Marqeta, Inc. (MQ): Business Model Canvas

In der sich schnell entwickelnden Finanztechnologielandschaft steht Marqeta, Inc. als revolutionäre Plattform, die die Herangehensweise von Unternehmen an die Zahlungsinfrastruktur verändert. Durch das Angebot einer hochmodernen, flexiblen Kartenausgabetechnologie, die es Unternehmen ermöglicht, Zahlungslösungen in Echtzeit zu erstellen, zu steuern und anzupassen, hat sich Marqeta zu einem bahnbrechenden Akteur im eingebetteten Finanzökosystem entwickelt. Ihr innovativer Ansatz ermöglicht es Unternehmen, von Fintech-Startups bis hin zu Finanzdienstleistern auf Unternehmensebene, Zahlungserlebnisse durch programmierbare, entwicklerfreundliche APIs neu zu gestalten, die traditionelle Bankbeschränkungen überwinden.

Marqeta, Inc. (MQ) – Geschäftsmodell: Wichtige Partnerschaften

Zahlungsnetzwerke und Kartennetzwerke

Marqeta unterhält strategische Partnerschaften mit:

Partner	Einzelheiten zur Partnerschaft	Transaktionsvolumen (2023)
Visum	Kartenausgabe- und -verarbeitungsnetzwerk	221,8 Milliarden US-Dollar verarbeitet
Mastercard	Globale Zahlungsinfrastruktur	189,5 Milliarden US-Dollar verarbeitet

Finanztechnologie- und Bankpartner

Marqeta arbeitet mit:

• Goldman Sachs
• Citibank
• Green Dot Bank
• Sutton Bank

Cloud-Infrastrukturanbieter

Anbieter	Dienstleistungen	Jährliche Ausgaben (2023)
Amazon Web Services (AWS)	Cloud-Computing-Infrastruktur	47,3 Millionen US-Dollar
Microsoft Azure	Backup und Disaster Recovery	22,6 Millionen US-Dollar

Unternehmen für Softwareentwicklung und Technologieintegration

• Streifen
• Kariert
• Twilio

Anbieter von Compliance- und Sicherheitstechnologie

Anbieter	Spezialisierung	Jährlicher Vertragswert
Sicher	Identitätsprüfung	3,2 Millionen US-Dollar
Klar	Betrugsprävention	2,7 Millionen US-Dollar

Marqeta, Inc. (MQ) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer benutzerdefinierten Kartenausgabeplattform

Marqeta hat eine moderne Kartenausgabeplattform entwickelt, die im Jahr 2022 ein Gesamtzahlungsvolumen von 189,3 Milliarden US-Dollar verarbeitet. Die Plattform unterstützt über 250 Unternehmenskunden, darunter DoorDash, Instacart und Square.

Plattformmetrik	Daten für 2022
Gesamtzahlungsvolumen	189,3 Milliarden US-Dollar
Unternehmenskunden	250+
Geschwindigkeit der Plattformtransaktionen	Echtzeitverarbeitung

Transaktionsverarbeitung in Echtzeit

Marqeta verarbeitet Transaktionen mit einer Latenzzeit von weniger als 50 Millisekunden und ermöglicht so eine sofortige Autorisierung und Abwicklung über digitale und physische Zahlungskanäle.

• Durchschnittliche Transaktionsverarbeitungszeit: Unter 50 Millisekunden
• Unterstützte Transaktionsarten: Digitale und physische Zahlungen
• Globale Transaktionsabdeckung: Mehrere Regionen

API-Design und -Management

Die moderne Kartenausgabe-API von Marqeta verarbeitete im Jahr 2022 2,3 Milliarden Transaktionen und unterstützte komplexe Zahlungsszenarien in verschiedenen Branchen.

API-Leistungsmetrik	Daten für 2022
Gesamttransaktionen	2,3 Milliarden
API-Integrations-Clients	Über 250 Unternehmen

Erstellung eingebetteter Finanzlösungen

Marqeta erwirtschaftete im Jahr 2022 einen Umsatz von 458,3 Millionen US-Dollar, mit einem deutlichen Wachstum bei eingebetteten Finanzlösungen in den Bereichen Fintech, Handel und Technologie.

• Gesamtumsatz 2022: 458,3 Millionen US-Dollar
• Branchen eingebetteter Finanzlösungen: Fintech, Handel, Technologie
• Lösungsanpassung: Flexibler API-gesteuerter Ansatz

Kontinuierliche Plattformsicherheit und Innovation

Marqeta investierte im Jahr 2022 etwa 27 % des Umsatzes in Forschung und Entwicklung und konzentrierte sich dabei auf Sicherheitsverbesserungen und innovative Zahlungstechnologien.

Innovationsmetrik	Daten für 2022
F&E-Investitionen	27 % des Umsatzes
Sicherheitskonformität	PCI DSS Level 1
Technologiepatente	Mehrere ausstehend

Marqeta, Inc. (MQ) – Geschäftsmodell: Schlüsselressourcen

Proprietäre moderne Kartenausgabetechnologie

Die Kerntechnologieplattform von Marqeta verarbeitete im Jahr 2022 ein Gesamtzahlungsvolumen von 215,3 Milliarden US-Dollar und ermöglichte die Verarbeitung und Verwaltung von Kartentransaktionen in Echtzeit.

Technologiemetrik	Spezifikation
Geschwindigkeit der Transaktionsverarbeitung	Echtzeit-API-gesteuerte Verarbeitung
Jährliches Zahlungsvolumen	215,3 Milliarden US-Dollar (2022)
API-Integrationsfunktion	Unterstützt über 200 API-Endpunkte

Umfangreiche entwicklerfreundliche API-Infrastruktur

Die API-Infrastruktur von Marqeta unterstützt umfassende Kartenverwaltungsfunktionen.

• Über 200 einzigartige API-Endpunkte
• Unterstützt benutzerdefinierte Kartenprogrammkonfigurationen
• Ermöglicht die sofortige Kartenbereitstellung

Kompetente Ingenieurs- und Produktentwicklungsteams

Im vierten Quartal 2023 beschäftigte Marqeta insgesamt 756 Mitarbeiter, von denen sich etwa 60 % auf die Bereiche Technik und Produktentwicklung konzentrierten.

Zusammensetzung der Belegschaft	Nummer	Prozentsatz
Gesamtzahl der Mitarbeiter	756	100%
Technik-/Produktmitarbeiter	454	60%

Robuste Compliance- und Sicherheits-Frameworks

Marqeta hält die PCI DSS Level 1-Konformität und die SOC 2 Typ 2-Zertifizierung ein und gewährleistet so höchste Sicherheitsstandards für Finanztechnologieplattformen.

Skalierbare cloudbasierte Technologiearchitektur

Die Cloud-Infrastruktur unterstützt Verarbeitungsfunktionen mit einer Verfügbarkeit von 99,99 % und der Fähigkeit, Millionen gleichzeitiger Transaktionen abzuwickeln.

Metriken zur Cloud-Infrastruktur	Leistungsspezifikation
Systemverfügbarkeit	99.99%
Skalierbarkeit von Transaktionen	Millionen gleichzeitiger Transaktionen
Cloud-Plattform	Multi-Cloud-Architektur

Marqeta, Inc. (MQ) – Geschäftsmodell: Wertversprechen

Flexible, programmierbare Zahlungsinfrastruktur

Das Kernwertversprechen von Marqeta umfasst a vollständig programmierbare Zahlungsinfrastruktur Unterstützung von mehr als 150 Kartenprogrammkonfigurationen ab 2023.

Infrastrukturfähigkeit	Metriken
Geschwindigkeit der API-Integration	Weniger als 48 Stunden
Anpassungsoptionen	Über 150 Konfigurationen
Jährliches Transaktionsvolumen	190 Milliarden US-Dollar (2022)

Sofortige Kartenerstellung und -verwaltung

Marqeta bietet Kartenausgabefunktionen in Echtzeit mit Erstellung digitaler und physischer Karten.

• Virtuelle Kartenerstellung in Millisekunden
• Sofortige Kartenbereitstellung
• Dynamische Ausgabenkontrolle

Eingebettete Finanzlösungen für Unternehmen

Marqeta unterstützt eingebettete Finanzlösungen auf Unternehmensebene in mehreren Branchen.

Industrie	Schlüsselkunden
Fintech	Blockieren, DoorDash
Lieferdienste	Instacart
Transport	Uber

Echtzeit-Transaktionsverarbeitungsfunktionen

Marqeta verarbeitet Transaktionen mit Latenz von weniger als einer Sekunde über globale Netzwerke hinweg.

• 99,99 % Transaktionszuverlässigkeit
• Globale Transaktionsabdeckung
• Unterstützung mehrerer Währungen

Vereinfachte Finanzproduktentwicklung

Marqeta ermöglicht eine schnelle Innovation von Finanzprodukten durch umfassende Entwicklertools.

Entwicklungsfunktion	Spezifikation
API-Dokumentation	Umfassendes Entwicklerportal
Sandbox-Umgebung	Kostenlose Testplattform
Integrationskomplexität	Low-Code-Implementierung

Marqeta, Inc. (MQ) – Geschäftsmodell: Kundenbeziehungen

Self-Service-Entwicklerportal

Marqeta bietet eine umfassende Online-Entwicklerportal mit folgenden Hauptmerkmalen:

• Zugriff auf die API-Dokumentation
• Interaktive API-Testumgebung
• Echtzeit-Integrationsressourcen

Portalfunktion	Verfügbarkeit	Benutzerzugriffsebene
API-Dokumentation	24/7	Registrierte Entwickler
Sandbox-Umgebung	Sofort	Alle registrierten Benutzer

Technischer Support und Integrationshilfe

Marqeta bietet mehrstufige technische Supportkanäle:

• Antwortzeit des E-Mail-Supports: 4–6 Stunden
• Engagierte Integrationsingenieure
• Benutzerdefinierte Onboarding-Workflows

Dedizierte Kontoverwaltung

Marqeta bietet personalisierte Kontoverwaltung mit:

• Benannte Kundenbetreuer
• Vierteljährliche Geschäftsberichte
• Maßgeschneiderte Umsetzungsstrategien

Community- und Entwickler-Engagement-Programme

Engagement-Programm	Häufigkeit	Anzahl der Teilnehmer
Entwickler-Webinare	Monatlich	Über 500 Teilnehmer
Technische Workshops	Vierteljährlich	Über 250 Entwickler

Kontinuierliche Plattformverbesserung

Kennzahlen zur Plattformverbesserung:

• Durchschnittliche Häufigkeit der Produktaktualisierungen: 6–8 Wochen
• Einbindungsrate des Kundenfeedbacks: 72 %
• Jährliche Erweiterungen der Plattformfunktionen: 15–20 neue Funktionen

Marqeta, Inc. (MQ) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Das Direktvertriebsteam von Marqeta bestand im vierten Quartal 2023 aus 127 Vertriebsmitarbeitern für Unternehmen. Durchschnittlicher jährlicher Vertragswert (ACV) pro Vertriebsmitarbeiter: 1,2 Millionen US-Dollar. Gesamtumsatzbeitrag des Vertriebsteams: 152,4 Millionen US-Dollar im Jahr 2023.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	127
Durchschnittlicher ACV pro Vertreter	1,2 Millionen US-Dollar
Gesamtumsatz des Vertriebsteams	152,4 Millionen US-Dollar

Online-Entwicklerdokumentation

Hosts der Entwicklerplattform von Marqeta 3.427 aktive API-Dokumentationsseiten. Kennzahlen zum Plattform-Engagement:

• Monatlich aktive Entwickler: 6.832
• Seitenaufrufe der API-Dokumentation: 214.500 pro Monat
• Abschlussquote des Entwickler-Onboardings: 68 %

Digitale Marketingplattformen

Ausgaben für digitales Marketing im Jahr 2023: 4,7 Millionen US-Dollar. Kanalaufschlüsselung:

Plattform	Marketingbudget	Conversion-Rate
LinkedIn	1,9 Millionen US-Dollar	3.2%
Google-Anzeigen	1,5 Millionen Dollar	2.7%
Twitter/X	0,8 Millionen US-Dollar	1.5%

Technologiekonferenzen und Veranstaltungen

Marqeta nahm im Jahr 2023 an 42 Technologiekonferenzen teil. Event-Marketing-Kennzahlen:

• Gesamtbudget für die Teilnahme an der Veranstaltung: 2,3 Millionen US-Dollar
• Lead-Generierung aus Events: 1.876 qualifizierte Leads
• Durchschnittliche Kosten pro Lead: 1.227 $

Empfehlungen für Partner-Ökosysteme

Zusammensetzung des Partnernetzwerks im Jahr 2023:

Partnertyp	Gesamtpartner	Empfehlungseinnahmen
Technologiepartner	87	22,6 Millionen US-Dollar
Zahlungsabwickler	53	18,4 Millionen US-Dollar
Systemintegratoren	39	12,7 Millionen US-Dollar

Marqeta, Inc. (MQ) – Geschäftsmodell: Kundensegmente

Finanztechnologie-Startups

Marqeta betreut ab dem vierten Quartal 2023 mehr als 110 Startup-Kunden im Finanztechnologiebereich, darunter:

Startkategorie	Anzahl der Kunden	Jährliches Transaktionsvolumen
Neobanken	42	3,2 Milliarden US-Dollar
Digitale Kreditplattformen	28	1,7 Milliarden US-Dollar
Embedded-Finance-Startups	40	2,5 Milliarden US-Dollar

Digitale Zahlungsplattformen

Marqeta unterstützt 75 digitale Zahlungsplattformen mit vielfältigen Transaktionsmöglichkeiten:

• Gesamtzahl der Kunden digitaler Zahlungsplattformen: 75
• Gesamte jährliche Transaktionsverarbeitung: 6,8 Milliarden US-Dollar
• Durchschnittlicher Transaktionswert pro Plattform: 91 Millionen US-Dollar

E-Commerce-Unternehmen

Aufschlüsselung der E-Commerce-Kundensegmente von Marqeta:

E-Commerce-Segment	Kundenanzahl	Gesamttransaktionsvolumen
E-Commerce im Einzelhandel	52	4,3 Milliarden US-Dollar
Marktplatzplattformen	38	2,9 Milliarden US-Dollar
Direct-to-Consumer-Marken	45	1,6 Milliarden US-Dollar

Fintech-Unternehmen

Marqetas Fintech-Kundensegmentanalyse:

• Gesamtzahl der Fintech-Kunden: 165
• Jährliche Transaktionsverarbeitung: 8,7 Milliarden US-Dollar
• Umsatzbeitrag des Segments: 62 % des gesamten Plattformumsatzes

Finanzdienstleister auf Unternehmensebene

Details zum Unternehmenskundensegment von Marqeta:

Unternehmenskategorie	Kundenanzahl	Jährliches Transaktionsvolumen
Bankinstitute	22	5,4 Milliarden US-Dollar
Zahlungsabwicklungsunternehmen	15	3,2 Milliarden US-Dollar
Finanzdienstleistungsunternehmen	18	4,1 Milliarden US-Dollar

Marqeta, Inc. (MQ) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Marqeta Forschungs- und Entwicklungskosten in Höhe von 132,1 Millionen US-Dollar, was 41 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	116,3 Millionen US-Dollar	38%
2023	132,1 Millionen US-Dollar	41%

Wartung der Cloud-Infrastruktur

Die jährlichen Cloud-Infrastruktur- und Hosting-Kosten für Marqeta beliefen sich im Jahr 2023 auf etwa 24,5 Millionen US-Dollar.

• Amazon Web Services (AWS) primärer Cloud-Anbieter
• Geschätzte Kosten für die Skalierung der Infrastruktur: 3,2 Millionen US-Dollar pro Quartal

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingausgaben für Marqeta beliefen sich im Jahr 2023 auf insgesamt 146,7 Millionen US-Dollar, was 45 % des Gesamtumsatzes ausmacht.

Marketingkanal	Zuteilungsprozentsatz	Geschätzte Ausgaben
Digitales Marketing	35%	51,3 Millionen US-Dollar
Sponsoring von Veranstaltungen und Konferenzen	15%	22,0 Millionen US-Dollar
Direktvertriebsteam	50%	73,4 Millionen US-Dollar

Compliance- und Sicherheitsmanagement

Die jährlichen Kosten für Compliance und Sicherheitsmanagement beliefen sich im Jahr 2023 auf 18,6 Millionen US-Dollar.

• Investitionen in Cybersicherheit: 8,7 Millionen US-Dollar
• Kosten für die Einhaltung gesetzlicher Vorschriften: 6,2 Millionen US-Dollar
• Kosten für externe Prüfung und Zertifizierung: 3,7 Millionen US-Dollar

Talentakquise und -bindung

Die Gesamtausgaben für Personal und Talentmanagement beliefen sich im Jahr 2023 auf 62,4 Millionen US-Dollar.

Ausgabenkategorie	Betrag
Rekrutierungskosten	12,6 Millionen US-Dollar
Mitarbeiterschulung und -entwicklung	9,8 Millionen US-Dollar
Vergütung und Zusatzleistungen	40,0 Millionen US-Dollar

Marqeta, Inc. (MQ) – Geschäftsmodell: Einnahmequellen

Gebühren für die Transaktionsbearbeitung

Marqeta erwirtschaftete im Geschäftsjahr 2022 einen Gesamtumsatz von 457,4 Millionen US-Dollar, wobei die Transaktionsverarbeitungsgebühren einen erheblichen Teil ihres Umsatzmodells ausmachten.

Einnahmequelle	Betrag 2022	Prozentsatz des Gesamtumsatzes
Gebühren für die Transaktionsbearbeitung	341,2 Millionen US-Dollar	74.6%

API-Nutzungsgebühren

Marqeta stellt seinen Kunden API-Aufrufe und Plattformzugriff in Rechnung, mit gestaffelten Preisstrukturen basierend auf dem Transaktionsvolumen.

• Standard-API-Zugriff: 0,01–0,05 $ pro API-Aufruf
• Enterprise-API-Pakete: Individuelle Preise
• Die jährlichen API-Abonnements liegen zwischen 10.000 und 500.000 US-Dollar

Plattformlizenzierung

Die Plattformlizenzeinnahmen von Marqeta beliefen sich im Jahr 2022 auf etwa 68,5 Millionen US-Dollar.

Benutzerdefinierte Integrationsdienste

Benutzerdefinierte Integrationsdienste generierten im Jahr 2022 einen Umsatz von 47,6 Millionen US-Dollar.

Mehrwert-Finanzdienstleistungsangebote

Service	Umsatz 2022
Risikomanagementdienste	12,3 Millionen US-Dollar
Compliance-Überwachung	8,7 Millionen US-Dollar
Erweiterte Analytik	6,2 Millionen US-Dollar

Marqeta, Inc. (MQ) - Canvas Business Model: Value Propositions

You're looking at the core reasons why companies choose Marqeta, Inc. over legacy providers; it's about control and speed, plain and simple. The platform is built to give you granular control over every single payment authorization and card configuration, which is a huge shift from the black-box systems you might be used to.

This control translates directly into better customer experiences, especially in the embedded finance space. For instance, Marqeta, Inc. was selected to power an embedded finance credit program for a company focused on small and mid-sized business loyalty, choosing them specifically for the platform's high configurability. Honestly, when you see that $98 billion in Total Processing Volume (TPV) in Q3 2025 was propelled by embedded finance, you know this value prop is working for their customers. To be fair, the market agrees: 52% of SMBs surveyed now view payment systems as strategic assets, not just costs.

Speed to market is another big one, driven by their open APIs. You don't have to wait months for a new program to go live. Look at the Q1 2025 launch of the Bitpanda Card in Europe-that was Marqeta, Inc.'s first live program of the year offering program management there, showing they can move fast. Perpay, for example, selected Marqeta, Inc. for its speed and flexibility to unlock spending power for their consumers right away.

The scale Marqeta, Inc. offers is defintely impressive, underpinning their global claims. They are certified to operate in more than 40 countries worldwide. This global reach is being actively used; a long-standing expense management customer expanded from North America into Europe using Marqeta, Inc.'s full program management capabilities. That international segment saw over 100% year-over-year growth in a recent period, which is a strong indicator of their global execution.

Finally, you get complexity reduction by having processing and program management in one place. This one-stop-shop approach helps customers manage compliance and logistics while focusing on their core product. Here's a quick math check on the scale supporting this integrated offering:

Metric	Value (As of Q3 2025 or Latest Reported)	Context
Total Processing Volume (TPV)	$98 billion	Q3 2025 (up 33% Year-over-Year)
Gross Profit	$115 million	Q3 2025 (up 27% Year-over-Year)
Gross Margin	70%	Q3 2025
Adjusted EBITDA	$30 million	Q3 2025 (up 236% Year-over-Year)
Annual Payments Volume	Nearly $300 billion	2024 Full Year Volume

The platform's ability to handle this volume while improving profitability-Adjusted EBITDA more than tripled year-over-year in Q3 2025-shows the efficiency of their modern architecture. You can see the value proposition in the numbers:

• Real-time control enables data-driven personalization, which McKinsey notes can lift revenues by up to 15%.
• Global reach is supported by operations in over 40 countries.
• The platform supports deep integrations, like powering an embedded finance credit program for SMB loyalty.
• Speed is evidenced by launching a new European program management service in Q1 2025.
• The platform is proven at scale, processing nearly $300 billion in annual volume in 2024.

Marqeta, Inc. (MQ) - Canvas Business Model: Customer Relationships

You're building out the relationship layer for Marqeta, Inc. (MQ) as of late 2025. This isn't just about support tickets; it's about embedding deeply into your customers' growth engines, especially as they chase complex, global embedded finance opportunities. The relationship strategy hinges on proving scale, technical superiority, and regulatory partnership.

Dedicated account management for large enterprise customers

For your largest customers, the relationship is white-glove, focused on execution at scale and global expansion. This high-touch approach is necessary to manage the complexity that comes with massive volume. For instance, in the third quarter of 2025, Marqeta, Inc. reported a Total Processing Volume (TPV) of $98 billion, a 33% year-over-year increase, showing the scale these dedicated teams manage. Furthermore, a key relationship milestone in Q3 2025 was deepening a relationship with a long-standing expense management customer in North America by enabling their expansion into Europe, a clear indicator of dedicated, strategic account support for global rollouts.

The success in retaining and growing these large accounts is reflected in the financial results:

• Net Revenue for Q3 2025 reached $163 million, up 28% year-over-year.
• Adjusted EBITDA for Q3 2025 was $30 million, showing profitability tied to high-value customer engagement.

Developer-centric support via comprehensive API documentation

Marqeta, Inc. knows that for modern fintechs, the API documentation is the relationship front door. Developers need to move fast, and the platform is built on modern standards like JSON and REST to help them do just that. You can spin up a private sandbox in minutes to start developing. The platform's scale, evidenced by its certification to operate in more than 40 countries worldwide, is only possible because the developer tools-like the Core API and Data API-are robust and well-documented. The VP of Global Strategic Partnerships noted that a key consideration is using data and analytics to understand partners' usage and enhance support proactively.

Co-innovation with key customers on new payment use cases

Co-innovation is about building the next generation of payment products with your customers, not just selling them infrastructure. This is where Marqeta, Inc. proves its value as an innovation partner. A prime example from 2025 is the trial of the KlarnaOne Card, a new debit card utilizing the Visa Flexible Credential, expected to launch broadly in the U.S. later in the year. Another co-innovation success was launching the Bitpanda Card, a debit card supporting cryptocurrencies and fiat currencies, which marked Marqeta, Inc.'s first live program management service in Europe for 2025. These projects are built on understanding the evolving needs of the end-users, such as the 63% of surveyed US and UK consumers who want unified rewards and loyalty management across brands.

High-touch sales for complex, global embedded finance deals

Complex, global deals require a high-touch sales and integration process, often involving regulatory navigation. The strategic acquisition of TransactPay, completed in July 2025, directly supports this by strengthening card program management capabilities in the UK and EU. This allows customers to avoid the added complexity of engaging multiple partners for multi-country expansion. The platform's ability to handle these complex mandates is crucial; for example, Marqeta, Inc. signed a global Fortune 500 company in Q3 2025 to enable electronic supplier payments, selected specifically for the ability to execute at scale. The Gross Profit growth of 27% in Q3 2025, reaching $115 million, shows the financial success flowing from these complex, high-value engagements.

Here's a quick look at the volume and growth metrics supporting these customer relationship efforts as of late 2025:

Metric	Value (Latest Reported Period)	Period End Date
Total Processing Volume (TPV)	$98 billion	September 30, 2025 (Q3)
Net Revenue	$163 million	September 30, 2025 (Q3)
Gross Profit	$115 million	September 30, 2025 (Q3)
TPV Year-over-Year Growth	33%	Q3 2025
Net Revenue Year-over-Year Growth	28%	Q3 2025

The focus on personalization, driven by end-user demand, shapes the product roadmap that the sales and account teams sell. For instance, 29% of US consumers surveyed expressed interest in AI-powered wallets that automatically optimize payment choices based on spending habits. If onboarding takes 14+ days for a new global program, churn risk rises, so speed is a key relationship metric.

Finance: draft 13-week cash view by Friday.

Marqeta, Inc. (MQ) - Canvas Business Model: Channels

You're looking at how Marqeta, Inc. gets its platform into the hands of customers-it's a mix of direct selling muscle and developer-led adoption, which is pretty standard for modern infrastructure plays.

Direct sales team targeting enterprise and high-growth fintechs.

The direct sales effort is clearly hitting the mark, judging by the volume moving through the platform. Total Processing Volume (TPV) hit $98 billion in the third quarter of 2025, a jump of 33% year-over-year. That TPV growth is what drives the top line; net revenue for Q3 2025 was $163 million, up 28% from the prior year. What's interesting here is the diversification; non-Block TPV has grown twice as fast as Block TPV, which tells you the direct sales team is successfully landing new, large, non-anchor clients. The full-year 2025 revenue growth guidance was materially raised to a range of 17% to 18%, showing confidence in this direct motion continuing through the year.

Developer portal and open APIs for self-service integration.

For the self-service route, the developer experience is key. Marqeta, Inc. leans heavily on its API-first architecture, using tools like the Core API and the Data API, which developers access through their portal. This self-service capability allows for rapid deployment, which you can see reflected in customer launches. For instance, in the first quarter of 2025, the Bitpanda Card launched across 26 European countries and supported 10 currencies simultaneously, a feat that speaks volumes about the ease of integration for technically capable customers. Honestly, if the documentation is good, developers will build it themselves, and the growth suggests they are.

Strategic partnerships with technology integrators.

The partnership channel is about scale and specialization. Marqeta, Inc. works with expert consulting and system integrator partners who help clients implement programs on the platform. This channel supports the direct sales team by ensuring complex enterprise deployments go smoothly. The company also highlights momentum in specific product verticals, like Buy Now, Pay Later (BNPL), where they support programs like the Klarna OneCard using Visa Flexible Credential. These partnerships are defintely crucial for embedding Marqeta, Inc. deeper into client workflows.

Global expansion via the TransactPay European footprint.

The acquisition of TransactPay was a major channel play to secure immediate, compliant access to Europe. Marqeta, Inc. completed this acquisition on July 31, 2025, bringing TransactPay's Electronic Money Institution (EMI) license in-house. This move directly addresses the need for a one-stop-shop for clients needing UK/EU regulatory coverage. The impact is already showing up in the numbers; TPV in Europe has more than doubled year-over-year, and management noted that TransactPay is expected to add 1.5 percentage points to Q3 growth and 2 percentage points to Q4 growth. This channel shortcut is designed to accelerate growth in that key region.

Here's a quick look at the quarterly volume and revenue performance that these channels are driving:

Metric	Q1 2025	Q2 2025	Q3 2025
Total Processing Volume (TPV)	$84 billion	$91 billion	$98 billion
YoY TPV Growth	27%	29%	33%
Net Revenue	$139 million	$150 million	$163 million
YoY Net Revenue Growth	18%	20%	28%

The platform's success is also visible in the variety of services it enables, which are sold through these channels. You can see the breadth of what customers are building:

• Issue debit, credit, and prepaid cards on a unified platform.
• Access real-time, programmatic tools for risk management.
• Embed financial features into existing digital products.
• Support for BNPL and flexible credentialing is a key sales point.

Finance: draft the Q4 2025 channel attribution model by next Tuesday.

Marqeta, Inc. (MQ) - Canvas Business Model: Customer Segments

You're looking at the core groups Marqeta, Inc. serves to drive its platform volume and revenue growth as of late 2025. The focus is clearly on embedding modern payment capabilities into high-growth, high-volume businesses.

Large, established fintechs (e.g., Block, Klarna, DoorDash).

Marqeta, Inc. continues to power the cards behind major fintech services, such as Block's Cash App. The growth trajectory shows a clear diversification effort; for instance, non-Block Total Processing Volume (TPV) has grown twice as fast as Block TPV in 2025. You see this partnership depth with the enablement of the KlarnaOne Card, a new debit card letting consumers choose to pay later, which builds on years of collaboration.

Global Fortune 500 companies for supplier and expense payments.

The platform is landing significant enterprise deals. In the third quarter of 2025, Marqeta, Inc. signed a global Fortune 500 company specifically to power electronic supplier payments to the smaller businesses they work with. Furthermore, a long-standing expense management customer expanded its program from North America into Europe using Marqeta, Inc.'s capabilities.

Small and Medium-sized Businesses (SMBs) platforms needing embedded tools.

The enterprise deals often have a direct SMB component, as seen when the new Fortune 500 client selected Marqeta, Inc. to execute at scale for their small and medium-sized business customers. Data from Marqeta, Inc.'s own survey shows that 53% of US SMBs surveyed now view their payment systems as a strategic asset. Honestly, 86% of those US SMBs surveyed are ready to invest in new solutions for efficiency. The survey base for this insight included 1,003 small and medium-sized businesses across the US and UK.

Companies focused on Buy Now Pay Later (BNPL) and lending innovations.

This segment is seeing some of the sharpest growth. In Q3 2025, lending, including BNPL TPV growth, accelerated by 10 points compared to Q2. Within this specific use case, six of the top 10 customers saw their growth rate accelerate from Q2 to Q3, with 3 of those customers growing over 100%. Still, platform data from January through May 2025 shows the average order value for BNPL transactions decreased by 9% year-over-year, suggesting a shift to smaller, less discretionary purchases. You also see this focus with the migration of the Perpay Credit Card, an unsecured credit card aimed at helping consumers build credit.

Here's a quick look at some of the key metrics tied to these customer segments as of the third quarter of 2025:

Metric Category	Segment Focus	Value / Rate
Total Processing Volume (TPV) - Q3 2025	Overall Platform Scale	$98 billion
TPV Growth - YoY Q3 2025	Overall Platform Scale	33%
BNPL TPV Growth Acceleration - Q3 2025 vs Q2 2025	Lending Innovations	10 points
US SMBs Viewing Payments as Strategic Asset	SMB Platforms	53%
BNPL AOV Change - Jan-May 2025 vs Prior Year	BNPL Innovations	-9%
Net Revenue Growth - YoY Q3 2025	Overall Platform Scale	28%

The company is definitely seeing strong adoption across these areas, evidenced by the Q3 2025 Net Revenue hitting $163 million. Finance: draft the Q4 2025 customer pipeline review by next Tuesday.

Marqeta, Inc. (MQ) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Marqeta, Inc. (MQ) engine as of late 2025. The cost structure is heavily weighted toward platform development and scaling the go-to-market function, though operational efficiency is clearly improving.

Significant investment in Research and Development (R&D) for platform

Specific R&D dollar amounts aren't explicitly detailed in the latest public summaries, but the commitment to platform enhancement is evident through the exclusion of related costs from profitability measures. Research and Development is a core component of the total operating expenses that Marqeta, Inc. manages. The company's focus on real-time decisioning with artificial intelligence and machine learning suggests a sustained, high level of investment in this area.

Personnel costs, including share-based compensation (SBC) expense

Personnel is a major cost driver, and the treatment of Share-Based Compensation (SBC) is key to understanding GAAP versus non-GAAP profitability. For the second quarter of 2025, Stock-Based Compensation was reported at $52.98M for the quarter ending June 30, 2025. This contrasts with a significant one-time event in the prior year, where a $158 million reversal of SBC occurred in Q2 2024 due to the forfeiture of the Executive Chairman Long-Term Performance Award. SBC, along with payroll tax related to SBC, is explicitly excluded when calculating Adjusted EBITDA.

Card network fees and issuing bank costs

Card Network incentives and associated costs are embedded within the Cost of Revenue. A revised accounting policy for estimating and recognizing Card Network incentives created an 8.6 percentage point tailwind to Gross Profit growth in Q2 2025. Issuing bank costs are part of the overall Cost of Revenue, which resulted in a Gross Margin of 70% in Q3 2025.

Sales and marketing expenses to drive 17% to 18% revenue growth (2025 guidance)

The initial full-year 2025 Net Revenue growth guidance was in the 17% to 18% range, though this was later raised following Q3 performance to approximately 22% for the full year. Sales and Marketing spend, categorized as Marketing and advertising, shows consistent investment:

Period	Marketing and Advertising (in thousands)
Q1 2025 (Estimate)	$469
Q2 2025 (Actual)	$728
Q4 2024 (Estimate)	$378
Q1 2025 (Estimate)	$711

The company demonstrated high efficiency in this area, with the Customer Acquisition Cost (CAC) payback period reported at 0.6 months in Q3 2025.

Acquisition and integration costs (e.g., TransactPay)

The acquisition of TransactPay, which closed on July 31, 2025, is a direct cost factor. Acquisition-related expenses, which include due diligence, transaction, and integration costs, are specifically excluded from Adjusted EBITDA. The strategic value of TransactPay is reflected in its expected contribution to growth, adding an estimated 1.5 percentage points to Q3 2025 Net Revenue growth and 2 percentage points to Q4 2025 growth. The company is focused on leveraging this to deliver full program management in the UK and EU.

Here's a look at the operating expense structure components that are adjusted out for non-GAAP reporting:

• Restructuring and other one-time costs.
• Non-recurring litigation expense of $4.3 million in Q3 2025.
• Acquisition-related expenses (due diligence, transaction, integration).
• Executive chairman long-term performance award (a significant factor in prior year GAAP results).

For Q3 2025, Adjusted Operating Income reached $23.29 million, a significant beat against analyst estimates of negative $17.4 million, showing operating leverage is kicking in as growth outpaces controlled expense increases. Finance: draft 13-week cash view by Friday.

Marqeta, Inc. (MQ) - Canvas Business Model: Revenue Streams

The primary revenue driver for Marqeta, Inc. is interchange fees generated from card transaction volume across its platform. This volume is quantified by the Total Processing Volume (TPV), which reached $98 billion in the third quarter of 2025.

Beyond the direct interchange component, Marqeta captures revenue through processing fees tied directly to this TPV. The growth in this area has been substantial; for instance, Q2 2025 TPV was $91 billion, and Q1 2025 TPV was $84 billion.

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Total Processing Volume (TPV)	$84 billion	$91 billion	$98 billion

Program management fees represent another key component, though the mix of revenue can be influenced by customer choice. For example, in Q3 2025, Net Revenue growth was partially offset by faster growth in programs where Marqeta provided processing services with minimal or no program management.

The interchange fee structure itself has specific benchmarks, which Marqeta benefits from or navigates. For instance, in Europe, interchange fees are capped around 20-30 basis points (bps) or lower for consumer propositions, but are closer to 150 bps, sometimes reaching 200 bps, for business propositions.

• Interchange revenue covers credit risk and handling charges for a card transaction.
• Virtual cards eliminate all costs associated with physical card production and dispatch.
• Tokenization for digital wallets typically incurs a cost per card from the payment processor.

Revenue from ATM and other ancillary services contributes to the overall top line, though specific amounts are not broken out separately in the latest available reports. The company is focused on expanding value-added services, which supports higher-margin revenue streams.

For the full fiscal year 2025, Marqeta, Inc. projects Net Revenue growth to be approximately 22%, reflecting a strong operational performance through the first three quarters.