Marqeta, Inc. (MQ): History, Ownership, Mission, How It Works & Makes Money

Marqeta, Inc. is the engine behind many of the most innovative payment experiences you use every day, but do you defintely know how their modern card issuing platform actually makes money?

This company is the invisible backbone of embedded finance, a position evidenced by a massive 2025 Total Processing Volume (TPV) of $98 billion in the third quarter alone, which represents a strong 33% year-over-year jump.

That kind of scale, plus a Q3 2025 Adjusted EBITDA of $30 million, shows they are not just growing volume; they are rapidly improving profitability, so understanding their core mechanics-from history and ownership to their unique revenue model-is crucial for any investor or business strategist.

Marqeta, Inc. (MQ) History

You want to understand the foundation of Marqeta, Inc., and that's smart. The company's story isn't just about a fintech startup; it's about a critical, decade-long pivot from a traditional payments model to the world's first open Application Programming Interface (API) card issuing platform. That strategic shift is what drives its current $98 billion Total Processing Volume (TPV) in Q3 2025. Here's the quick math: without that early change in direction, the embedded finance ecosystem as we know it today simply wouldn't be the same.

Given Company's Founding Timeline

Year established

Marqeta, Inc. was established in 2010. The vision of simplifying payments actually started a year earlier, in 2009, with founder Jason Gardner.

Original location

The company began operations in Oakland, California, and its corporate office remains there today.

Founding team members

The company was founded by serial entrepreneur Jason Gardner, who previously founded a rent payments startup later acquired by MoneyGram. He served as CEO for many years before transitioning to Executive Chairman.

Initial capital/funding

Early funding involved seed rounds, followed by a Series A round in 2011 that raised approximately $4.2 million. This initial capital set the stage for product development. Over its private life, Marqeta raised a total of $528 million across nine funding rounds from investors like Greylock and Visa.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The biggest transformative decision Marqeta made wasn't a funding round; it was the 2014 pivot to an open API model. Honestly, that's the whole ballgame for them. They stopped trying to be a traditional processor and started building the infrastructure for other companies to become their own card issuers. This move created the modern card issuing category.

The second major moment was securing those initial, high-growth 'gig economy' clients like DoorDash and Block (formerly Square). These companies needed real-time, granular control over card spending-for example, instantly authorizing a specific purchase at a specific store-something legacy processors couldn't defintely do. This validated the platform's core differentiator: Just-in-Time (JIT) Funding.

• The IPO and Scale: Going public in 2021 was key, raising $1.2 billion to fund global expansion and platform stability. The platform now operates in over 40 countries.
• Focus on Profitability (2025): The TTM revenue through Q3 2025 is $588.56 million, and the Q3 2025 Adjusted EBITDA hit $30 million. That shift to showing real profitability, not just growth, is a massive turning point for a post-IPO tech company.
• Flexible Credentials and BNPL: The company's work in 2025 to enable flexible credentials and support the expansion of Buy Now Pay Later (BNPL) providers like Klarna across Europe is another huge moment, showing the platform's adaptability to new consumer trends.

For a deeper dive into how these financial results stack up against the market, you should check out Breaking Down Marqeta, Inc. (MQ) Financial Health: Key Insights for Investors.

Marqeta, Inc. (MQ) Ownership Structure

The ownership structure of Marqeta, Inc. (MQ) is heavily weighted toward institutional investors, which is typical for a growth-focused, publicly-traded financial technology (FinTech) company, but the founder still holds a significant stake. This concentration means that large fund managers and the executive team hold the bulk of the voting power, so you need to pay attention to their long-term strategies.

Marqeta, Inc.'s Current Status

Marqeta, Inc. is a publicly traded company on the Nasdaq Global Select Market under the ticker symbol MQ, a status it has held since its Initial Public Offering (IPO). As of November 2025, the company commands a market capitalization of approximately $2.14 Billion USD. The company reported its third-quarter 2025 financial results on November 5, 2025, showing a Net Revenue of $163 million and a Total Processing Volume (TPV) of $98 billion, demonstrating continued scale in the modern card issuing space. The stock trades near $4.96 per share, reflecting the market's current valuation of its embedded finance platform.

Marqeta, Inc.'s Ownership Breakdown

Institutional money managers-like Vanguard Group Inc. and BlackRock, Inc.-control the vast majority of Marqeta's shares. This institutional dominance, at nearly 79%, provides a layer of stability but also means the stock price is defintely sensitive to large-scale fund flows. Here's the quick math on who owns the float:

The founder, Jason Gardner, remains a key individual shareholder, holding a significant portion of the insider stake, which aligns his interests with long-term growth. You can dive deeper into the major holders in Exploring Marqeta, Inc. (MQ) Investor Profile: Who's Buying and Why?

Marqeta, Inc.'s Leadership

The company is steered by a management team that has seen recent, significant changes, indicating a focus on financial discipline and operational efficiency. The leadership transition in 2025 was a clear signal of this shift. Mike Milotich, who has a strong finance background, was appointed Chief Executive Officer and Director on September 8, 2025, after serving as interim CEO and CFO since February 2025. His background at Visa and PayPal gives him a deep understanding of the payments ecosystem. The team is focused on improving the bottom line, evidenced by the Q3 2025 Adjusted EBITDA of $30 million.

• Mike Milotich: Chief Executive Officer and Chief Financial Officer. Appointed CEO in September 2025, he is driving the strategy for profitable growth.
• Jason Gardner: Founder & Non Executive Director. He remains on the board, offering strategic guidance and continuity.
• Todd Pollak: Chief Revenue Officer. He leads the sales and partnership strategies, crucial for expanding the company's Total Processing Volume.
• Crystal Sumner: Chief Administrative Officer. She oversees administrative and legal functions, ensuring compliance and operational structure.
• Sarah Barkema: Principal Accounting Officer. Designated in October 2025, she is responsible for the company's financial reporting accuracy.
• Fouzi Husaini: Chief Technology & Artificial Intelligence Officer. He is key to platform innovation and leveraging AI in the core product.

The average tenure of the management team is about 2.3 years, which suggests a mix of experienced hands and fresh perspectives, but still a relatively new group steering the ship.

Marqeta, Inc. (MQ) Mission and Values

Marqeta, Inc. (MQ) stands for more than just processing payments; its core purpose is to be the foundational technology layer-the open API platform-that empowers other companies, the builders, to innovate in financial services. This focus on enablement is what drives their mission to become the global standard, not just another vendor.

You're looking at Marqeta's financials-like the Q3 2025 Total Processing Volume (TPV) hitting $98 billion, a 33% jump year-over-year-and you need to know the cultural DNA behind that growth. That TPV growth is directly tied to their commitment to their customers' success, which is a key value.

Marqeta, Inc.'s Core Purpose

The company's mission and values define its long-term strategy, prioritizing developer-centric tools and global scalability (embedded finance is the term for putting financial services right into a non-financial company's app or experience, like a ride-share company issuing its own debit card). Honestly, their commitment to flexibility is defintely what sets them apart.

Official mission statement

Marqeta's formal mission is clear and globally ambitious, focusing on platform leadership and ubiquity.

• Our mission is to be the global standard for embedded finance and modern card issuing.

This statement means they aim to be the default infrastructure for any company, anywhere, that wants to issue a card or embed a financial product. The platform's configurability, which helped drive Q3 2025 Net Revenue to $163 million, is the concrete tool they use to achieve this mission.

Vision statement

The vision statement maps out the desired future state, emphasizing technological superiority and customer impact. It's all about giving clients the power to build.

• To be the leading global modern card issuing platform, enabling businesses to build and scale innovative payment solutions.

This vision is grounded in three pillars that guide product development and geographic expansion:

• Global Leadership: Aspiring to be the premier card issuing platform worldwide.

• Modern Platform: Providing a flexible, scalable, and technology-forward platform.

• Enabling Innovation: Empowering businesses to create unique and valuable payment experiences.

You can see this vision in action with their push for Adjusted EBITDA profitability, which hit $30 million in Q3 2025, showing they can scale innovation profitably.

Marqeta, Inc.'s Core Values

These values shape the internal culture and dictate how the company interacts with its customers and partners. They are the operational guide for every team, from engineering to sales.

• Quality First: Ensuring platform reliability and security, which is mission critical for payments.

• Connect the Customer: Prioritizing client needs and feedback to drive continuous improvement.

• Lead Innovation: Dedication to pushing boundaries in fintech.

• Deliver Results: A focus on measurable outcomes for both Marqeta and its clients.

• Everyone Belongs: Fostering a diverse and inclusive work environment.

• Marqeta Cares: Commitment to social impact and community involvement.

• Build One Marqeta: Emphasizing teamwork and collaboration across all departments.

The idea of 'Empowering Builders' is the simplest way to understand their purpose, as it frames their technology as a tool for others' success. This focus is why analysts project a positive full-year 2025 EPS of $0.06. You can dig deeper into the ownership structure behind these values by Exploring Marqeta, Inc. (MQ) Investor Profile: Who's Buying and Why?

Marqeta, Inc. (MQ) How It Works

Marqeta, Inc. operates as the engine for modern card issuing, providing an open, cloud-based platform that allows businesses to create and manage their own payment card programs instantly. Essentially, they simplify the complex process of connecting a company's software to the global payment networks (like Visa and Mastercard), letting you embed financial services directly into your customer experience.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

Marqeta's operational value comes from its position as a middle layer between a company, the card networks, and the issuing bank (BIN sponsor). You don't have to build the entire payment infrastructure yourself; you just plug into their API. The platform handles the heavy lifting: card customization, authorization, transaction processing, and compliance.

The company primarily makes money from a cut of the interchange fees-the small percentage a merchant pays when a card is used-and from platform usage fees. This is why Total Processing Volume (TPV) is the key metric. For the third quarter ended September 30, 2025, TPV grew 33% year-over-year to a massive $98 billion. That's a lot of transactions driving revenue.

Here's the quick math: For the first nine months of fiscal year 2025, net revenue hit $452.8 million, up from $371.2 million in the same 2024 period. What this estimate hides is the shift in revenue mix, where faster-growing programs are those where Marqeta provides only processing, leading to a lower 'take rate' on those volumes. Still, the growth is defintely there, with Gross Profit reaching $115 million in Q3 2025.

• Process transactions: Real-time authorization decisions based on customer-defined rules.
• Manage programs: Handle compliance, licensing, and regulatory reporting, especially in Europe following the TransactPay acquisition.
• Monetize volume: Earn a percentage of the interchange fee and recurring platform fees.

Given Company's Strategic Advantages

Marqeta's edge is its developer-first approach and the sheer flexibility of its platform, which is hard for legacy processors to match. They offer a true modern alternative to the old, rigid systems.

• Open API Architecture: Allows for rapid product iteration and deployment, which is crucial for fast-moving fintech clients like Klarna, who used it to launch the KlarnaOne Card across 15 new European markets.
• Real-Time Data Control: Gives customers granular control over every transaction, letting them approve or decline purchases based on custom logic, not just standard fraud rules.
• Global Scale and Compliance: Certified to operate in over 40 countries, reducing the complexity for clients seeking international expansion. The TransactPay acquisition specifically bolsters their program management capabilities across the UK and EU.
• Improving Profitability: The company is showing operational discipline, delivering an Adjusted EBITDA of $30 million in Q3 2025, demonstrating strong progress toward consistent profitability.

Finance: Monitor the full-year 2025 revenue growth guidance of 17% to 18% against actual Q4 results for any changes in the revenue mix trend.

Marqeta, Inc. (MQ) How It Makes Money

Marqeta, Inc. primarily makes money by charging customers a fee based on the Total Processing Volume (TPV) that runs through its modern card issuing platform, plus additional fees for value-added services and program management. This revenue model is a classic 'take rate' on transactions, meaning they earn a small percentage of every dollar spent using a card issued through their technology.

You're looking at a payments infrastructure play, so the core financial engine is volume. For the third quarter of 2025, the company processed $98 billion in TPV, driving Net Revenue of $163 million. That's a huge volume, and it's why the company focuses so heavily on scaling its customer base.

Marqeta, Inc.'s Revenue Breakdown

Marqeta's revenue is fundamentally split between its largest customer, Block, Inc. (formerly Square), and the rest of its diverse client base, which we call Non-Block. This distinction is crucial because Non-Block customers generally operate on a higher take rate, meaning Marqeta earns a greater percentage of the transaction value. Honestly, the shift in this mix is the biggest lever for Gross Profit growth right now.

Here's the quick math on the Q3 2025 Net Revenue split, which is the most actionable breakdown for an analyst:

Business Economics

The core of Marqeta's business economics is the take rate-Net Revenue divided by TPV-and the Gross Margin. The company's platform is designed for operating leverage, the ability to increase profit without a proportional increase in operating costs, which is why a higher Gross Margin is the goal.

• Take Rate: The Net Revenue take rate in Q3 2025 was approximately 17 basis points (0.17% of TPV). The Gross Profit take rate was nearly 12 basis points.
• Gross Margin: The Gross Margin for Q3 2025 was a strong 70%. This is a high-quality revenue stream, but the margin can fluctuate based on the customer mix.
• Pricing Model: Marqeta uses a tiered pricing model, meaning as a customer's TPV grows, their take rate generally moves into a lower tier. This is a built-in headwind to the overall take rate, but it's offset by the sheer volume growth.
• Growth Driver: Non-Block revenue growth was over 10 points higher than Block growth in Q3 2025. This favorable mix shift is the primary reason the company's Gross Profit is growing robustly.

The acquisition of TransactPay, completed in Q2 2025, also enhances their program management capabilities in Europe, allowing them to offer a more comprehensive, higher-value solution there. This is a defintely a strategic move to boost the higher-margin Non-Block segment.

To understand the full scope of their strategy, you should review their core principles: Mission Statement, Vision, & Core Values of Marqeta, Inc. (MQ).

Marqeta, Inc.'s Financial Performance

The 2025 fiscal year shows a clear trend toward profitability and sustained, high-quality growth, even as the overall revenue growth rate moderates from its hyper-growth phase. The focus is shifting from pure top-line expansion to margin expansion and Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) improvement.

• Estimated Full-Year 2025 Net Revenue: Based on the Q1-Q3 results and Q4 guidance, the company is on track to deliver approximately $619 million in Net Revenue for the full fiscal year 2025.
• Profitability Inflection: Adjusted EBITDA reached a record high of $30 million in Q3 2025, with a 19% margin. This is a massive improvement from previous years.
• Full-Year Profit Outlook: Management expects full-year 2025 Adjusted EBITDA to be over $100 million. This is the number to watch as it shows the operating leverage is finally kicking in.
• Gross Profit Growth: Full-year 2025 Gross Profit growth is projected to be approximately 23%, slightly outpacing the estimated Net Revenue growth of 22%. This indicates the favorable shift in the customer mix is helping the bottom line.

What this estimate hides is the potential for a macroeconomic slowdown to impact TPV, especially in areas like Buy Now, Pay Later (BNPL), but the diversification into new use cases and Europe is providing a strong buffer. The business is maturing, trading some hyper-growth speed for a much stronger, more sustainable profit profile.

Marqeta, Inc. (MQ) Market Position & Future Outlook

Marqeta is a leader in the Card-as-a-Service (CaaS) space, the modern card issuing platform market, which is projected to grow from $1.8 billion in 2025 to $4.2 billion by 2030. The company is effectively executing a pivot toward profitability, evidenced by its Q3 2025 Adjusted EBITDA of $30 million, a 236% increase year-over-year. The full-year 2025 guidance projects Net Revenue growth of approximately 22% and Gross Profit growth of approximately 23%, indicating a strong trajectory toward operational leverage.

Marqeta's core strength remains its highly configurable, open Application Programming Interface (API) platform, which allows clients to embed financial services-like virtual cards and dynamic spend controls-directly into their products. This technology enables a Total Processing Volume (TPV) that reached $98 billion in Q3 2025, up 33% year-over-year. The future hinges on reducing client concentration risk and capitalizing on the massive embedded finance opportunity. Exploring Marqeta, Inc. (MQ) Investor Profile: Who's Buying and Why?

Competitive Landscape

The modern card issuing market is highly fragmented, with Marqeta competing against both agile fintechs and legacy processors. The table below represents the competitive positioning within the high-growth, API-first segment of this market, where Marqeta is a recognized leader.

Opportunities & Challenges

The near-term outlook for Marqeta is a balance of capturing high-growth verticals while mitigating structural risks. The shift to embedded finance, which is expected to reach a market size of $129.42 billion in 2025, presents the largest opportunity.

Industry Position

Marqeta is firmly positioned in the 'Leader' quadrant of the modern card issuing platforms space for 2025, as recognized by industry analysts. The company's unique value proposition is its API-first approach, which allows for unparalleled customization and speed-to-market compared to legacy processors like Fiserv or Global Payments. Still, the competitive threat from full-stack players like Stripe, who can bundle issuing with their massive acquiring business, is defintely real.

• Marqeta's non-Block TPV is growing twice as fast as its Block TPV, a key sign of successful revenue diversification.
• The acquisition of TransactPay, which closed in Q2 2025, provides Electronic Money Institution (EMI) licenses, streamlining European expansion for customers like Klarna.
• The company's strong fiscal health, with over $830 million in cash and short-term investments as of Q3 2025, provides a necessary buffer for continued aggressive investment and global scaling.

The entire modern card issuing market is expected to grow by 133% between 2025 and 2030, so the focus is less on market share percentage points and more on capturing the sheer volume of new digital-first programs. Finance: Monitor non-Block TPV as a percentage of total TPV quarterly to track diversification progress.