Marqeta, Inc. (MQ): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia financeira, a Marqeta, Inc. é uma plataforma revolucionária, transformando como as empresas abordam a infraestrutura de pagamento. Ao oferecer uma tecnologia de emissão de cartões flexíveis e de ponta que capacita as empresas a criar, controlar e personalizar soluções de pagamento em tempo real, a Marqeta emergiu como um jogador que muda no ecossistema financeiro incorporado. Sua abordagem inovadora permite que as empresas, desde startups da FinTech até os provedores de serviços financeiros em nível corporativo, para reimaginar as experiências de pagamento por meio de APIs programáveis ​​e favoráveis ​​ao desenvolvedor que quebram as restrições bancárias tradicionais.

Marqeta, Inc. (MQ) - Modelo de negócios: Parcerias -chave

Redes de pagamento e redes de cartões

Marqeta mantém parcerias estratégicas com:

Parceiro	Detalhes da parceria	Volume da transação (2023)
Visa	Rede de emissão e processamento de cartões	US $ 221,8 bilhões processados
MasterCard	Infraestrutura de pagamento global	US $ 189,5 bilhões processados

Parceiros de tecnologia financeira e bancos

Marqeta colabora com:

• Goldman Sachs
• Citibank
• Banco de pontos verde
• Sutton Bank

Provedores de infraestrutura em nuvem

Provedor	Serviços	Gasto anual (2023)
Amazon Web Services (AWS)	Infraestrutura de computação em nuvem	US $ 47,3 milhões
Microsoft Azure	Backup e recuperação de desastres	US $ 22,6 milhões

Empresas de Desenvolvimento e Integração de Tecnologia de Software

• Listra
• Xadrez
• Twilio

Fornecedores de tecnologia e tecnologia de segurança

Fornecedor	Especialização	Valor anual do contrato
Socure	Verificação de identidade	US $ 3,2 milhões
Claro	Prevenção de fraudes	US $ 2,7 milhões

Marqeta, Inc. (MQ) - Modelo de negócios: Atividades -chave

Desenvolvimento de plataforma de emissão de cartões personalizados

A Marqeta desenvolveu uma plataforma de plataforma moderna emitindo US $ 189,3 bilhões em volume total de pagamentos em 2022. A plataforma suporta mais de 250 clientes corporativos, incluindo Doordash, Instacart e Square.

Métrica da plataforma	2022 dados
Volume total de pagamento	US $ 189,3 bilhões
Clientes corporativos	250+
Velocidade da transação da plataforma	Processamento em tempo real

Processamento de transações em tempo real

O Marqeta processa transações com latência sub-50 milissegundos, permitindo autorização e liquidação instantâneas nos canais de pagamento digital e físico.

• Tempo médio de processamento de transações: Abaixo de 50 milissegundos
• Tipos de transação suportados: pagamentos digitais e físicos
• Cobertura de transação global: várias regiões

Design e Gerenciamento da API

A Modern Card da Marqeta, emitindo a API processou 2,3 ​​bilhões de transações em 2022, apoiando cenários de pagamento complexos em diversas verticais da indústria.

Métrica de desempenho da API	2022 dados
Total de transações	2,3 bilhões
Clientes de integração da API	250 mais de empresas

Criação de solução financeira incorporada

A Marqeta gerou US $ 458,3 milhões em receita durante 2022, com um crescimento significativo em soluções financeiras incorporadas nos setores de fintech, comércio e tecnologia.

• 2022 Receita total: US $ 458,3 milhões
• Solução de finanças incorporada verticais: fintech, comércio, tecnologia
• Personalização da solução: abordagem flexível orientada pela API

Segurança e inovação contínuas da plataforma

A Marqeta investiu aproximadamente 27% da receita em pesquisa e desenvolvimento durante 2022, com foco em aprimoramentos de segurança e tecnologias de pagamento inovadoras.

Métrica de inovação	2022 dados
Investimento em P&D	27% da receita
Conformidade de segurança	PCI DSS Nível 1
Patentes de tecnologia	Múltiplo pendente

Marqeta, Inc. (MQ) - Modelo de negócios: Recursos -chave

Tecnologia de emissão de cartões modernos proprietários

A plataforma de tecnologia principal da Marqeta processou US $ 215,3 bilhões em volume total de pagamento em 2022, permitindo o processamento e o gerenciamento de transações de cartões em tempo real.

Métrica de tecnologia	Especificação
Velocidade de processamento da transação	Processamento orientado a API em tempo real
Volume de pagamento anual	US $ 215,3 bilhões (2022)
Capacidade de integração da API	Suporta mais de 200 pontos de extremidade da API

Extensa infraestrutura de API para desenvolvedores

A infraestrutura da API da Marqeta suporta recursos abrangentes de gerenciamento de cartões.

• Mais de 200 terminais de API exclusivos
• Suporta configurações de programa de cartões personalizados
• Ativa o provisionamento de cartões instantâneos

Equipes de engenharia e desenvolvimento de produtos qualificados

A partir do quarto trimestre de 2023, a Marqeta empregou 756 funcionários totais, com aproximadamente 60% concentrados nas funções de engenharia e desenvolvimento de produtos.

Composição da força de trabalho	Número	Percentagem
Total de funcionários	756	100%
Equipe de engenharia/produto	454	60%

Estruturas robustas de conformidade e segurança

A Marqeta mantém a conformidade com o nível 1 do PCI DSS e a certificação SoC 2 tipo 2, garantindo os mais altos padrões de segurança para plataformas de tecnologia financeira.

Arquitetura de tecnologia baseada em nuvem escalável

A infraestrutura em nuvem suporta recursos de processamento com 99,99% de tempo e capacidade de lidar com milhões de transações simultâneas.

Métricas de infraestrutura em nuvem	Especificação de desempenho
Tempo de atividade do sistema	99.99%
Escalabilidade da transação	Milhões de transações simultâneas
Plataforma em nuvem	Arquitetura de várias nuvens

Marqeta, Inc. (MQ) - Modelo de Negócios: Proposições de Valor

Infraestrutura de pagamento flexível e programável

A proposta de valor central de Marqeta inclui um Infraestrutura de pagamento totalmente programável Suportando mais de 150 configurações do programa de cartões a partir de 2023.

Capacidade de infraestrutura	Métricas
Velocidade de integração da API	Menos de 48 horas
Opções de personalização	150+ configurações
Volume anual de transações	US $ 190 bilhões (2022)

Criação e gerenciamento de cartões instantâneos

Marqeta fornece recursos de emissão de cartões em tempo real com geração de cartões digitais e físicos.

• Criação de cartões virtuais em milissegundos
• Provisionamento de cartões instantâneos
• Controles de gastos dinâmicos

Soluções financeiras incorporadas para empresas

A Marqeta suporta soluções financeiras incorporadas no nível da empresa em vários setores.

Indústria	Clientes -chave
Fintech	Block, DoorDash
Serviços de entrega	Instacart
Transporte	Uber

Recursos de processamento de transações em tempo real

Marqeta processa transações com Latência subsegunda nas redes globais.

• 99,99% de confiabilidade da transação
• Cobertura de transação global
• Suporte de várias moedas

Desenvolvimento simplificado de produto financeiro

O Marqeta permite uma rápida inovação de produtos financeiros por meio de ferramentas abrangentes de desenvolvedores.

Recurso de desenvolvimento	Especificação
Documentação da API	Portal de desenvolvedor abrangente
Ambiente de sandbox	Plataforma de teste gratuita
Complexidade de integração	Implementação de baixo código

Marqeta, Inc. (MQ) - Modelo de Negócios: Relacionamentos do Cliente

Portal de desenvolvedor de autoatendimento

Marqeta fornece um abrangente Portal de desenvolvedor on -line Com os seguintes recursos importantes:

• Acesso à documentação da API
• Ambiente interativo de teste de API
• Recursos de integração em tempo real

Recurso do portal	Disponibilidade	Nível de acesso ao usuário
Documentação da API	24/7	Desenvolvedores registrados
Ambiente de sandbox	Imediato	Todos os usuários registrados

Suporte técnico e assistência de integração

A Marqeta oferece canais de suporte técnico de várias camadas:

• Horário de resposta de suporte por e-mail: 4-6 horas
• Engenheiros de integração dedicados
• Fluxos de trabalho personalizados de integração

Gerenciamento de conta dedicado

Marqeta fornece Gerenciamento de contas personalizado com:

• Nomeados executivos de conta
• Revisões de negócios trimestrais
• Estratégias de implementação personalizadas

Programas de engajamento da comunidade e desenvolvedores

Programa de engajamento	Freqüência	Contagem de participantes
Webinars de desenvolvedores	Mensal	500 mais de participantes
Workshops técnicos	Trimestral	250+ desenvolvedores

Aprimoramento contínuo da plataforma

Métricas de melhoria da plataforma:

• Frequência média de atualização do produto: 6-8 semanas
• Taxa de incorporação de feedback do cliente: 72%
• Plataforma anual Adição de recursos: 15-20 novos recursos

Marqeta, Inc. (MQ) - Modelo de Negócios: Canais

Equipe de vendas diretas

A equipe de vendas direta da Marqeta no quarto trimestre 2023 consistia em 127 representantes de vendas corporativas. Valor médio anual do contrato (ACV) por representante de vendas: US $ 1,2 milhão. Contribuição total à receita da equipe de vendas: US $ 152,4 milhões em 2023.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	127
ACV médio por representante	US $ 1,2 milhão
Receita total da equipe de vendas	US $ 152,4 milhões

Documentação do desenvolvedor on -line

Hosts de plataforma de desenvolvedor da Marqeta 3.427 páginas de documentação da API ativa. Métricas de engajamento da plataforma:

• Desenvolvedores ativos mensais: 6.832
• Página de documentação da API visualizações: 214.500 por mês
• Taxa de conclusão de integração do desenvolvedor: 68%

Plataformas de marketing digital

Passos de marketing digital em 2023: US $ 4,7 milhões. Diário de canal:

Plataforma	Orçamento de marketing	Taxa de conversão
LinkedIn	US $ 1,9 milhão	3.2%
Google anúncios	US $ 1,5 milhão	2.7%
Twitter/x	US $ 0,8 milhão	1.5%

Conferências e eventos de tecnologia

Marqeta participou de 42 conferências de tecnologia em 2023. Métricas de marketing de eventos:

• Orçamento total de participação do evento: US $ 2,3 milhões
• Geração de leads a partir de eventos: 1.876 leads qualificados
• Custo médio por lead: US $ 1.227

Referências de ecossistemas de parceiros

Composição de rede de parceiros em 2023:

Tipo de parceiro	Total Partners	Receita de referência
Parceiros de tecnologia	87	US $ 22,6 milhões
Processadores de pagamento	53	US $ 18,4 milhões
Integradores de sistemas	39	US $ 12,7 milhões

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

Startups de tecnologia financeira

A Marqeta atende a mais de 110 clientes de startup de tecnologia financeira a partir do quarto trimestre 2023, incluindo:

Categoria de inicialização	Número de clientes	Volume anual de transações
Neobanks	42	US $ 3,2 bilhões
Plataformas de empréstimos digitais	28	US $ 1,7 bilhão
Startups de finanças incorporadas	40	US $ 2,5 bilhões

Plataformas de pagamento digital

A Marqeta suporta 75 plataformas de pagamento digital com diversos recursos de transação:

• Clientes totais de plataforma de pagamento digital: 75
• Processamento anual de transações agregado: US $ 6,8 bilhões
• Valor médio da transação por plataforma: US $ 91 milhões

Negócios de comércio eletrônico

A quebra do segmento de cliente do comércio eletrônico da Marqeta:

Segmento de comércio eletrônico	Contagem de clientes	Volume total de transações
Comércio eletrônico de varejo	52	US $ 4,3 bilhões
Plataformas de mercado	38	US $ 2,9 bilhões
Marcas diretas ao consumidor	45	US $ 1,6 bilhão

Empresas de fintech

Análise do segmento de clientes da Marqeta Fintech:

• Total Fintech Client: 165
• Processamento anual de transações: US $ 8,7 bilhões
• Contribuição da receita do segmento: 62% da receita total da plataforma

Provedores de serviços financeiros em nível empresarial

Detalhes do segmento de clientes corporativos da Marqeta:

Categoria corporativa	Contagem de clientes	Volume anual de transações
Instituições bancárias	22	US $ 5,4 bilhões
Empresas de processamento de pagamentos	15	US $ 3,2 bilhões
Empresas de serviços financeiros	18	US $ 4,1 bilhões

Marqeta, Inc. (MQ) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Marqeta registrou despesas de P&D de US $ 132,1 milhões, representando 41% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 116,3 milhões	38%
2023	US $ 132,1 milhões	41%

Manutenção da infraestrutura em nuvem

Os custos anuais de infraestrutura em nuvem e hospedagem para Marqeta foram de aproximadamente US $ 24,5 milhões em 2023.

• Amazon Web Services (AWS) Provedor de nuvem primário
• Custos estimados de escala de infraestrutura: US $ 3,2 milhões por trimestre

Investimentos de vendas e marketing

As despesas de vendas e marketing da Marqeta em 2023 totalizaram US $ 146,7 milhões, representando 45% da receita total.

Canal de marketing	Porcentagem de alocação	Gasto estimado
Marketing digital	35%	US $ 51,3 milhões
Patrocínios de eventos e conferências	15%	US $ 22,0 milhões
Equipe de vendas diretas	50%	US $ 73,4 milhões

Gestão de conformidade e segurança

Os custos anuais de conformidade e gerenciamento de segurança foram de US $ 18,6 milhões em 2023.

• Investimentos de segurança cibernética: US $ 8,7 milhões
• Despesas de conformidade regulatória: US $ 6,2 milhões
• Custos de auditoria e certificação externos: US $ 3,7 milhões

Aquisição e retenção de talentos

O total de recursos humanos e gestão de talentos em 2023 atingiu US $ 62,4 milhões.

Categoria de despesa	Quantia
Custos de recrutamento	US $ 12,6 milhões
Treinamento e desenvolvimento de funcionários	US $ 9,8 milhões
Compensação e benefícios	US $ 40,0 milhões

Marqeta, Inc. (MQ) - Modelo de negócios: fluxos de receita

Taxas de processamento de transações

A Marqeta gerou US $ 457,4 milhões em receita total para o ano fiscal de 2022, com taxas de processamento de transações compreendendo uma parcela significativa de seu modelo de receita.

Fonte de receita	2022 quantidade	Porcentagem da receita total
Taxas de processamento de transações	US $ 341,2 milhões	74.6%

Cobranças de uso da API

A Marqeta cobra clientes por chamadas de API e acesso à plataforma, com estruturas de preços em camadas com base no volume de transações.

• ACI PADRÃO ACES: $ 0,01- $ 0,05 por chamada de API
• Pacotes da API Enterprise: Preços personalizados
• API anual API Banges: US $ 10.000 a US $ 500.000

Licenciamento da plataforma

A receita de licenciamento da plataforma da Marqeta para 2022 foi de aproximadamente US $ 68,5 milhões.

Serviços de integração personalizados

Os serviços de integração personalizados geraram US $ 47,6 milhões em receita durante 2022.

Ofertas de serviço financeiro de valor agregado

Serviço	2022 Receita
Serviços de gerenciamento de riscos	US $ 12,3 milhões
Monitoramento de conformidade	US $ 8,7 milhões
Análise avançada	US $ 6,2 milhões

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.