Marqeta, Inc. operates a cloud-based, open API platform that modernizes card issuing and payment processing. The company enables its clients to create customized payment cards, manage transaction controls in real-time, and fund cards dynamically. Marqeta's business model primarily generates revenue through interchange fees—transaction-based fees paid by acquiring banks to issuing banks—from which Marqeta takes a share, as well as processing and other service fees. The company's platform supports various use cases, including on-demand delivery (e.g., DoorDash, Instacart), buy now, pay later (BNPL) services (e.g., Affirm, Klarna), and digital banking (e.g., Block's Cash App). Block (formerly Square) is a significant customer, historically accounting for a large majority of Marqeta's net revenue. Geographically, while Marqeta operates globally in over 30 countries, the vast majority of its revenue (approximately 90%) is generated in the United States. The company's competitive position is strengthened by its flexible, developer-friendly infrastructure, which contrasts with legacy payment processors, allowing it to power innovative financial products for leading fintechs and tech-forward enterprises.
