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Photo by Kelsey Ayres / Nasdaq

Cardlytics, an Atlanta-based marketing software company that scours personal transaction data to insert ads into online banking platforms, today raised just over $70 million in its IPO.

Why it matters: Several other companies pulled IPOs this week, due to market volatility.

  • Cardlytics priced 5.4 million shares at $13 (low end of $13-$15 range), and began trading on the NASDAQ under ticker CDLX. BofA Merrill Lynch served as lead underwriter.
  • Cardlytics had previously raised over $180 million in venture capital funding at a valuation that once approached $700 million. The IPO gives the company a fully-diluted value of around $275 million.

Cardlytics CEO Scott Grimes and COO Lynne Laube tell Axios that the company initially decided to go public because it is at an "inflection point," in that it currently sees around 20% of all bank transactions but is in pilot programs with other banks (e.g., Wells Fargo) to significantly increase that percentage. The buttressed balance sheet could be key when it comes to investing in these integrations.

As for going public into a volatile market, Grimes says:

"We met with nearly 200 investors during the roadshow, which started last Monday, and during the first week people were very bullish about the markets and us pricing about the offering range... I do think we might have priced above the range had we not experienced the broader market problems but, in the end, we're more worried about our share price in months and years from now than today."

Laube adds:

"It's a lot of work to get to the point where you're able to price an IPO, and to get strong interest from the types of investors we want, who are owners not renters. We would have liked the market to have been more stable and priced above range but, in the end, it was a transaction we wanted to get done."

Go deeper

Updated 3 hours ago - World

In photos: Pope Francis spreads message of peace on first trip to Iraq

Pope Francis waving as he arrives near the ruins of the Syriac Catholic Church of the Immaculate Conception (al-Tahira-l-Kubra), in the old city of Iraq's northern Mosul on March 7. Photo: Vincenzo Pinto/AFP via Getty Images

Pope Francis was on Sunday visiting areas of northern Iraq once held by Islamic State militants.

Why it matters: This is the first-ever papal trip to Iraq. The purpose of Francis' four-day visit is largely intended to reassure the country's Christian minority, who were violently persecuted by ISIS, which controlled the region from 2014-2017.

Cuomo faces fresh misconduct allegations from former aides

New York Gov. Andrew Cuomo during a February press conference in New York City. Photo: Seth Wenig/Pool/AFP via Getty Images

The office of New York Gov. Andrew Cuomo (D) was on Saturday facing fresh accusations of misconduct against his staff, including further allegations of inappropriate behavior against two more women. His office denies the claims.

Driving the news: The Washington Post reported Cuomo allegedly embraced an aide when he led the U.S. Department of Housing and Urban Development and that two male staffers who worked for him in the governor's office accused him of routinely berating them "with explicit language."

In photos: Protesters rally for George Floyd ahead of Derek Chauvin's trial

Chaz Neal, a Redwing community activist, outside the Minnesota Governor's residence during a protest in support of George Floyd in St.Paul, Minnesota, on March 6. Photo: Kerem Yucel/AFP via Getty Images

Dozens of protesters were rallying outside the Minnesota governor's mansion in St Paul Saturday, urging justice for George Floyd ahead of former Minneapolis police officer Derek Chauvin's trial over the 46-year-old's death.

The big picture: Chauvin faces charges for second-degree murder and manslaughter over Floyd's death last May, which ignited massive nationwide and global protests against racism and for police reform. His trial is due to start this Monday, with jury selection procedures.