Marqeta, Inc.
marqeta.comWhat Do They Do?
Provides a cloud-based platform for card issuing and transaction processing, plus program management and money-movement services, to financial institutions and businesses embedding financial products in their offerings.
10-K for FY2025, filed Feb 24, 2026Marqeta provides a single, global, cloud-based, open API platform for modern card issuing and transaction processing. Marqeta’s modern…View ↗
Marqeta for Banking provides our customers with access to a suite of bank account and money movement features offered through our Issuing…View ↗
Marqeta serves customers in multiple industry verticals including financial services, on-demand services, lending, including BNPL, expense…View ↗
With embedded finance, enterprises across industries can offer multiple financial services to their customers to improve the user…View ↗
How Do They Make Money?
Marqeta earns revenue mainly by processing customers’ card transactions. Its contracts give it interchange fees generated by those card programs, which it shares with customers.
10-K for FY2025, filed Feb 24, 2026
-
10-K for FY2025, filed Feb 24, 2026
FY2025 revenue by product or service ↗
$624.9M
-
10-K for FY2025, filed Feb 24, 2026
$624.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Platform services revenue, net
Usage-based
10-K for FY2025, filed Feb 24, 2026 |
95%
FY2022: 97%
|
Platform services revenue, net, FY2025
$594.1M Sources
|
Usage-based |
|
Other services revenue
|
4.9%
FY2022: 3.0%
|
Other services revenue, FY2025
$30.7M Sources
|
Who Are Their Customers?
Financial-services and lending businesses, along with on-demand and e-commerce businesses, engage Marqeta to build card programs for their products. Marqeta can connect customers with issuing-bank partners and manage parts of their programs.
10-K for FY2025, filed Feb 24, 2026Our platform encompasses debit, prepaid, and credit programs, and provides banking and money movement, risk management, and rewards…View ↗
Marqeta serves customers in multiple industry verticals including financial services, on-demand services, lending, including BNPL, expense…View ↗
When our customers engage us to do so, we connect them with an Issuing Bank to act as the BIN sponsor for the customer’s card program and…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $13.9M in FY2025, but brought in more cash than it spent: $160.8M of free cash flow.
10-K for FY2025, filed Feb 24, 2026
−$46.4MView ↗
10-K for FY2025, filed Feb 24, 2026
−$13.9MView ↗
10-K for FY2025, filed Feb 24, 2026
$160.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
$7.6MView ↗
- ▲ Now profitable
- vs −$647K in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
Growing. Revenue grew 21% in 4 years, from $517.2M in FY2021 to $624.9M in FY2025, about 5% a year.
European card services
The latest report describes an expanded European offering through TransactPay, including card issuance and bank sponsorship alongside processing; the older report described Marqeta’s global card-issuing and transaction-processing platform.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 24, 2026Marqeta provides a single, global, cloud-based, open API platform for modern card issuing and transaction processing. The Marqeta platform…View ↗
Through our acquisition of Transact Payments Limited (collectively, with its affiliates, “TransactPay”), we have strengthened our program…View ↗
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