Marqeta, Inc. - MQ STOCK NEWS

Marqeta (NASDAQ: MQ) has appointed Marcin Glogowski, a PayPal veteran, as SVP, Managing Director Europe and UK CEO. Glogowski will lead the company's growth in the region, which has seen an 86% increase in Total Processing Volume year-over-year. Marqeta's European expansion is driven by rising demand for embedded finance, partnering with firms like Klarna, Uber, and Western Union. The company's global platform facilitates card product launches in over 40 markets, with 70% of its top customers using Marqeta in multiple countries. Glogowski, formerly with PayPal, brings extensive regional expertise to his new role. Recent collaborations include powering Lydia's new digital bank, Sumeria, and offering a commercial debit card with UK digital bank OakNorth.

Marqeta (NASDAQ: MQ), a leading card issuing platform, announced its participation in two upcoming investor conferences. CFO Mike Milotich will join a fireside chat at the Barclays 14th Annual Emerging Payments and FinTech Forum on May 16, 2024, at 9:45 a.m. ET. Additionally, CEO Simon Khalaf will speak at the J.P. Morgan 52nd Annual Global Technology, Media and Communications Conference on May 20, 2024, at 1:10 p.m. ET. Both sessions will be available via live webcast and replay on Marqeta’s investor relations website.

Marqeta, Inc. (NASDAQ: MQ) reported $67 billion in Total Processing Volume with Net Revenue of $118 million in the first quarter of 2024. Despite the 33% increase in TPV, the Net Revenue saw a 46% decrease primarily due to a change in revenue presentation from the new Cash App contract effective since July 2023. The Gross Profit was $84 million, down 6% year-over-year, resulting in a GAAP Net Loss of $36 million. Adjusted EBITDA was positive $9 million with an 8% margin.

Marqeta highlighted recent expansions and partnerships, including a collaboration with Uber Eats, Klarna, and Rain, as well as the authorization of a $200 million share repurchase program. The company showcased growth and operational efficiencies, emphasizing the broad capabilities of the Marqeta platform.

Marqeta (NASDAQ: MQ) announced the global expansion of its partnership with Uber Eats into eight new markets, including Canada, Australia, Mexico, Brazil, Colombia, Peru, Chile, and Costa Rica. This expansion showcases Marqeta's platform's global reach and ongoing partnership with Uber, allowing them to launch card products in over 40 markets through a single integration, reducing time-to-market for subsequent launches. The partnership aims to provide Uber with the latest digital payment tools to enhance their services and support growth in new and existing markets.

Marqeta partners with OakNorth to offer commercial cards in the UK, catering to the demand for better banking tools. OakNorth, a leading UK digital bank, collaborates with Marqeta to provide Business Banking customers with a commercial card, enabling more efficient financial management for small and medium-sized businesses. The partnership aims to bridge the SME funding gap in the UK and empower businesses to navigate economic uncertainties.

Marqeta and Rain announce a partnership to provide robust earned wage access through embedded finance. Marqeta will power the Rain Card, a branded debit card enabling employers to disburse earned wages seamlessly. The partnership aims to simplify the pay cycle and offer streamlined financial solutions for employees, promoting financial wellness. Over 60% of Americans live paycheck-to-paycheck, highlighting the need for quicker access to wages. Marqeta's early wage access offerings constitute 3% of its total processing volume as of Q4 2023, empowering gig and shift workers. The partnership allows Rain to integrate the Rain Card into its customer experience, expanding offerings into credit card solutions and diverse employee rewards.

Marqeta, Inc. (MQ) will host a conference call to discuss its first quarter 2024 financial results, led by CEO Simon Khalaf and CFO Mike Milotich. The call will be on May 7, 2024, at 4:30 pm ET, with a press release issued after market close. Investors can access the webcast on Marqeta's investor relations website.

Marqeta (MQ) achieves a significant milestone by processing over $1 billion in volume in a single day, following its impressive Q4 and Full Year 2023 earnings where it surpassed $200 billion in annual TPV. The company's modern card issuing platform demonstrates scalability and resilience, positioning it as a key player in the embedded finance solutions market.

Marqeta, Inc. (MQ) reported strong financial results for Q4 and full year 2023 with $62 billion in fourth quarter total processing volume, up 33% YoY, and $119 million in net revenue. Annual TPV was $222 billion, up 34%, generating $676 million in revenue. Despite a 42% decrease in Q4 net revenue due to the Cash App contract, the Company saw a 10% decrease in annual revenue. Marqeta reported a GAAP net loss of $40 million for Q4 and $223 million for the full year 2023.