Marqeta, Inc. (MQ): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the future of payments infrastructure, and frankly, Marqeta, Inc. (MQ) is a prime example of where the industry is heading with its API-first approach to embedded finance. Honestly, this isn't just about issuing plastic; it's about giving companies real-time control over every transaction, which is why their Total Processing Volume (TPV) reached an impressive $98 billion by Q3 2025, fueling a projected full-year Net Revenue growth of 17% to 18%. So, if you want to see the mechanics behind this growth-from their key bank partnerships to how they monetize that massive volume-dive into the nine building blocks of the Marqeta, Inc. Business Model Canvas below.

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

You're building a modern card issuing platform, and the success hinges on the strength and depth of your external relationships. For Marqeta, Inc., these partnerships are the regulatory backbone, the global rails, and the source of co-innovation that lets them scale embedded finance for their customers. Here's a breakdown of the critical alliances as of late 2025.

Issuing Banks and Regulatory Compliance

Marqeta, Inc. relies on contractual relationships with Issuing Banks to enable card issuance, authorize transactions, and facilitate settlement. These banks act as the BIN sponsors (Bank Identification Number sponsors) for customer card programs. Marqeta configures the program design and selects the appropriate Issuing Bank based on customer needs, paying them volume-based and transaction-based fees. As Marqeta's processing volumes grow, these fees, as a percentage of processing volume, decline. The company actively works to expand the capacity of these banks to mitigate risk for their credit issuing capabilities.

Card Networks for Global Transaction Infrastructure

The relationship with major Card Networks is foundational, underpinning the ability to design and manage customized card programs. Marqeta, Inc. works with these networks for transaction authorization and settlement. This infrastructure is global; Marqeta, Inc. is certified to operate in more than 40 countries worldwide. A key development is the addition of the American Express network as a new option on the platform to broaden offerings across credit and debit card programs.

TransactPay Acquisition for UK/EU Expansion

The acquisition of TransactPay, which officially closed in August 2025 after being announced in February 2025, was a strategic move to secure direct regulatory footing in Europe. TransactPay is a licensed E-Money Institution (EMI) and a key BIN Sponsorship provider in the UK and European Economic Area (EEA). This integration strengthens Marqeta, Inc.'s card program management in the region, allowing customers to avoid engaging multiple partners for UK/EU compliance. This commitment is showing results; Marqeta, Inc.'s business in Europe saw its Total Processing Volume (TPV) more than double year-over-year.

Strategic Fintechs for Co-Developing New Card Products

Partnerships with large, innovative fintechs drive product evolution and volume growth. The collaboration with Klarna is a prime example. Marqeta, Inc. is supporting the expansion of the Klarna Card into 15 new European markets, leveraging Visa's Flexible Credential (VFC) technology. This expansion builds on a long-term partnership that began with virtual cards in 2018. Klarna, which has over 111 million global active users, is using a single integration with Marqeta, Inc.'s platform to accelerate time-to-market across multiple countries. The migration of Klarna to the platform in Europe provided a boost to Lending and expense management TPV, which grew over 30%.

Rewards Platforms for Embedded Offers

To enhance the value proposition for end-users, Marqeta, Inc. integrates with rewards and loyalty platforms. For instance, the company partners with platforms like Upside to embed cash-back offers directly into the card experience. This turns everyday spending into a competitive advantage for Marqeta, Inc.'s customers, aligning with the trend where payments are seen as insights that power personalization.

Here's a quick look at the scale of Marqeta, Inc.'s operations, which underpins the value these partners receive:

The platform's success is also visible in its customer adoption across different use cases. The ability to manage these complex relationships allows Marqeta, Inc.'s customers to focus on their core business.

• The platform enables customized card programs using open APIs for instant access to cloud-based infrastructure.
• Marqeta, Inc. became the first U.S. issuer processor certified for Visa Flexible Credential (VFC) in July 2024.
• The company signed a global Fortune 500 company in Q3 2025 to enable electronic supplier payments.
• Lending and expense management TPV grew over 30%, partly due to the Klarna migration.
• The company's Q3 2025 Adjusted EBITDA was $30 million, increasing by $21 million year-over-year.

If onboarding takes 14+ days, churn risk rises, which is why the TransactPay acquisition to streamline European regulatory hurdles is so important.

Finance: draft 13-week cash view by Friday.

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

You're a financial analyst looking at the core engine driving Marqeta, Inc.'s performance as of late 2025. The key activities are where the real operational muscle is being flexed, turning platform investment into hard revenue and profit growth.

Developing and maintaining the core API-first card issuing platform

Maintaining the core API-first platform is the foundation, evidenced by the sheer volume of transactions flowing through it. For the third quarter ended September 30, 2025, Total Processing Volume (TPV) hit $98 billion, which is a 33% year-over-year increase. This scale directly translates to the top line; Net Revenue for Q3 2025 was $163 million, up 28% from the prior year. The platform's unit economics remain strong, with Gross Profit reaching $115 million and maintaining a Gross Margin of 70% in Q3 2025. The company is clearly focused on operational leverage, as Adjusted EBITDA for the quarter was $30 million, more than tripling from $9 million in Q3 2024, pushing the margin to 19%.

Here's a quick look at the platform's recent scale:

Global regulatory compliance and obtaining new licenses

Navigating the regulatory landscape is a non-negotiable key activity, especially given the complexity in 2025, which includes mandates like PSD3 and GDPR in Europe, alongside CFPB updates in the U.S.. Marqeta, Inc. addresses this by embedding compliance into its infrastructure, offering clients reduced burden through technology. The company maintains its ability to operate globally, being certified in more than 40 countries. A core part of this activity involves leveraging technology like KYC APIs to automate onboarding and monitoring, which helps mitigate risks associated with transaction monitoring and fraud prevention.

Sales and onboarding of large enterprise and fintech clients

Winning and integrating major clients is a clear focus, as demonstrated by recent wins announced in Q3 2025. Marqeta, Inc. signed a global Fortune 500 company to power electronic supplier payments, selecting the platform for its scale execution capabilities. Furthermore, the company secured a deal to power an embedded finance credit program for a small and mid-sized company loyalty provider, choosing Marqeta for its highly configurable solution. Onboarding efficiency is also a focus; however, in Q2 2025, there were three programs pending launch that were attributed to customer decisions rather than capacity constraints on Marqeta, Inc.'s part.

Continuous platform innovation, like supporting Visa Flexible Credential

Innovation keeps the platform relevant, and supporting new network capabilities is central to this. Marqeta, Inc. is the first U.S. issuer processor certified for Visa Flexible Credential (VFC), a technology allowing cardholders to toggle payment methods like debit, credit, or Buy Now, Pay Later (BNPL) on a single card. This certification was achieved in July 2024. The collaboration with Klarna, which uses VFC for its Klarna Card, is currently in U.S. trials with a broader rollout expected later in 2025. Also, Marqeta, Inc. is actively partnering with Mastercard on its own flexible credential offering.

Key innovation milestones include:

• First U.S. issuer processor certified for Visa Flexible Credential.
• Supporting Klarna across six countries.
• Partnering with Mastercard on its flexible credential technology.

Integrating acquired assets, specifically the TransactPay operations

The integration of TransactPay operations is a major strategic activity aimed at strengthening European capabilities. Marqeta, Inc. completed this acquisition in August 2025, having initially announced the deal in February 2025. TransactPay is a licensed E-Money Institution (EMI) in the UK and EEA, which simplifies European expansion for Marqeta, Inc. clients. This move is already showing results, as Marqeta, Inc.'s business in Europe saw its total processing volume more than doubling year-over-year. TransactPay itself was operating live in 25 countries and supported 16 currencies. The integration allows Marqeta, Inc. to offer full card program management in the UK and EU, avoiding complexity for clients who previously had to contract multiple partners.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Marqeta, Inc. (MQ) relies on to run its modern card issuing platform as of late 2025. These aren't just line items; they are the engine room.

Proprietary, highly scalable, and flexible API technology stack.

The platform is built on an open API structure, which is the foundation for its speed and configurability. This architecture allows customers to build tailored payment programs quickly. The platform boasts high reliability, with reported uptime availability in regions reaching 99.996%. Furthermore, customers get access to a private sandbox testing environment to create, set up funding sources, establish cardholders, and simulate transactions, including setting up a PAN (Primary Account Number), PIN (Personal Identification Number), and CVC (Card Verification Code) before going live. This API-first approach helps accelerate time to market, with some clients going live in less than six months compared to over a year on legacy platforms.

Global network of issuing bank and card network relationships.

Marqeta, Inc. relies heavily on its established integrations with issuing banks and card networks to facilitate program setup and processing. The strategic acquisition of TransactPay in August 2025 significantly bolstered this area, particularly in Europe. TransactPay was a principal member of both Mastercard and Visa prior to the acquisition. This network strength allows Marqeta, Inc. to offer a unified solution, avoiding the need for customers to patch together multiple partners for processing and sponsorship.

Intellectual property and patents in card issuing and processing.

The company's competitive advantage is rooted in its modern platform design and the intellectual property developed around its core processing and control capabilities. While specific patent counts for card issuing technology aren't immediately available, the platform's highly configurable nature and advanced fraud/spend controls represent significant proprietary assets built over time.

Regulatory licenses, including the new UK/EU EMI licenses from TransactPay.

Securing the necessary regulatory footing is critical for global scale, and the TransactPay acquisition provided immediate, deep access to the European market. TransactPay operates as a licensed E-Money Institution (EMI) in the UK and the European Economic Area (EEA). This licensing allows Marqeta, Inc. to offer full card program management within the region, including issuing e-money, digital wallets, and prepaid cards, all while maintaining compliance. Here's a look at the operational scope TransactPay brought to the table:

Cash and equivalents of over $1.4 billion (Q3 2025 estimate).

Financial stability is a key resource, underpinning investment in R&D and M&A. Based on the Q3 2025 financial results reported in November 2025, the balance sheet reflects a strong liquidity position. The reported figure for cash, cash equivalents, and restricted cash at the end of the third quarter of 2025 was $982,662 thousand, or approximately $982.7 million. This figure includes approximately $235 million of restricted cash acquired as part of the TransactPay transaction. The company also reported strong operating cash flows for the quarter.

• Q3 2025 Total Processing Volume (TPV): $98 billion, up 33% year-over-year.
• Q3 2025 Net Revenue: $163 million, up 28% year-over-year.
• Q3 2025 Adjusted EBITDA: $30 million, representing a 19% margin.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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.

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.