Marqeta Stock Price, News & Analysis
Company Description
Marqeta, Inc. (NASDAQ: MQ) operates in the information sector, in the data processing, hosting, and related services industry, with a focus on payments and financial technology. Headquartered in Oakland, California and founded in 2010, Marqeta has developed a modern card issuing platform that supports digital, physical, and tokenized payment options. Its technology is designed to let companies embed financial services directly into their own branded experiences, without needing to build or operate traditional banking infrastructure.
According to the company, the Marqeta platform enables businesses to build and embed financial services into their products and services, turning real-time data into personalized and optimized financial solutions. These solutions can support use cases such as consumer loyalty and capital efficiency, where payment behavior and transaction data are used to tailor experiences and manage financial flows more effectively. Marqeta emphasizes that compliance and security are built into its platform and that its technology has been proven at scale, processing nearly $300 billion in annual payments volume in 2024.
Marqeta’s platform is based on open APIs that provide the infrastructure and tools needed to create and manage card-based products and payment services. These APIs are intended to allow third parties to rapidly develop and deploy card programs without building the underlying processing technology themselves. The company has highlighted that its open APIs and modern capabilities are used by customers to support embedded finance solutions and to run customized card programs across different markets.
The company states that it generates revenue primarily through processing and ATM fees for cards issued on its platform. Total Processing Volume (TPV) represents the total dollar amount of payments processed through the platform, net of returns and chargebacks, and is described by Marqeta as a key indicator of market adoption, customer growth, and business scale. In its financial communications, Marqeta has reported growth in TPV, net revenue, gross profit, and adjusted EBITDA, which it presents as evidence of both platform adoption and progress toward profitability.
Marqeta positions itself as a global modern card issuing platform. It reports that it is certified to operate in more than 40 countries worldwide, and its press releases describe activity and capabilities in regions including the United States, the United Kingdom, and the broader European Economic Area. Through its platform, Marqeta supports customers that want to scale card programs across multiple countries via a single integration, helping them accelerate time-to-market and manage complexity across different regulatory environments.
In Europe, Marqeta has expanded its capabilities through the acquisition of TransactPay, a BIN sponsorship provider licensed as an electronic money institution (EMI) to issue e-money and undertake payment services in the UK and European Economic Area. Marqeta states that combining its platform with TransactPay’s capabilities strengthens its card program management in Europe and enables card issuance and BIN sponsorship in the UK and EU. This is intended to allow customers to access card program management features in these markets while avoiding the need to engage multiple partners.
Marqeta’s communications highlight use cases in embedded finance and partnerships with payment and commerce platforms. For example, the company notes that its platform powers card programs such as the Klarna Card and Klarna debit card offerings in multiple markets. Through one integration with Marqeta’s platform, Klarna is described as being able to expand its card products into new European markets and the U.S., using Visa’s Flexible Credential technology to allow consumers to choose between paying immediately or paying later on the same card. These examples illustrate how Marqeta’s platform can be used by customers to manage complex card programs across regions and payment options.
The company also publishes research on payment trends through its annual State of Payments Report. The 2025 edition, based on surveys of consumers and small and medium-sized businesses (SMBs) in the US and UK, highlights themes such as demand for more intelligent and integrated payment solutions, interest in AI-powered wallets that optimize payment choices, and SMBs viewing payment systems as strategic assets. Marqeta uses this research to frame how its platform can help brands build financial ecosystems that turn transactions into strategic touchpoints and financial insights.
From a financial reporting perspective, Marqeta files regular reports and current reports with the U.S. Securities and Exchange Commission (SEC). The company uses non-GAAP metrics such as Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted operating expenses, alongside TPV, to describe its performance. It also communicates that it announces material financial information through its investor relations website, SEC filings, press releases, public conference calls, webcasts, and social media channels.
Marqeta’s leadership and governance updates are disclosed through Form 8-K filings. For example, the company reported the appointment of Michael (Mike) Milotich as Chief Executive Officer and member of the Board of Directors, and later disclosed the designation of its Chief Accounting Officer as Principal Accounting Officer. These filings provide detail on executive roles, responsibilities, and compensation arrangements, reflecting the company’s obligations as a Nasdaq-listed issuer.
Overall, Marqeta presents itself as a technology-driven participant in the payments and embedded finance ecosystem, focused on enabling companies to issue cards, process payments, and embed financial services into their own products. Its business model centers on providing card issuing and processing infrastructure through APIs, generating revenue from processing and ATM fees, and supporting customers that require scalable, compliant, and configurable card programs across multiple geographies.
Business model and revenue generation
Marqeta describes its business model as providing a card-issuing and processing platform that other companies can use to build financial products. By offering open APIs and program management capabilities, Marqeta allows customers to design card programs, manage card issuance, and route transactions. The company states that it generates revenue primarily through processing and ATM fees associated with cards issued on its platform, which are tied to the volume of transactions processed.
The company emphasizes TPV as a central operating metric, defining it as the total dollar amount of payments processed through its platform, net of returns and chargebacks. In its quarterly financial results, Marqeta reports TPV alongside net revenue, gross profit, and margins, and discusses how changes in TPV and program mix influence revenue and profitability. It also references card network incentives and accounting policies related to those incentives as factors affecting gross profit.
Platform capabilities and use cases
Marqeta’s platform is described as giving businesses control over building financial solutions, with the ability to turn real-time data into personalized and optimized outcomes. The company highlights use cases that include consumer loyalty and capital efficiency, and it references embedded finance solutions that allow brands to build their own financial ecosystems. In practice, this can involve enabling debit or credit card programs, Buy Now Pay Later (BNPL)-linked cards, or other card-based payment experiences that are integrated into a customer’s app or service.
The company’s press releases reference specific implementations, such as powering the Klarna Card and Klarna debit card expansions using Visa Flexible Credential technology. These implementations show how Marqeta’s platform can support payment options that allow end users to choose between paying immediately or paying later, while the customer (such as Klarna) manages the consumer relationship and user experience.
Geographic footprint and regulatory context
Marqeta reports that it is certified to operate in more than 40 countries worldwide. In Europe, the acquisition of TransactPay provides BIN sponsorship and EMI-licensed capabilities in the UK and European Economic Area, enabling card issuance and payment services under local regulatory frameworks. Marqeta’s communications emphasize that compliance and security are built into its platform and that it maintains strategic bank, network, and regulatory relationships to support card program scale in different regions.
Research and market insights
Through its State of Payments Report, Marqeta publishes survey-based research on consumer and SMB payment behaviors in markets such as the US and UK. The 2025 report notes trends like increased use of BNPL for smaller, non-discretionary purchases, interest in AI-powered wallets, and SMBs viewing payment systems as strategic tools for cash flow and operational efficiency. Marqeta uses these findings to illustrate the context in which its platform operates and the types of financial experiences its customers may seek to build.