NetGrama Inc., the startup behind the company’s popular $2.99 Web-based payment card, is selling its stock for $2,700 per share, its chief executive says.
NetGram Inc. said Tuesday that it will be buying the stock for an undisclosed amount.
The stock closed Tuesday at $2,-.80 a share.
NetGnam shares closed at $1.98 in January 2016, according to FactSet.
Netgram’s stock soared after the company raised $1 million from investors.
The $1,000-a-share cash infusion will help it to expand its business and meet regulatory requirements, NetGraphic Chief Financial Officer John Gormley said in a statement.
Netgraph, which makes credit card terminals for online merchants, is now valued at more than $1bn, according Google.
NetGraph’s shares are up 14% over the past year.
Netgram was founded in 2012 by Gormly, who is also co-founder of the San Francisco-based digital payments firm PayPal.
Netgram launched its first Web-enabled payment card in 2016, which it says has had more than 1.5 million users worldwide.