Marqeta, Inc. (MQ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de tecnología financiera en rápida evolución, Marqeta, Inc. se destaca como una plataforma revolucionaria que transforma cómo las empresas abordan la infraestructura de pago. Al ofrecer una tecnología de emisión de tarjetas flexible y de vanguardia que permite a las empresas crear, controlar y personalizar soluciones de pago en tiempo real, Marqeta se ha convertido en un jugador que cambia el juego en el ecosistema de finanzas integradas. Su enfoque innovador permite a las empresas, desde nuevas empresas de FinTech hasta proveedores de servicios financieros de nivel empresarial, reinventar las experiencias de pago a través de API programables y amigables para los desarrolladores que rompen las limitaciones bancarias tradicionales.

Marqeta, Inc. (MQ) - Modelo de negocio: asociaciones clave

Redes de pago y redes de tarjetas

Marqeta mantiene asociaciones estratégicas con:

Pareja	Detalles de la asociación	Volumen de transacción (2023)
Visa	Red de emisión y procesamiento de tarjetas	$ 221.8 mil millones procesados
Tarjeta MasterCard	Infraestructura de pago global	$ 189.5 mil millones procesados

Tecnología financiera y socios bancarios

Marqeta colabora con:

• Goldman Sachs
• Citibank
• Banco de puntos verde
• Banco Sutton

Proveedores de infraestructura en la nube

Proveedor	Servicios	Gasto anual (2023)
Servicios web de Amazon (AWS)	Infraestructura de computación en la nube	$ 47.3 millones
Microsoft Azure	Copia de seguridad y recuperación ante desastres	$ 22.6 millones

Desarrollo de software e empresas de integración de tecnología

• Raya
• Tartán
• Twilio

Proveedores de cumplimiento y tecnología de seguridad

Proveedor	Especialización	Valor anual del contrato
Socurar	Verificación de identidad	$ 3.2 millones
Claro	Prevención de fraude	$ 2.7 millones

Marqeta, Inc. (MQ) - Modelo de negocio: actividades clave

Desarrollo de plataforma de emisión de tarjetas personalizadas

Marqeta desarrolló una plataforma de emisión de tarjeta moderna que procesa $ 189.3 mil millones en volumen de pago total en 2022. La plataforma admite más de 250 clientes empresariales, incluidos Doordash, Instacart y Square.

Métrica de plataforma	Datos 2022
Volumen de pago total	$ 189.3 mil millones
Clientes empresariales	250+
Velocidad de transacción de plataforma	Procesamiento en tiempo real

Procesamiento de transacciones en tiempo real

Marqeta procesa transacciones con latencia de sub-50 milisegundos, lo que permite la autorización instantánea y la liquidación en los canales de pago digital y físico.

• Tiempo promedio de procesamiento de transacciones: Menos de 50 milisegundos
• Tipos de transacciones compatibles: pagos digitales y físicos
• Cobertura de transacciones globales: múltiples regiones

Diseño y gestión de API

La tarjeta moderna de Marqeta que emite API procesó 2.300 millones de transacciones en 2022, apoyando escenarios de pago complejos en diversas verticales de la industria.

Métrica de rendimiento de API	Datos 2022
Transacciones totales	2.300 millones
Clientes de integración de API	Más de 250 empresas

Creación de soluciones financieras integradas

Marqeta generó $ 458.3 millones en ingresos durante 2022, con un crecimiento significativo en las soluciones financieras integradas en los sectores de tecnología FinTech, comercio y tecnología.

• 2022 Ingresos totales: $ 458.3 millones
• Solución de finanzas integradas verticales: fintech, comercio, tecnología
• Personalización de la solución: enfoque flexible impulsado por API

Seguridad e innovación de plataforma continua

Marqeta invirtió aproximadamente el 27% de los ingresos en investigación y desarrollo durante 2022, centrándose en mejoras de seguridad y tecnologías de pago innovadoras.

Métrica de innovación	Datos 2022
Inversión de I + D	27% de los ingresos
Cumplimiento de seguridad	PCI DSS Nivel 1
Patentes tecnológicas	Múltiples pendientes

Marqeta, Inc. (MQ) - Modelo de negocio: recursos clave

Tecnología de emisión de tarjetas modernas patentadas

La plataforma de tecnología central de Marqeta procesó $ 215.3 mil millones en volumen de pago total en 2022, lo que permite el procesamiento y gestión de la transacción de tarjetas en tiempo real.

Métrica de tecnología	Especificación
Velocidad de procesamiento de transacciones	Procesamiento impulsado por la API en tiempo real
Volumen de pago anual	$ 215.3 mil millones (2022)
Capacidad de integración de API	Admite más de 200 puntos finales de API

Infraestructura API extensa para desarrolladores

La infraestructura API de Marqeta admite capacidades integrales de gestión de tarjetas.

• Más de 200 puntos finales de API únicos
• Admite configuraciones de programas de tarjeta personalizados
• Habilita el aprovisionamiento de la tarjeta instantánea

Equipos de ingeniería calificada y desarrollo de productos

A partir del cuarto trimestre de 2023, Marqeta empleó a 756 empleados en total, con aproximadamente el 60% concentrado en roles de ingeniería y desarrollo de productos.

Composición de la fuerza laboral	Número	Porcentaje
Total de empleados	756	100%
Personal de ingeniería/producto	454	60%

Marcos de cumplimiento y seguridad robustos

Marqeta mantiene el cumplimiento del nivel 1 de PCI DSS y la certificación SOC 2 Tipo 2, asegurando los más altos estándares de seguridad para plataformas de tecnología financiera.

Arquitectura de tecnología basada en la nube escalable

La infraestructura de la nube admite capacidades de procesamiento con un tiempo de actividad del 99.99% y la capacidad de manejar millones de transacciones concurrentes.

Métricas de infraestructura en la nube	Especificación de rendimiento
Tiempo de actividad del sistema	99.99%
Escalabilidad de transacciones	Millones de transacciones concurrentes
Plataforma en la nube	Arquitectura múltiple

Marqeta, Inc. (MQ) - Modelo de negocio: propuestas de valor

Infraestructura de pago flexible y programable

La propuesta de valor central de Marqeta incluye una Infraestructura de pago totalmente programable Soporte de más de 150 configuraciones del programa de tarjetas a partir de 2023.

Capacidad de infraestructura	Métrica
Velocidad de integración de API	Menos de 48 horas
Opciones de personalización	Más de 150 configuraciones
Volumen de transacción anual	$ 190 mil millones (2022)

Creación y gestión de tarjetas instantáneas

Marqeta proporciona capacidades de emisión de tarjetas en tiempo real con Generación de tarjetas digitales y físicas.

• Creación de tarjetas virtuales en milisegundos
• Aprovisionamiento de tarjetas instantáneas
• Controles de gasto dinámico

Soluciones financieras integradas para empresas

Marqeta apoya las soluciones financieras integradas de nivel empresarial en múltiples industrias.

Industria	Clientes clave
Fintech	Bloque, Doordash
Servicios de entrega	Instacart
Transporte	Súper

Capacidades de procesamiento de transacciones en tiempo real

Marqeta procesa transacciones con latencia sub-segundo en redes globales.

• 99.99% Fiabilidad de la transacción
• Cobertura de transacciones globales
• Soporte multi-monedas

Desarrollo de productos financieros simplificados

Marqeta permite la innovación rápida de productos financieros a través de herramientas integrales de desarrolladores.

Característica de desarrollo	Especificación
Documentación de API	Portal de desarrollador integral
Entorno de sandbox	Plataforma de prueba gratuita
Complejidad de integración	Implementación de bajo código

Marqeta, Inc. (MQ) - Modelo de negocio: relaciones con los clientes

Portal de desarrollador de autoservicio

Marqeta proporciona un integral portal de desarrolladores en línea con las siguientes características clave:

• Acceso a la documentación de API
• Entorno de prueba de API interactivo
• Recursos de integración en tiempo real

Característica de portal	Disponibilidad	Nivel de acceso de usuario
Documentación de API	24/7	Desarrolladores registrados
Entorno de sandbox	Inmediato	Todos los usuarios registrados

Soporte técnico y asistencia de integración

Marqeta ofrece canales de soporte técnico de varios niveles:

• Tiempo de respuesta de soporte por correo electrónico: 4-6 horas
• Ingenieros de integración dedicados
• Flujos de trabajo de incorporación personalizados

Gestión de cuentas dedicada

Marqeta proporciona gestión de cuentas personalizada con:

• Ejecutivos de cuenta nombrados
• Revisiones comerciales trimestrales
• Estrategias de implementación personalizadas

Programas de participación comunitaria y desarrollador

Programa de participación	Frecuencia	Recuento de participantes
Seminarios web para desarrolladores	Mensual	500+ participantes
Talleres técnicos	Trimestral	Más de 250 desarrolladores

Mejora de la plataforma continua

Métricas de mejora de la plataforma:

• Frecuencia promedio de actualización del producto: 6-8 semanas
• Tasa de incorporación de comentarios de los clientes: 72%
• Adiciones de características de plataforma anual: 15-20 nuevas capacidades

Marqeta, Inc. (MQ) - Modelo de negocio: canales

Equipo de ventas directas

El equipo de ventas directas de Marqeta a partir del cuarto trimestre de 2023 consistió en 127 representantes de ventas empresariales. Valor de contrato anual promedio (ACV) por representante de ventas: $ 1.2 millones. Contribución total de ingresos del equipo de ventas: $ 152.4 millones en 2023.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	127
ACV promedio por representante	$ 1.2 millones
Ingresos totales del equipo de ventas	$ 152.4 millones

Documentación del desarrollador en línea

La plataforma de desarrollador de Marqeta alberga 3.427 páginas de documentación de API activa. Métricas de compromiso de la plataforma:

• Desarrolladores activos mensuales: 6.832
• Vistas de la página de documentación de API: 214,500 por mes
• Tasa de finalización de incorporación del desarrollador: 68%

Plataformas de marketing digital

Gasto de marketing digital en 2023: $ 4.7 millones. Desglose del canal:

Plataforma	Presupuesto de marketing	Tasa de conversión
LinkedIn	$ 1.9 millones	3.2%
Ads de Google	$ 1.5 millones	2.7%
Twitter/X	$ 0.8 millones	1.5%

Conferencias y eventos tecnológicos

Marqeta participó en 42 conferencias de tecnología en 2023. Métricas de marketing de eventos:

• Presupuesto total de participación en eventos: $ 2.3 millones
• Generación de leads a partir de eventos: 1.876 clientes potenciales calificados
• Costo promedio por ventaja: $ 1,227

Referencias de ecosistema de socios

Composición de red de socios en 2023:

Tipo de socio	Total Socios	Ingreso de referencia
Socios tecnológicos	87	$ 22.6 millones
Procesadores de pago	53	$ 18.4 millones
Integradores de sistemas	39	$ 12.7 millones

Marqeta, Inc. (MQ) - Modelo de negocio: segmentos de clientes

Startups de tecnología financiera

Marqeta atiende a más de 110 clientes de inicio de tecnología financiera a partir del cuarto trimestre de 2023, incluyendo:

Categoría de inicio	Número de clientes	Volumen de transacción anual
Neobanks	42	$ 3.2 mil millones
Plataformas de préstamos digitales	28	$ 1.7 mil millones
Startups de finanzas integradas	40	$ 2.5 mil millones

Plataformas de pago digital

Marqeta admite 75 plataformas de pago digital con diversas capacidades de transacción:

• Clientes de plataforma de pago digital total: 75
• Procesamiento de transacciones anual agregado: $ 6.8 mil millones
• Valor de transacción promedio por plataforma: $ 91 millones

Negocios de comercio electrónico

Desglose del segmento de clientes de comercio electrónico de Marqeta:

Segmento de comercio electrónico	Recuento de clientes	Volumen de transacción total
Comercio electrónico minorista	52	$ 4.3 mil millones
Plataformas de mercado	38	$ 2.9 mil millones
Marcas directas a consumidores	45	$ 1.6 mil millones

Empresas fintech

Análisis del segmento de clientes Fintech de Marqeta:

• CLIENTES TOTALES FINTECH: 165
• Procesamiento anual de transacciones: $ 8.7 mil millones
• Contribución de ingresos del segmento: 62% de los ingresos de la plataforma total

Proveedores de servicios financieros de nivel empresarial

Detalles del segmento de clientes empresariales de Marqeta:

Categoría empresarial	Recuento de clientes	Volumen de transacción anual
Instituciones bancarias	22	$ 5.4 mil millones
Empresas de procesamiento de pagos	15	$ 3.2 mil millones
Corporaciones de servicio financiero	18	$ 4.1 mil millones

Marqeta, Inc. (MQ) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Marqeta reportó gastos de I + D de $ 132.1 millones, lo que representa el 41% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 116.3 millones	38%
2023	$ 132.1 millones	41%

Mantenimiento de la infraestructura en la nube

La infraestructura de la nube anual y los costos de alojamiento para Marqeta fueron de aproximadamente $ 24.5 millones en 2023.

• Amazon Web Services (AWS) Proveedor de nube primaria
• Costos de escala de infraestructura estimados: $ 3.2 millones por trimestre

Inversiones de ventas y marketing

Los gastos de ventas y marketing para Marqeta en 2023 totalizaron $ 146.7 millones, lo que representa el 45% de los ingresos totales.

Canal de marketing	Porcentaje de asignación	Gasto estimado
Marketing digital	35%	$ 51.3 millones
Patrocinios de eventos y conferencias	15%	$ 22.0 millones
Equipo de ventas directas	50%	$ 73.4 millones

Gestión de cumplimiento y seguridad

Los costos anuales de cumplimiento y gestión de seguridad fueron de $ 18.6 millones en 2023.

• Inversiones de ciberseguridad: $ 8.7 millones
• Gastos de cumplimiento regulatorio: $ 6.2 millones
• Costos de auditoría y certificación externa: $ 3.7 millones

Adquisición y retención de talentos

Los gastos totales de recursos humanos y gestión del talento para 2023 alcanzaron $ 62.4 millones.

Categoría de gastos	Cantidad
Costos de reclutamiento	$ 12.6 millones
Capacitación y desarrollo de empleados	$ 9.8 millones
Compensación y beneficios	$ 40.0 millones

Marqeta, Inc. (MQ) - Modelo de negocios: flujos de ingresos

Tarifas de procesamiento de transacciones

Marqeta generó $ 457.4 millones en ingresos totales para el año fiscal 2022, con tarifas de procesamiento de transacciones que comprenden una parte significativa de su modelo de ingresos.

Fuente de ingresos	Cantidad de 2022	Porcentaje de ingresos totales
Tarifas de procesamiento de transacciones	$ 341.2 millones	74.6%

Cargos de uso de la API

Marqeta cobra a los clientes por llamadas de API y acceso a la plataforma, con estructuras de precios escalonadas basadas en el volumen de transacciones.

• Acceso a la API estándar: $ 0.01- $ 0.05 por llamada API
• Paquetes de API empresarial: precios personalizados
• Rangos anuales de suscripción de API: $ 10,000- $ 500,000

Licencia de plataforma

Los ingresos por licencias de la plataforma de Marqeta para 2022 fueron de aproximadamente $ 68.5 millones.

Servicios de integración personalizados

Los servicios de integración personalizados generaron $ 47.6 millones en ingresos durante 2022.

Ofertas de servicios financieros de valor agregado

Servicio	2022 Ingresos
Servicios de gestión de riesgos	$ 12.3 millones
Monitoreo de cumplimiento	$ 8.7 millones
Análisis avanzado	$ 6.2 millones

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.