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Here are 1-3 brief analogies for Marqeta (MQ):

• Shopify for payment cards
• Stripe for card issuing

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• Modern Card Issuing Platform: Enables businesses to programmatically create, issue, and manage physical, virtual, and tokenized payment cards.
• Just-in-Time Funding (JIT): Provides real-time authorization and funding control, allowing businesses to approve or decline transactions with precise logic before they are processed.
• Open APIs and Developer Tools: Offers a suite of powerful APIs and comprehensive developer resources that allow seamless integration of card issuing capabilities into existing applications.
• Payment Processing & Program Management: Handles the underlying transaction processing for cards issued on its platform and provides tools for managing card programs and analytics.

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Marqeta (MQ) operates primarily as a business-to-business (B2B) service provider, offering a modern card issuing platform that enables other companies to create, launch, and manage their own card programs. They do not sell directly to individuals.

Here are some of Marqeta's major customer companies:

• Block, Inc. (formerly Square) (NYSE: SQ) - For products like the Square Card.
• DoorDash, Inc. (NASDAQ: DASH) - For their Dasher Card, used by delivery drivers.
• Affirm Holdings, Inc. (NASDAQ: AFRM) - For their buy now, pay later card programs.
• JPMorgan Chase & Co. (NYSE: JPM) - For certain corporate payment and virtual card initiatives.
• Uber Technologies, Inc. (NYSE: UBER) - For driver payment solutions.

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Visa Inc. (NYSE: V)

Mastercard Incorporated (NYSE: MA)

Sutton Bank (Private Company)

WebBank (Private Company)

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Mike Milotich Chief Executive Officer & Interim Chief Financial Officer

Mike Milotich was appointed as Marqeta's Chief Executive Officer on September 8, 2025. Prior to this, he served as interim CEO and CFO from February 2025 to September 2025, and as CFO from February 2022 to February 2025. As CFO, he led the financial planning, corporate development, accounting, settlement, and investor relations functions. Before joining Marqeta, Milotich was the Senior Vice President of Corporate Finance and Investor Relations at Visa for a decade. He also held various business analysis roles at PayPal and American Express.

Todd Pollak Chief Revenue Officer

Todd Pollak is the Chief Revenue Officer at Marqeta, responsible for driving revenue growth and expanding market presence. Before Marqeta, he spent four years at Ancestry as Chief Commercial Officer, overseeing marketing, product strategy, and commercialization teams. Prior to Ancestry, he spent 13 years at Google, serving as a managing director in the financial and retail sectors.

Crystal Sumner Chief Administrative Officer

Crystal Sumner is the Chief Administrative Officer at Marqeta. She brings over a decade of experience leading and scaling legal, compliance, and administrative organizations, applying her legal and regulatory background to bring innovative products and services to global markets.

Fouzi Husaini Chief Artificial Intelligence Officer & Chief Technology Officer

Fouzi Husaini serves as Marqeta's Chief Artificial Intelligence Officer and Chief Technology Officer. In this role, he is responsible for leading the company's AI initiatives and overall technology strategy.

Rahul Shah Chief Product and Engineering Officer

Rahul Shah is the Chief Product and Engineering Officer at Marqeta, where he is responsible for building innovative products and leading the engineering team. Most recently, he served as the Senior Vice President of Sales and Customer Success at Branch, a deep linking platform that supports a large number of mobile applications.

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The key risks to Marqeta's (MQ) business operations are primarily centered around regulatory scrutiny, significant customer concentration, and intense competition within the payments industry.

1. Regulatory Scrutiny and Compliance Failures: Marqeta faces substantial risk due to increased regulatory scrutiny surrounding its major banking partner, Sutton Bank, and its largest customer, Block's Cash App. Federal regulators, including FinCEN, the SEC, and the CFTC, are reportedly investigating allegations that Cash App has inadequate customer due diligence, potentially facilitating illicit activities such as money laundering and terrorism financing. As a key intermediary in Cash App transactions, Marqeta is directly implicated in these concerns. An FBI investigation into Sutton Bank for alleged anti-money laundering failures further exacerbates this risk. Should Sutton Bank face severe regulatory action or terminate its partnership with Marqeta, it could lead to a significant contraction of Marqeta's business, as switching banking partners would be a prolonged and challenging process. This heightened scrutiny has already contributed to weak financial guidance and a notable drop in Marqeta's stock price.
2. High Customer Concentration: A significant portion of Marqeta's revenue is derived from a small number of customers, with Block (formerly Square) being its largest client. In the first quarter of 2022, Block accounted for 66% and 73% of Marqeta's net revenue for the three months ended March 31, 2022, and 2021, respectively. Although contract expiration dates for Block's Cash App (March 2024) and Square Card (December 2024) have passed, the risk of Block reducing its reliance on Marqeta or canceling agreements remains a critical threat to Marqeta's financial stability. Block has also begun to take more control over its accounts, shifting the riskier transaction clearing responsibilities to Marqeta, which is expected to result in further revenue impacts.
3. Intensifying Competition: Marqeta operates in a highly competitive payments landscape, facing challenges from both well-established financial technology companies and emerging innovators. Larger players like Stripe and Adyen have developed their own card-issuing capabilities, directly competing with Marqeta's core offerings. These competitors have the potential to bundle more attractive product offerings, which could erode Marqeta's market position and hinder its long-term growth prospects. This competitive pressure can also lead to a squeeze on pricing and profit margins.

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Marqeta operates in the following addressable markets for its main products and services:

• Global Card Market: Marqeta estimated its total addressable market (TAM) for its modern card issuing and payment processing platform to be $30 trillion in 2021.
• U.S. Card Market: Within the global card market, the U.S. card market was estimated at $6.7 trillion in 2021.
• International Card Market: The international card market (outside the U.S.) was estimated at $23 trillion in 2021.
• Key Verticals (Global): For specific verticals such as on-demand delivery, alternative lending, expense management, digital remittances/disbursement, and digital banks, the collective transaction volume was estimated to reach $4.8 trillion by 2023.
• European Market: Marqeta's acquisition of TransactPay has expanded its Total Addressable Market (TAM) in Europe, with the company prioritizing growth in this region.

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Marqeta (MQ) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Growth in Total Processing Volume (TPV): Marqeta consistently highlights the expansion of Total Processing Volume as a primary driver for both revenue and gross profit. The company reported a 30% year-over-year increase in TPV for Q3 2024, a 29% increase in Q4 2024, 27% in Q1 2025, 29% in Q2 2025, and a 33% increase in Q3 2025. This indicates a continued upward trend in the usage of its platform by existing customers and the addition of new business.
2. International Expansion, particularly in Europe: The acquisition of TransactPay is a significant factor in Marqeta's European growth strategy, strengthening its program management capabilities by providing BIN sponsorship and card issuance through Electronic Money Institution (EMI) licenses. This acquisition is expected to expand Marqeta's Total Addressable Market (TAM) in Europe and has already generated considerable customer interest and referrals. The European market showed over 100% growth in Q3 2025.
3. Introduction and Expansion of New Products and Services: Marqeta is focusing on enhancing its platform with new offerings, including comprehensive debit, credit, and money movement solutions. This includes entering the consumer credit market, as evidenced by its first consumer credit co-brand partnership signed in Q4 2024. Additionally, the company is seeing remarkable growth in lending use cases, such as Buy Now, Pay Later (BNPL), across North America, Europe, and Australia, and has enabled products like the KlarnaOne Card.
4. Deepening Existing Customer Relationships and Launching New Programs: Marqeta is committed to expanding and strengthening its relationships with current customers by enabling innovative programs. The acceleration of "Non-Block" revenue growth and the expected contribution from new programs launched since 2024 highlight the success in diversifying its customer base and increasing engagement beyond its largest client.
5. Strategic Bank Partnerships: The formation of new partnerships with banks, such as Cross River Bank in the U.S. and Griffin Bank in the U.K., is crucial for extending Marqeta's global reach and supporting its future growth initiatives. These collaborations are expected to enhance the company's ability to serve a broader customer base and facilitate further expansion.

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Share Repurchases

• Marqeta's Board of Directors authorized a new share repurchase program of up to $300 million in February 2025.
• In May 2024, the Board authorized a share repurchase program for up to $200 million of its Class A common stock.
• For the full year 2023, the company repurchased $190.4 million of common stock, and for 2022, it repurchased $78.1 million.

Share Issuance

• Marqeta completed its Initial Public Offering (IPO) in June 2021, raising $1.2 billion by selling 45.45 million shares at $27 per share.
• The company issued shares through its employee stock purchase plan, with proceeds of $3.066 million in 2023 and $4.762 million in 2022.
• The 2021 Plan provides for an annual cumulative increase of shares available for issuance by five percent (5%) of the outstanding Class A and Class B common stock.

Inbound Investments

• Marqeta's IPO in June 2021 generated $1.2 billion from public investors.
• Visa led a $25 million Series D funding round in July 2025 as part of a multi-year global partnership.
• Mastercard invested in Marqeta in October 2020 as part of a Series E funding round (amount undisclosed).

Outbound Investments

• In February 2023, Marqeta acquired Power Finance Inc. for $221.9 million in cash, which included an additional $85.1 million in post-combination cash compensation payable over 2.2 years.
• Marqeta acquired TransactPay, a European electronic payments provider, for approximately $47 million (€45 million) in February 2025, with an additional $5 million contingent on performance.
• The company led a $20 million Series B funding round into ConnexPay in December 2021.

Capital Expenditures

• Capital expenditures totaled $16.599 million in 2023, $3.217 million in 2022, and $3.899 million in 2021.
• The company's capital expenditures are primarily focused on continuing investments in product development, platform infrastructure, and global expansion.
• Marqeta also has non-cancellable purchase commitments with cloud-computing service providers and certain Issuing Banks contributing to capital requirements.