment processing solutions for businesses, enabling them to offer innovative and secure payment options to their customers. The company has experienced significant growth in recent years, with revenue increasing by over 100% in 2020 alone. This growth has been driven by the adoption of its platform by major companies in various industries, including retail, e-commerce, and financial services.

PNC is a leading provider of financial services to businesses and individuals across the United States. The company operates through several business segments, including commercial banking, corporate and institutional banking, and asset management. PNC has a long history of investing in innovative companies that have the potential for growth and success.

The investment in Marqeta is expected to provide PNC with access to Marqeta's payment processing platform and technology, as well as opportunities to collaborate on new products and services. The partnership between the two companies is expected to benefit both businesses by driving growth and increasing market share.