Marqeta, Inc. (MQ): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la technologie financière en évolution, Marqeta, Inc. est une plate-forme révolutionnaire transformant la façon dont les entreprises abordent l'infrastructure de paiement. En offrant une technologie de pointe émission de cartes flexibles qui permet aux entreprises de créer, de contrôler et de personnaliser des solutions de paiement en temps réel, Marqeta est devenue un joueur qui change la donne dans l'écosystème financier intégré. Leur approche innovante permet aux entreprises des startups fintech aux fournisseurs de services financiers au niveau de l'entreprise de réinventer les expériences de paiement grâce à des API programmables et conviviales qui rompent les contraintes bancaires traditionnelles.

Marqeta, Inc. (MQ) - Modèle d'entreprise: partenariats clés

Réseaux de paiement et réseaux de cartes

Marqeta maintient des partenariats stratégiques avec:

Partenaire	Détails du partenariat	Volume de transaction (2023)
Visa	Réseau d'émission et de traitement de carte	221,8 milliards de dollars traités
MasterCard	Infrastructure de paiement mondial	189,5 milliards de dollars traités

Technologie financière et partenaires bancaires

Marqeta collabore avec:

• Goldman Sachs
• Citibank
• Banque à points verts
• Sutton Bank

Fournisseurs d'infrastructures cloud

Fournisseur	Services	Dépenses annuelles (2023)
Amazon Web Services (AWS)	Infrastructure de cloud computing	47,3 millions de dollars
Microsoft Azure	Sauvegarde et reprise après sinistre	22,6 millions de dollars

Entreprises de développement de logiciels et d'intégration technologique

• Bande
• Plaid
• Twilio

Fournisseurs de technologie de conformité et de sécurité

Fournisseur	Spécialisation	Valeur du contrat annuel
Socure	Vérification de l'identité	3,2 millions de dollars
Clair	Prévention de la fraude	2,7 millions de dollars

Marqeta, Inc. (MQ) - Modèle d'entreprise: activités clés

Développement de plate-forme émettant une carte personnalisée

Marqeta a développé une plate-forme d'émission de carte moderne traitant 189,3 milliards de dollars de volume de paiement total en 2022. La plate-forme prend en charge plus de 250 clients d'entreprise, notamment Doordash, Instacart et Square.

Métrique de la plate-forme	2022 données
Volume de paiement total	189,3 milliards de dollars
Clients de l'entreprise	250+
Vitesse de transaction de plate-forme	Traitement en temps réel

Traitement des transactions en temps réel

Marqeta traite les transactions avec une latence inférieure à 50 millisecondes, permettant une autorisation et un règlement instantanés sur les canaux de paiement numériques et physiques.

• Temps de traitement des transactions moyens: Moins de 50 millisecondes
• Types de transactions prises en charge: paiements numériques et physiques
• Couverture des transactions mondiales: plusieurs régions

Conception et gestion de l'API

L'API de la carte moderne de Marqeta a traité 2,3 milliards de transactions en 2022, soutenant les scénarios de paiement complexes à travers divers secteurs verticaux de l'industrie.

Métrique de performance de l'API	2022 données
Total des transactions	2,3 milliards
Clients d'intégration de l'API	250+ entreprises

Création de solution financière intégrée

Marqeta a généré 458,3 millions de dollars de revenus en 2022, avec une croissance significative des solutions financières intégrées dans les secteurs fintech, commerce et technologique.

• 2022 Revenus totaux: 458,3 millions de dollars
• Solution financière intégrée verticales: fintech, commerce, technologie
• Personnalisation de la solution: approche flexible en API

Sécurité et innovation de la plate-forme continue

Marqeta a investi environ 27% des revenus dans la recherche et le développement au cours de 2022, en se concentrant sur les améliorations de la sécurité et les technologies de paiement innovantes.

Métrique d'innovation	2022 données
Investissement en R&D	27% des revenus
Conformité à la sécurité	PCI DSS Niveau 1
Brevets technologiques	Multiples en attente

Marqeta, Inc. (MQ) - Modèle d'entreprise: Ressources clés

Technologie d'émission de carte moderne propriétaire

La plate-forme technologique principale de Marqeta a traité 215,3 milliards de dollars de volume de paiement total en 2022, permettant le traitement et la gestion des transactions par carte en temps réel.

Métrique technologique	Spécification
Vitesse de traitement des transactions	Traitement axé sur l'API en temps réel
Volume de paiement annuel	215,3 milliards de dollars (2022)
Capacité d'intégration de l'API	Prend en charge plus de 200 points de terminaison API

Infrastructure API adaptée aux développeurs

L'infrastructure API de Marqeta prend en charge les capacités complètes de gestion des cartes.

• Plus de 200 points de terminaison API uniques
• Prend en charge les configurations de programme de carte personnalisée
• Permet l'approvisionnement instantané des cartes

Équipes d'ingénierie et de développement de produits qualifiés

Au quatrième trimestre 2023, Marqeta a employé 756 employés au total, avec environ 60% de rôles d'ingénierie et de développement de produits.

Composition de la main-d'œuvre	Nombre	Pourcentage
Total des employés	756	100%
Personnel d'ingénierie / produit	454	60%

Cadres de conformité et de sécurité robustes

Marqeta maintient la conformité PCI DSS de niveau 1 et la certification SOC 2 de type 2, garantissant les normes de sécurité les plus élevées pour les plateformes de technologie financière.

Architecture technologique basée sur le cloud évolutif

L'infrastructure cloud prend en charge les capacités de traitement avec une disponibilité de 99,99% et la capacité de gérer des millions de transactions simultanées.

Métriques des infrastructures cloud	Spécifications de performance
Time de disponibilité du système	99.99%
Évolutivité des transactions	Millions de transactions simultanées
Plate-forme cloud	Architecture multi-cloud

Marqeta, Inc. (MQ) - Modèle d'entreprise: propositions de valeur

Infrastructure de paiement flexible et programmable

La proposition de valeur fondamentale de Marqeta comprend un Infrastructure de paiement entièrement programmable Prise en charge des configurations du programme de cartes de 150+ à partir de 2023.

Capacité d'infrastructure	Métrique
Vitesse d'intégration de l'API	Moins de 48 heures
Options de personnalisation	150+ configurations
Volume de transaction annuel	190 milliards de dollars (2022)

Création et gestion des cartes instantanées

Marqeta fournit des capacités d'émission de cartes en temps réel avec Génération de cartes numériques et physiques.

• Création de cartes virtuelles en millisecondes
• Provisioning de cartes instantanées
• Contrôles de dépenses dynamiques

Solutions financières intégrées pour les entreprises

Marqeta prend en charge les solutions financières intégrées de niveau d'entreprise dans plusieurs industries.

Industrie	Clients clés
Fintech	Block, Doordash
Services de livraison	Instacart
Transport	Uber

Capacités de traitement des transactions en temps réel

Marqeta traite les transactions avec latence de sous-seconde à travers les réseaux mondiaux.

• 99,99% de fiabilité des transactions
• Couverture mondiale des transactions
• Support multi-monnaie

Développement de produits financiers simplifiés

Marqeta permet une innovation rapide des produits financiers grâce à des outils de développeur complets.

Fonction de développement	Spécification
Documentation API	Portail de développeur complet
Environnement de bac à sable	Plate-forme de test gratuite
Complexité d'intégration	Implémentation à faible code

Marqeta, Inc. (MQ) - Modèle d'entreprise: relations avec les clients

Portail de développeurs en libre-service

Marqeta fournit un complet Portail de développeur en ligne avec les caractéristiques clés suivantes:

• Accès à la documentation de l'API
• Environnement de test API interactif
• Ressources d'intégration en temps réel

Caractéristique du portail	Disponibilité	Niveau d'accès aux utilisateurs
Documentation API	24/7	Développeurs enregistrés
Environnement de bac à sable	Immédiat	Tous les utilisateurs enregistrés

Aide technique et assistance à l'intégration

Marqeta propose des canaux de support technique à plusieurs niveaux:

• Temps de réponse de la support par e-mail: 4-6 heures
• Ingénieurs d'intégration dédiés
• Flux de travail personnalisés

Gestion de compte dédiée

Marqeta fournit Gestion de compte personnalisée avec:

• Nommé cadres de compte
• Avis sur les entreprises trimestrielles
• Stratégies de mise en œuvre personnalisées

Programmes d'engagement communautaire et développeur

Programme d'engagement	Fréquence	Comptage des participants
Webinaires des développeurs	Mensuel	Plus de 500 participants
Ateliers techniques	Trimestriel	250+ développeurs

Amélioration continue de la plate-forme

Métriques d'amélioration des plateformes:

• Fréquence moyenne de mise à jour du produit: 6-8 semaines
• Taux d'incorporation des commentaires des clients: 72%
• Ajouts annuels de fonctionnalités de la plate-forme: 15-20 nouvelles capacités

Marqeta, Inc. (MQ) - Modèle d'entreprise: canaux

Équipe de vente directe

L'équipe de vente directe de Marqeta au T4 2023 était composée de 127 représentants des ventes d'entreprises. Valeur du contrat annuel moyen (ACV) par représentant des ventes: 1,2 million de dollars. Contribution totale des revenus de l'équipe de vente: 152,4 millions de dollars en 2023.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	127
ACV moyen par représentant	1,2 million de dollars
Revenus de l'équipe de vente totale	152,4 millions de dollars

Documentation des développeurs en ligne

Les hôtes de la plate-forme de développeur de Marqeta 3 427 pages de documentation API active. Métriques d'engagement de la plate-forme:

• Développeurs actifs mensuels: 6 832
• Documentation de l'API View Page: 214 500 par mois
• Taux d'achèvement de l'intégration du développeur: 68%

Plateformes de marketing numérique

Dépens de marketing numérique en 2023: 4,7 millions de dollars. Répartition des canaux:

Plate-forme	Budget marketing	Taux de conversion
Liendin	1,9 million de dollars	3.2%
Publicités Google	1,5 million de dollars	2.7%
Twitter / x	0,8 million de dollars	1.5%

Conférences et événements technologiques

Marqeta a participé à 42 conférences technologiques en 2023. Événements Metrics marketing:

• Budget total de participation à l'événement: 2,3 millions de dollars
• Génération de leads à partir d'événements: 1 876 pistes qualifiées
• Coût moyen par avance: 1 227 $

Références d'écosystèmes partenaires

Composition du réseau partenaire en 2023:

Type de partenaire	Total des partenaires	Revenus de référence
Partenaires technologiques	87	22,6 millions de dollars
Processeurs de paiement	53	18,4 millions de dollars
Intégrateurs de systèmes	39	12,7 millions de dollars

Marqeta, Inc. (MQ) - Modèle d'entreprise: segments de clientèle

Startups de technologie financière

Marqeta dessert plus de 110 clients de startup de technologie financière au T2 2023, notamment:

Catégorie de démarrage	Nombre de clients	Volume de transaction annuel
Néobanques	42	3,2 milliards de dollars
Plateformes de prêt numérique	28	1,7 milliard de dollars
Startups financières intégrées	40	2,5 milliards de dollars

Plates-formes de paiement numérique

Marqeta prend en charge 75 plateformes de paiement numérique avec diverses capacités de transaction:

• Clients totaux de plate-forme de paiement numérique: 75
• Traitement des transactions annuelles agrégées: 6,8 milliards de dollars
• Valeur de transaction moyenne par plate-forme: 91 millions de dollars

Entreprises de commerce électronique

La répartition du segment du commerce électronique de Marqeta:

Segment de commerce électronique	Compte de clientèle	Volume total des transactions
Commerce électronique au détail	52	4,3 milliards de dollars
Plateformes de marché	38	2,9 milliards de dollars
Marques directes aux consommateurs	45	1,6 milliard de dollars

FinTech Companies

Analyse du segment de clientèle fintech de Marqeta:

• Clients totaux de fintech: 165
• Traitement des transactions annuelles: 8,7 milliards de dollars
• Contribution des revenus du segment: 62% des revenus totaux de la plate-forme

Fournisseurs de services financiers de niveau d'entreprise

Détails du segment de la clientèle de Marqeta:

Catégorie d'entreprise	Compte de clientèle	Volume de transaction annuel
Institutions bancaires	22	5,4 milliards de dollars
Sociétés de traitement des paiements	15	3,2 milliards de dollars
Sociétés de services financiers	18	4,1 milliards de dollars

Marqeta, Inc. (MQ) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Marqeta a déclaré des dépenses de R&D de 132,1 millions de dollars, ce qui représente 41% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	116,3 millions de dollars	38%
2023	132,1 millions de dollars	41%

Maintenance des infrastructures cloud

Les infrastructures cloud annuelles et les coûts d'hébergement pour Marqeta étaient d'environ 24,5 millions de dollars en 2023.

• Amazon Web Services (AWS) Fournisseur de cloud primaire
• Coût de mise à l'échelle des infrastructures estimées: 3,2 millions de dollars par trimestre

Investissements de vente et de marketing

Les frais de vente et de marketing pour Marqeta en 2023 ont totalisé 146,7 millions de dollars, représentant 45% du total des revenus.

Canal de marketing	Pourcentage d'allocation	Dépenses estimées
Marketing numérique	35%	51,3 millions de dollars
Commandites d'événements et de conférence	15%	22,0 millions de dollars
Équipe de vente directe	50%	73,4 millions de dollars

Gestion de la conformité et de la sécurité

Les coûts annuels de gestion de la conformité et de la sécurité étaient de 18,6 millions de dollars en 2023.

• Investissements en cybersécurité: 8,7 millions de dollars
• Dépenses de conformité réglementaire: 6,2 millions de dollars
• Coûts d'audit et de certification externes: 3,7 millions de dollars

Acquisition et rétention de talents

Les dépenses totales de gestion des ressources humaines et des talents pour 2023 ont atteint 62,4 millions de dollars.

Catégorie de dépenses	Montant
Frais de recrutement	12,6 millions de dollars
Formation et développement des employés	9,8 millions de dollars
Compensation et avantages sociaux	40,0 millions de dollars

Marqeta, Inc. (MQ) - Modèle d'entreprise: Strots de revenus

Frais de traitement des transactions

Marqeta a généré 457,4 millions de dollars de revenus totaux pour l'exercice 2022, avec des frais de traitement des transactions comprenant une partie importante de leur modèle de revenus.

Source de revenus	2022 Montant	Pourcentage du total des revenus
Frais de traitement des transactions	341,2 millions de dollars	74.6%

Frais d'utilisation de l'API

Marqeta facture aux clients des appels API et à l'accès à la plate-forme, avec des structures de tarification à plusieurs niveaux basées sur le volume des transactions.

• Accès standard de l'API: 0,01 $ à 0,05 $ par appel API
• Packages API d'entreprise: prix personnalisé
• GAMMES ANNUELS API ABONNAQUE: 10 000 $ - 500 000 $

Licence de plate-forme

Le chiffre d'affaires de la plate-forme de Marqeta pour 2022 était d'environ 68,5 millions de dollars.

Services d'intégration personnalisés

Les services d'intégration personnalisés ont généré 47,6 millions de dollars de revenus en 2022.

Offres de services financiers à valeur ajoutée

Service	2022 Revenus
Services de gestion des risques	12,3 millions de dollars
Surveillance de la conformité	8,7 millions de dollars
Analytique avancée	6,2 millions de dollars

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.