Visa became the world's most valuable payments company after its 2008 initial public offering. The listing raised about $19.65 billion, then the largest U.S. IPO, and investors rewarded Visa's global card-network model with a rapidly rising market capitalization.
Visa generally does not lend money to cardholders; banks issue the cards, while Visa operates the network that authorizes and settles transactions. That distinction gives the company a different risk profile from many traditional lenders.
Its market value grew as electronic payments replaced cash and checks in more countries. Mastercard remained Visa's closest publicly traded rival, but daily share-price movements can change their relative ranking.