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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 22 mins ago - World

Netanyahu is out as new Israeli government survives confidence vote

Photo: Gil Cohen-Magen/AFP via Getty Images

Israel has a new prime minister for the first time since 2009 after a power-sharing government led by Naftali Bennett survived a confidence vote on Sunday. Bennett was sworn in as prime minister.

Why it matters: Benjamin Netanyahu, Israel's longest-serving prime minister and the man around whom Israeli politics have revolved for a decade, will now become opposition leader. Bennett, a right-wing former Netanyahu protege, will lead the most ideologically diverse government in Israeli history.

Updated 41 mins ago - Politics & Policy

Afghanistan, cyber defense on the agenda for Biden in Brussels

Joe Biden arrives at Melsbroek Military Airport in Brussels on June 13. Photo: Yves Herman/POOL/AFP via Getty Images

President Biden touched down in Brussels on Sunday evening ahead of two days of talks with NATO and European Union leaders as part of his first foreign trip as president.

Driving the news: Biden was greeted on the tarmac by Belgian Prime Minister Alexander De Croo and a slate of other officials, including Douglas Jones and Mark Libby, the U.S. Permanent Representatives to NATO and the EU respectively.

Maersk CEO: Global businesses should be wary of politics

Photo: "Axios on HBO"

The CEO of the world's largest container-shipping company cautions that international firms have to be careful of taking political stances.

  • What they're saying: "We cannot run a global business if we start to have views on politics in every single country that we are in," Maersk CEO Søren Skou tells "Axios on HBO."