Marqeta, Inc. Stock Price, News & Analysis

Marqeta, a leading modern card issuing platform, reported a 46% increase in net revenue to $192 million for Q3 2022, driven by a 54% growth in total processing volume (TPV) to $42 billion. Gross profit also rose by 36% year-over-year to $80 million, although the gross margin decreased to 42%. Despite these gains, the company recorded a net loss of $53 million, increasing from $45 million in Q3 2021. Marqeta launched new banking products and expanded its European data residency program, aiming to enhance customer data protection.

Blockchain.com has announced the launch of its Visa® Card powered by Marqeta, available to US customers with 50,000 people already on the waitlist. Users can now spend both crypto and cash without any fees and earn 1% back in crypto wherever Visa debit cards are accepted. The card features no sign-up, issuance, or annual fees, supporting the growing demand for crypto usage in everyday purchases. Blockchain.com CEO Peter Smith highlighted the importance of this step in making crypto accessible to more users, while Marqeta's technology enables seamless transactions utilizing Just-in-Time Funding.

D.A. Davidson & Co. has served as the exclusive advisor to ConnexPay on its $110 million Series C capital raise led by FTV Capital, with participation from Panoramic Ventures and F-Prime. This follows their advisory role in ConnexPay's Series B raise in December 2021 involving Marqeta (NASDAQ: MQ). ConnexPay, founded in 2017, provides a unified payments platform integrating merchant acquiring and anti-fraud solutions. The company aims to simplify payment workflows and reduce costs while securing consumer transactions.

Marqeta (NASDAQ: MQ) has partnered with Raiffeisen Centrobank to launch Raiffeisen Digital Bank, enhancing digital banking services for customers in Poland and Romania. This partnership leverages Marqeta's modern card issuing platform to create flexible and comprehensive banking solutions. Customers will enjoy features like mobile access, contactless payments, and streamlined account management. Executives from both companies emphasized the growing demand for innovative digital banking products in Europe.

Marqeta (NASDAQ: MQ) has launched Marqeta for Banking, enhancing its modern card issuing platform with a suite of seven banking products. This includes Demand Deposit Accounts, Direct Deposit with Early Pay, ACH with Plaid integration, and more, enabling businesses to create comprehensive banking solutions. The offering is aimed at meeting the rising demand for digital-first financial services as over 26% of consumers now use digital banks alongside traditional institutions. The products are currently available in the U.S., with more features expected in early 2023.

Marqeta has appointed Jeff Parker as its new SVP and Managing Director, International. Parker, previously CEO of WorldFirst, will lead Marqeta's international sales, business development, and service offerings from its London office. Marqeta specializes in modern card issuing and payment processing, supporting clients like Klarna and Western Union. The company aims to expand its global reach, particularly in Europe and APAC, focusing on innovative, customizable payment solutions.

Marqeta, Inc. (NASDAQ: MQ) will host a conference call on November 9, 2022 at 4:30 pm ET to discuss its third quarter 2022 financial results. The call will feature Jason Gardner, CEO, and Mike Milotich, CFO. A press release with the financial results will be issued after market closure on the same day. Investors can access the live webcast on Marqeta’s investor relations website, which will also offer a replay afterward.

Uber has partnered with Marqeta (NASDAQ: MQ) and Mastercard (NYSE: MA) to introduce the Uber Pro Card, providing drivers and couriers with up to 10% cashback on gas and 12% on electric vehicle (EV) charging. This initiative aims to enhance the loyalty program and reduce operating costs for drivers. The card includes features such as automatic earnings deposits, access to funds, and benefits from Stride, a portable benefits platform. This card aims to deliver a better financial experience for users while optimizing cash flow.

Marqeta's 2022 State of Credit report reveals a growing burden on US consumers due to rising living costs and interest rates. The survey indicates that 44% of respondents struggled with minimum credit card payments, a significant increase from 30% in 2021. Over 67% relied on credit cards to manage expenses, with 43% increasing their usage of Buy Now, Pay Later services. Despite economic challenges, consumer engagement with credit options remains high, suggesting evolving financial behaviors among consumers.