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Marqeta, Inc. (symbol: MQ) is at the forefront of payment technology, providing a cutting-edge platform for issuing digital, physical, and tokenized payment options. Founded in 2010 and headquartered in Oakland, California, Marqeta has re-engineered how payment cards and mobile authorization products are developed and deployed. The company’s fully documented, open API issuer processor platform offers unparalleled control over how transactions are authorized, enabling companies to build, issue, and deploy innovative payment solutions.
The Marqeta platform is designed from the ground up without any legacy infrastructure, ensuring it is both modern and flexible. It integrates seamlessly with major payment networks like Visa, MasterCard, and Discover, making it easier for businesses to facilitate payments, reward customers, and improve operational efficiency. Clients include top-tier brands in financial services, e-commerce, retail, and social media, such as DoorDash, Klarna, and Block.
Engineered in California, the Marqeta platform supports a wide range of use cases, from on-demand delivery services to point-of-sale financing. The company generates revenue primarily through processing and ATM fees related to the cards issued on its platform.
Marqeta’s commitment to innovation is evident in its recent achievements and ongoing projects. Continuous enhancements to its API capabilities allow for rapid deployment of new products, maintaining Marqeta’s competitive edge in the industry. For more information, visit www.marqeta.com.
Marqeta, Inc. (NASDAQ: MQ) will host a conference call and webcast on November 10, 2021, at 4:30 pm ET to discuss its third quarter 2021 financial results. The call will feature CEO Jason Gardner and CFO Tripp Faix. A press release with the financial results will be available after market close on the same day. Investors can access the live webcast and subsequent replay on Marqeta's investor relations website.
Marqeta empowers businesses with its modern card issuing platform, certified in 36 countries, providing flexible payment card solutions.
Marqeta (NASDAQ: MQ) announced a partnership with Figure to launch Figure Pay, an all-in-one digital money app, currently available in 26 states. This new product leverages Provenance Blockchain for faster payments, offering a fee-free deposit account, seamless money transfers, rewards, and access to 55,000 ATMs. Additionally, it features Buy Now, Pay Later functionality, aiming to enhance financial inclusion for underbanked users. Marqeta's revenue from Buy Now, Pay Later services surged by 350% in Q2 2021, reflecting strong demand for flexible payment solutions.
Marqeta released a report revealing that 70% of UK consumers prefer Buy Now Pay Later (BNPL) over credit cards, primarily due to affordability. The survey indicates a significant shift in consumer preferences, with 54% believing BNPL will replace credit cards. Despite this, many users express concern about accumulating debt, as 53% find it easier to fall behind with BNPL. The report suggests a demand for innovative payment solutions as the pandemic reshapes consumer behavior.
Marqeta, listed on NASDAQ as MQ, has announced a successful year-long partnership with Zip Co. in Australia, enhancing their Buy Now Pay Later (BNPL) services. Zip has seen a 176% increase in transactional volumes, reaching AUD 5.8 billion, while Marqeta reported a 350% year-over-year increase in BNPL net revenue for Q2 2021. The collaboration enables Zip to offer customers a line of credit with a streamlined user experience through the Zip Pay account, now serving over 2.8 million users in Australia and 7.3 million globally.
Marqeta (NASDAQ: MQ) has launched a new initiative to issue physical cards made from 43% recycled plastic, in partnership with Perfect Plastic Printing. The grocery delivery service Cornershop, recently acquired by Uber, will be the first to use these cards for new delivery shoppers. Additionally, Marqeta aims to offset its plastic footprint by partnering with rePurpose Global to remove 380,000 pounds of plastic from the environment in 2021, equivalent to the production of 34 million cards. This initiative marks a significant step towards Marqeta's goal of plastic neutrality.
Marqeta, Inc. (NASDAQ: MQ) reported financial results for Q2 2021, showcasing a 76% increase in net revenue to $122 million and a processing volume of $26.5 billion. The gross profit rose by 70% to $47 million, although the company recorded a net loss of $68.6 million, up 865% year-over-year. Significant growth was noted in the Buy Now, Pay Later sector, with net revenue for this vertical surging by 350%. Marqeta has been selected by Google to power a new digital card for Google Pay users and extended its partnership with Affirm through January 2024.
Marqeta announces its modern card issuing platform will power the new virtual Google Pay balance card, enhancing user experience by allowing spending directly from their Google Pay balance. Previously, users could only transfer funds or use them for person-to-person payments. Marqeta's CEO highlighted the innovation in commerce this partnership represents. As contactless payments increase due to COVID-19, this development positions Marqeta to meet growing demand for seamless mobile wallet integration, with the platform enabled in 36 countries worldwide.
Marqeta (NASDAQ: MQ) has appointed Randy Kern as Chief Technology Officer to enhance its global engineering capabilities and accelerate technological advancements. With extensive experience from Salesforce and Microsoft, Kern will lead efforts to scale and innovate the company's payment solutions. CEO Jason Gardner emphasized the importance of Kern's expertise in meeting evolving customer demands and maintaining a competitive edge. Headquartered in Oakland, California, Marqeta offers a modern card issuing platform that enables customized payment solutions across 36 countries.
Marqeta (NASDAQ: MQ) has announced a strategic partnership with Payfare to enhance the expansion of Payfare's platform across North America, Europe, and Asia Pacific. This collaboration aims to integrate Payfare's digital banking and instant payout solutions with Marqeta's modern card issuing platform, allowing for better service to gig economy workers. Marqeta operates in 36 countries and is positioned to leverage this partnership to boost Payfare's mission of empowering gig workers with financial security. This alliance comes at a crucial time as contract work continues to rise globally.
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