Marqeta

What Marqeta does

Marqeta is a publicly traded (NASDAQ: MQ) modern card issuing and payment processing platform headquartered in Oakland, California, with operating subsidiaries in the United Kingdom and Poland. The company provides a single, API-first infrastructure layer that enterprises use to launch and operate card programs — including debit, credit, prepaid, and flexible-credential products — across more than 40 countries. Its platform combines issuer processing, program management, BIN sponsorship orchestration, Just-in-Time Funding, dynamic spend controls, PCI-compliant capture widgets, virtual card issuance, digital wallet tokenization, and integrated money movement (multi-currency accounts, SEPA, UK Faster Payments). Headline customers include Block (Square/Cash App), Uber, Instacart, Ramp, Klarna, Affirm, DoorDash, Western Union, Sezzle, and Four Technologies.

Marqeta monetizes primarily through interchange fees and program management / value-added services, with Net Revenue defined as interchange net of revenue share to bank partners plus other services revenue. Pricing is quote-based, governed by individual Order Forms, and economically equivalent to a take rate on Total Processing Volume (TPV); the Q1 2026 take rate was 0.139% on $112B of TPV. The go-to-market blends an enterprise direct-sales motion with API-first self-serve developer access and embedded distribution through fintechs that white-label Marqeta's infrastructure. FY2025 Net Revenue was $625M (23% YoY), Q1 2026 Net Revenue was $165.8M (19% YoY), and FY2025 TPV reached $383B with Q1 2026 TPV of $112B (+33% YoY). The company processed nearly $400B in 2025 with 99.99% platform uptime, achieved its first quarter of GAAP net income ($8M) in Q1 2026, and reported a 20% Adjusted EBITDA margin in that quarter.

Operationally, Marqeta is in a transition phase: a new CEO, CFO, and CTO were installed between September 2025 and May 2026; the 2025 TransactPay acquisition added European e-money licensing; a May 2026 Banking Circle collaboration extended the platform into 30 additional European countries; and a February 2026 multiyear Visa partnership included a $25M strategic equity investment alongside the April 2026 launch of Visa Flexible Credential cards for Affirm and Klarna. An AI-powered risk score was added to the Real-Time Decisioning platform in March 2026, BNPL/lending volumes grew approximately 60% in 2025, and European TPV grew 8x from 2022 to 2025. Block (Cash App) remains 44% of net revenue, multiple federal securities lawsuits and fiduciary-duty investigations tied to past disclosure issues are open, and a 1-for-4 reverse stock split was approved on June 10, 2026, alongside a $100M share repurchase program.

Name

Marqeta

Legal name

Marqeta, Inc.

Website

https://marqeta.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Marqeta is a public (NASDAQ: MQ) card issuing and payment processing platform that provides API-first infrastructure for enterprises — including Block, Affirm, Klarna, and Ramp — to launch debit, credit, prepaid, and flexible-credential card programs across 40+ countries, processing $383B in 2025 volume.

Ownership category

akta.pro rank

Product category

Card Issuing and Payment Processing Platform

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Computer Systems Design and Related Services (54151)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Services-Prepackaged Software (7372)

akta.pro primary industry

Card Issuing Platforms (Issuer Processing) (FSAGABAD)

akta.pro secondary industries

Embedded Card Issuing & Card-as-a-Service (FSAGALAC), Tokenization, Network Vaults & Credential Management (FSAGABAF)

Keywords

• Card issuing platform
• Payment processing infrastructure
• Embedded finance solutions
• Buy now pay later
• Program management services

Headquarters

HQ city

Oakland

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Processing / Interchange Fees: Primary revenue stream derived from payment network interchange fees earned on each transaction processed through Marqeta's platform, recognized net of revenue share with bank partners and program managers. The Terms define 'Net Revenue' as interchange fees net of revenue share plus other services revenue, and Q1 2026 take rate was 0.139%.
2. Other Services Revenue: Recurring and transaction-based revenue from value-added services including program management, KYC/KYB, dispute management, fraud and risk services, tokenization, and platform access fees, recognized alongside interchange as 'Net Revenue' under Marqeta's Order Forms.
3. European Program Management / E-Money License Revenue: Revenue earned from European program management and e-money issuance services acquired through TransactPay, enabling Marqeta to offer fully managed card and money movement programs under European regulatory frameworks.
4. Value-Added Services & Loan Solutions Revenue: Higher-margin revenue from value-added services (approximately 7% of gross profit) and from loan solutions including lending, BNPL, and credit programs, which together represent an increasing share of gross profit as Marqeta diversifies away from Block concentration.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Marqeta operates a modern, cloud-based, API-first card issuing and payment processing platform that enables businesses to launch and manage debit, credit, prepaid, and flexible credential card programs. The platform combines issuer processing, program management, BIN sponsorship orchestration, dynamic spend controls, virtual card issuance, tokenization for digital wallets, PCI-compliant widgets, and integrated money-movement services across 40+ countries. It is sold as enterprise infrastructure to fintechs, banks, and brands, with reported 2025 processing volume of approximately $383 billion and 99.99% platform uptime.

Product overview

Marqeta operates a single modern, API-first card issuing and payment processing platform — the Marqeta Card Issuing Platform — onto which a portfolio of solutions and modules is layered. The core platform delivers card issuing (Virtual Cards, Debit cards, Credit cards, Prepaid cards, Flexible Credentials), processing, real-time decisioning, and developer tools (Core API, DiVA API, Open API & Webhooks, PCI-Compliant Widgets, Just-in-Time Funding, Dynamic Spend Controls). On top of this platform, Marqeta sells industry-aligned solutions: Program Management, Consumer Solutions, Consumer Credit, Digital Banking, Commercial Solutions, Commercial Banking Solutions, Commercial Credit, Expense Management, and Supplier Payments. Platform features such as RiskControl, Digital Wallets & Tokenization, and Data Insights sit alongside the Real-Time Decisioning (RTD) engine (enhanced with an AI-powered risk score in 2026) and the Flexible Credentials capability powering next-generation Visa and Mastercard programs for customers like Affirm, Klarna, Sezzle, and Ramp. Marqeta Flex is the platform's BNPL module, and the 2025 acquisition of TransactPay extends the platform with European program management and EMI licensing — operationalized through the May 2026 Banking Circle collaboration covering 30 European countries.

Differentiator

Problem solved

Functional benefit

Brands

• Marqeta Flex: BNPL service offering from Marqeta.

Products and services

• Marqeta Card Issuing Platform Modern, API-first card issuing and payment processing platform that powers debit, credit, prepaid, and flexible credential card programs for enterprises across 40+ countries, processing $383 billion+ in volume in 2025 with 99.99% platform uptime. Designed for enterprises, fintechs, banks, and brands launching payment card products.
• Program Management End-to-end program management service where Marqeta operates the card program on the customer's behalf, including KYC/KYB, dispute management, compliance, and regulatory oversight. Offered to enterprises and fintechs that need a fully managed card program.
• Core API Primary REST API for the Marqeta platform, used to create cards, manage cardholders, authorize transactions, manage funds, and configure program logic. Public-facing for developers, partners, and enterprise engineering teams integrating card programs.
• DiVA API Reporting and analytics API providing programmatic access to transaction, authorization, settlement, and program performance data. Used by enterprise customers and developers to build dashboards, run analytics, and extract program data.
• Expense Management Solution Card programs and spend controls that power expense management platforms and corporate cards with dynamic policy enforcement. Sold to enterprise expense management platforms and corporate customers.
• Consumer Credit Solution Consumer credit card issuing and credit orchestration capabilities, including BNPL and installment lending integrations. Designed for BNPL providers and consumer credit programs such as those run by Affirm, Klarna, and Sezzle.
• Commercial Solutions Card products and payment tools for commercial and B2B use cases, including corporate cards, expense management, and supplier payments. Sold to enterprises, fintechs, and B2B platforms.
• Digital Banking Solution Embedded banking infrastructure for digital banks and neobanks, providing card issuing, processing, and money movement on a single modern platform. Extended across 30 additional European countries in May 2026 via the Banking Circle collaboration.
• Supplier Payments Solution Virtual and physical card-based supplier and workforce payment solutions for streamlining B2B payouts. Sold to enterprises and platforms that disburse payments to suppliers and contractors.

Quantifiable outcome

• 99.99% platform uptime in 2025
• +7 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability3 records

Feature12 records

Partnerships

Six partnerships are on record, tiered flagship, minor and core.

• Banking CircleflagshipTechnology or Integration · 1 May 2026Marqeta partnered with Luxembourg-licensed Banking Circle (regulated by the CSSF) to expand its account and money movement tools into 30 additional European countries. The collaboration enables multi-currency virtual accounts, SEPA and SEPA Instant transfers, UK Faster Payments, and full card program management under European regulatory frameworks, building on Marqeta's 8x growth in European TPV from 2022 to 2025 and its 2025 TransactPay acquisition.
• TotaviminorGTM or Marketing Partner · 1 March 2026Marqeta's Rachel Huber participated in a Totavi-convened session with Branch CPO Ahmed Siddiqui and Totavi CEO Matthew Goldman sharing research findings on payment infrastructure decisions across 11 scaled fintech companies, used as industry thought leadership.
• Mastercard (One Credential)coreTechnology or Integration · 1 January 2026Marqeta announced a new partnership with an automated financial assistant provider that will be an early adopter of Mastercard's One Credential, extending Marqeta's flexible credentials capability in collaboration with Mastercard's network.
• PYMNTS IntelligencecoreGTM or Marketing Partner · 1 July 2025Marqeta partners with PYMNTS Intelligence on recurring co-branded research including surveys of 30 U.S. travel firms on embedded finance, B2B platform payment leaders, and SMB retailers, generating thought leadership content, category education, and demand generation assets.
• TransactPaycoreStrategic or Co-development Partner · 1 January 2025Marqeta acquired TransactPay in 2025, adding full program management and e-money licensing capabilities for its European customers. The TransactPay acquisition, combined with the Banking Circle collaboration, is foundational to Marqeta's expanded European footprint across 30+ countries.
• Four TechnologiesminorChannel Partner/ Reseller/ Distributor · 1 January 2025BNPL provider Four Technologies announced as a new Marqeta partnership during 2025 full-year earnings, leveraging Marqeta's platform for BNPL issuance as part of the company's diversification beyond traditional debit processing into credit products.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Adyen: Adyen is a global payments platform that combines acquiring, processing, and increasingly card issuing infrastructure. It overlaps with Marqeta in payment processing and BIN sponsorship orchestration for enterprise customers.
• Checkout.com: Checkout.com is a global payment processor with issuing capabilities. While primarily a payment acquirer, its issuing products overlap with Marqeta's solutions for enterprise and fintech customers.

Emerging players

• Unit: Unit is an embedded banking platform offering business banking and card issuing APIs. It competes with Marqeta in the digital banking and BaaS segment with a focus on startups and SMB-focused fintechs.
• Synctera: Synctera is an embedded banking-as-a-service platform connecting fintechs with sponsor banks for card issuing and account services. It competes with Marqeta in the digital banking and neobanking vertical.
• Highnote: Highnote is a modern card issuing platform targeting fintechs with multi-tenant BIN sponsorship and credit/debit/prepaid issuance. It overlaps with Marqeta in API-first issuer processing for emerging brands.
• Lithic: Lithic offers an API-first card issuing platform focused on fintechs and consumer-facing brands. It is an emerging challenger with comparable developer-first positioning but smaller scale than Marqeta.

Direct peers

• Stripe (Issuing): Stripe Issuing offers API-first card issuing infrastructure for businesses, directly competing with Marqeta's core platform. Both target fintechs and enterprises with developer-first experiences and support virtual/physical card issuance with built-in compliance.
• Galileo Financial Technologies: Galileo (owned by SoFi) provides a card issuing and payment processing platform used by neobanks and fintechs. It is a direct competitor in the API-first issuer processing space, with comparable scale and bank sponsor relationships.
• i2c: i2c provides a cloud-based platform for credit, debit, and prepaid card issuing with program management capabilities. It competes directly with Marqeta across financial institutions, fintechs, and corporates globally.

Others

• Visa (Issuing Solutions): Visa is Marqeta's strategic investor and network partner, but Visa Direct and Visa's issuing solutions also compete in adjacent payment and disbursement categories. Visa's $25M investment in Marqeta signals both partnership and potential competitive tension.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/marqeta
• Facebookfacebook.com/marqetainc
• LinkedInlinkedin.com/company/marqeta

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds16 records

Investors30 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marqeta