MQNasdaqServices-Prepackaged SoftwareUS GAAP · USD

Marqeta, Inc.

Marqeta, Inc. builds cloud-based card issuing and payment processing infrastructure that lets companies launch, manage, and customize debit, prepaid, and credit card programs through APIs. Its platform sits between businesses, issuing banks, and card networks, with program management, bank/network management, and value-added services that help customers embed payments into their own apps and workflows.

Kysy yhtiöstä
Liikevaihto625milj. USD
+23,3 %v/v
Liikevoitto (EBIT)−46,4milj. USD
−89,8 %v/v
EBIT-marginaali−7,4%
−2,6 %-yks.v/v
Nettotulos−13,9milj. USD
−151,0 %v/v
Vapaa kassavirta161milj. USD
+188,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−500−2500250500750milj. USD2020: 290 milj. USD2020: EBIT −47 milj. USD20202021: 517 milj. USD2021: EBIT −162 milj. USD20212022: 748 milj. USD2022: EBIT −210 milj. USD20222023: 676 milj. USD2023: EBIT −283 milj. USD20232024: 507 milj. USD2024: EBIT −24 milj. USD20242025: 625 milj. USD2025: EBIT −46 milj. USD2025625−46
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Marqeta, Inc.

Liiketoiminta

Osuus liikevaihdosta
Processing45 %

Core issuer processor services that provide APIs, webhooks, JIT funding, and transaction authorization/settlement.

Bank and Network Management20 %

Services that connect customers to issuing banks, manage BIN sponsorship, and handle card network compliance.

Program Management15 %

Operational services such as chargebacks, dispute resolution, reconciliation, and card fulfillment.

Value-Added Services10 %

Additional tools including tokenization, real-time decisioning, fraud management, and digital banking features.

Marqeta Hub and Portfolio Migration10 %

Newer products that expand BNPL distribution and simplify migration of existing card programs.

Tuotteet

Raportoitu · osuus liikevaihdosta
95,1%FY2025100 %
  • Platform Service Revenue Net95,1 %
  • Other Services Revenue4,9 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Marqeta sells primarily to businesses that want to embed financial services into their own customer experience rather than build a card stack themselves. Its customers span financial services, on-demand services, lending and BNPL, expense management, and e-commerce enablement, with use cases ranging from consumer credit cards to earned wage access and spend management.

Embedded finance enterprises

Non-financial companies that embed card and payment features into their product to improve retention and monetization.

Financial services and card issuers

Issuers and digital wallet providers that use Marqeta to launch configurable debit, prepaid, and credit programs.

BNPL providers

Buy now, pay later providers that use Marqeta Hub to surface installment options inside payment flows.

On-demand and gig economy platforms

Delivery, marketplace, and labor platforms that use cards for payouts, wage access, and worker spend controls.

Expense and spend management companies

Businesses that issue cards to manage employee or contractor spending with controls and reconciliation.

Strategia

Marqeta is focused on growing embedded finance use cases by making card programs easier to launch, customize, and scale through a cloud-native platform. It is also extending its product set with Marqeta Hub, portfolio migration, and European capabilities so customers can consolidate more of the card stack with one provider.

Scale embedded finance use casesKeskipitkä aikaväli

More customer workflows on the platform should increase TPV and deepen customer dependence.

Monetize new products and capabilitiesLyhyt aikaväli

Products like Marqeta Hub and portfolio migration can expand revenue per customer and improve retention.

Expand European capabilitiesKeskipitkä aikaväli

TransactPay gives Marqeta a more complete offering in Europe and reduces reliance on multiple partners.

Maantiede

Marqeta is headquartered in the United States and serves customers in North America and Europe, with TransactPay strengthening its European program management and BIN sponsorship capabilities. The company specifically highlights card issuance and e-money support in the UK, Gibraltar, and the EEA, which broadens its addressable market but also increases regulatory complexity.

Riskit

Marqeta depends on customer growth, retention, and successful adoption of new products, so execution risk is high if customers slow spending or new offerings underperform. Its business is also exposed to intense competition, regulatory change, and operational risk tied to payment processing, bank partners, card networks, and safeguarding customer funds.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Dependence on customer acquisition and retention1New product execution risk2Client funds safeguarding and processing risk3Competitive and evolving payments market4International regulatory and interchange exposure5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Dependence on customer acquisition and retentionVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Revenue growth relies on adding new customers and keeping existing ones active on the platform.

    Kohdistuu: Net revenue growth and TPV adoption

  2. New product execution riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Marqeta Hub, portfolio migration, and other newer offerings have limited performance history.

    Kohdistuu: Product adoption and incremental revenue

  3. Client funds safeguarding and processing riskVaikutus: KorkeaTodennäköisyys: Matala

    TransactPay and similar programs require segregation of customer funds and careful transaction controls.

    KohdistuuRestricted cashComplianceFraudSettlement
  4. Competitive and evolving payments marketVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    The company competes with other issuer processors and embedded finance platforms for enterprise wins.

    KohdistuuPricingCustomer winsMargins
  5. International regulatory and interchange exposureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    European operations face interchange rules, licensing requirements, FX volatility, and repatriation constraints.

    KohdistuuUKGibraltarEEA operations
Kysy Clarifolta: Marqeta, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition principal vs agent

Third-party bank and network arrangements require judgment on gross or net presentation.

Vaikutus: Can materially change reported net revenue and cost of revenue

Network incentives

Incentives are estimated over annual measurement periods and depend on forecasts.

Vaikutus: Affects net revenue timing and margin volatility

Business combinations and intangible assets

Acquisitions require fair value allocation to licenses, technology, and customer relationships.

Vaikutus: Can create goodwill and future impairment risk

Contingencies and processing error reserves

The company estimates liabilities for contract contingencies and operational errors.

Vaikutus: Can affect expenses and liabilities if actual outcomes differ

Restricted cash and safeguarding liabilities

Customer funds tied to card and e-money programs must be segregated and safeguarded.

Vaikutus: Affects liquidity presentation and balance sheet structure

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Päivitetty: 24.9.2026

Marqeta, Inc. (MQ) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo