Marqeta, Inc.

What they do

Marqeta provides a single, global, cloud-based open API platform for modern card issuing and transaction processing, encompassing debit, prepaid, and credit programs plus banking and money movement, risk management, and rewards products. It acts as the tech layer bridging the issuing bank and the end customer, handling card program management, bank and network management, and value added services like tokenization, real-time decisioning and fraud management. Customers launch and manage card programs and authorize and settle transactions through Marqeta's APIs and dashboard. Marqeta is certified to operate in more than 40 countries, with TPV of $382.5 billion in 2025, up 31% year over year.

Revenue drivers

• Processing (core issuer processing) — Core offering provided to all customers, giving access to Marqeta's dashboard via APIs and webhooks, JIT Funding, and configuration tools; this is the foundation on which other services are layered.
• Bank and Network Management — Connects customers to an Issuing Bank BIN sponsor and manages card program setup, production environment configuration, regulatory compliance, and Card Network rule compliance.
• Program Management — Additional services required to run a card program, including chargebacks and dispute resolution, reconciliation, and card fulfillment.
• Value Added Services — Tokenization, real-time decisioning and fraud management, digital banking, and other customer experience services sold alongside the core platform.

Recent performance

For Q2 2026, Marqeta reported Net Revenue of $176.0 million and Gross Profit of $121.9 million, both up 17% year over year, with Gross Margin flat at 69%. TPV was $120.4 billion in the quarter, up 32% year over year, and GAAP Net Income was $7.6 million, the second consecutive quarter of GAAP profitability. Adjusted EBITDA was $37 million, up 31% year over year. For the six months ended June 30, 2026, Net Revenue was $341.8 million, Gross Profit was $239.5 million, and Net Income was $15.4 million, versus a net loss of $8.9 million in the prior-year period. Total operating expenses rose 4% year over year in Q2 to $118.2 million.

Strategy

Management is pushing multi-national card issuing, highlighted by Expensify extending its corporate card offering to European customers on Marqeta's platform. It is broadening the product suite through partnerships with zerohash and BVNK to enable stablecoin spending across global card networks, and is enhancing Real-Time Decisioning by partnering with Adyen, Riskified, and Signifyd to feed richer merchant transaction data into its ML Risk Score. On August 3, 2026, the Board authorized a repurchase program of up to $150 million of Class A common stock with no set expiration date. The company continues to emphasize a single global platform supporting debit, prepaid, and credit programs in more than 40 countries.

Risks

• Customer concentration — Marqeta generates significant net revenue from a small number of customers, including its largest customer Block, so loss of or less favorable renewals with any of them could harm results.
• History of net losses — Despite Q2 2026 GAAP profitability, Marqeta has a history of net losses, including a $13.9 million net loss in 2025 and a $223.0 million net loss in 2023, and may not sustain profitability.
• Competitive and evolving markets — Marqeta participates in competitive, continuously evolving payment markets, and failure to compete successfully could adversely affect its business and financial results.
• Growth dependence on new and existing customers — Future net revenue growth depends on attracting new customers and retaining existing ones cost-effectively, and past rapid growth rates may not be indicative of future growth.

Outlook

Management did not provide specific numeric guidance in the excerpts, but CEO Mike Milotich cited momentum, strong gross profit growth, a second consecutive quarter of GAAP profitability, and quality programs being onboarded as evidence the platform's breadth, flexibility, and scale let customers expand. The company noted it cannot predict the impact of macroeconomic factors, including geopolitical conflicts, inflation and interest rates, and potential tariffs and counter tariffs, on processing volumes or future results.