Marqeta, Inc. Stock Price, News & Analysis

Marqeta (NASDAQ: MQ) has announced the appointment of Fouzi Husaini as its new Chief Artificial Intelligence Officer. With over 25 years of experience, Husaini will focus on expanding and scaling Marqeta's AI capabilities to drive greater ROI for customers and increase purchasing power. Previously, Husaini served as Vice President of Machine Learning Engineering at Capital One and led a technical team at Amazon working on AI/ML customer experiences for Alexa.

Marqeta aims to leverage Husaini's expertise to enhance its technology roadmap, particularly in areas such as transaction intelligence, fraud prevention, and customer service. The company has already invested in generative AI, including Marqeta Docs AI, and plans to accelerate the rollout of additional AI-powered features into its platform.

Marqeta (NASDAQ: MQ), a global modern card issuing platform, reported Q2 2024 financial results. The Total Processing Volume (TPV) increased 32% year-over-year to $71 billion. However, Net Revenue fell 46% to $125 million due to a new Cash App contract impacting revenue presentation. Gross Profit decreased 6% to $79 million, while GAAP Net Income surged to $119 million, bolstered by a one-time $158 million share-based compensation reversal. Adjusted EBITDA was negative $2 million. Key developments include a 5-year deal with Varo Bank and being the first US issuer-processor certified by Visa for Visa Flexible Credential.

Marqeta (NASDAQ: MQ) has signed a five-year deal with Varo Bank to become its exclusive issuer processor in the US. Varo Bank, the first nationally-chartered consumer techbank in the US, selected Marqeta for its sophisticated card-issuing technology and faster speed-to-market. This partnership will enable Varo to offer digital wallet tokenization with Apple and Google Wallets for its cardholders.

Varo Bank serves over five million cards in-market, offering services such as fee-free checking accounts, free ATM access, cash advances, and high-yield savings accounts. The collaboration aims to enhance Varo's ability to help customers improve their financial health and relationship with money through its mobile app.

Marqeta (NASDAQ: MQ) has become the first issuer processor in the US certified to enable Visa Flexible Credential, working with Visa and Affirm. This innovation allows a single card product to toggle between payment methods, including debit, credit, 'pay-in-four' with Buy Now, Pay Later (BNPL), and rewards points. Marqeta achieved certification in May 2024, with Affirm set to launch the service later this year.

The move responds to consumer demand for greater payment flexibility and personalization. Marqeta's 2023 State of Credit Report found that 46% of consumers cite convenience as the biggest benefit of credit cards, while 71% of US BNPL users expressed interest in accessing additional financial services through their BNPL provider.

Marqeta's 2024 State of Payments Report reveals significant shifts in US consumer payment preferences. While contactless payment adoption in the US (46%) lags behind the UK (80%) and Australia (69%), there's a growing trend towards mobile solutions. 53% of US consumers with mobile wallets feel confident leaving physical wallets at home, rising to 67% among 18-25 year olds.

The report highlights openness to non-traditional financial providers, especially among younger generations. 42% of US consumers would consider financial services from tech companies or retailers, increasing to 63% for those aged 18-34. Additionally, instant pay options are becoming crucial, with 90% of US consumers who receive immediate pay reporting easier financial planning and increased peace of mind.

Marqeta's 2024 State of Payments Report reveals UK consumers as global leaders in digital financial services adoption. Key findings include:

- 80% of UK respondents used contactless payments in the past week, compared to 46% in the US
- 50% of UK respondents feel positive about a cashless society
- 68% are confident leaving physical wallets at home
- 74% automatically add new cards to mobile wallets

The report also highlights a growing demand for faster pay, with 88% of UK respondents agreeing earlier access to wages would improve financial peace of mind. While traditional banks maintain a strong presence, 20% of UK respondents would consider switching to a digital-only bank, and 39% would consider non-financial providers for banking services.

Marqeta (NASDAQ: MQ) has announced its inaugural Future of Money Day event, scheduled for August 15, 2024, in Oakland. Sponsored by Visa, this financial literacy community event aims to showcase how payments innovation is transforming small businesses.

The event will feature educational panel sessions discussing the evolution of financial technology and its positive impact on the small business community. Key topics include:

• The future of money for small businesses
• Innovative expense management tools
• Modern technologies simplifying access to capital
• Financial wellness and accelerated wage access

Speakers from Marqeta, Visa, BILL, Black Cultural Zone CDC, Community Bank of the Bay, Credit Karma, Found, Square, and WorkWhile will participate in the discussions. The event is open to all registered Oakland businesses and will take place from 11:00 a.m. to 5:00 p.m. PT.

Marqeta (NASDAQ: MQ), a leading card issuing platform, has announced its partnership with Swiss4, a Swiss fintech company. Swiss4, known for its innovative financial services app, will now leverage Marqeta's platform to enhance its digital payment services. This partnership will enable Swiss4 to offer personalized, real-time payment solutions and high-end lifestyle management features. A recent survey highlighted a growing consumer preference for financial products from non-traditional brands, suggesting a promising market for Swiss4's offerings. Swiss4 aims to expand its services across Europe, with Marqeta as a key partner in its growth.

Marqeta (NASDAQ: MQ), a global leader in modern card issuing, will announce its second quarter 2024 financial results on August 7, 2024. The company will host a conference call and webcast at 4:30 pm ET, led by CEO Simon Khalaf and CFO Mike Milotich. A press release detailing the financial results will be issued after market close on the same day. The live webcast and a replay will be available on Marqeta's investor relations website.

Marqeta provides a platform that enables its customers to create customized payment cards through open APIs. The platform supports instant access to scalable, cloud-based payment infrastructure, facilitating the launch and management of card programs. Marqeta operates in over 40 countries and is headquartered in Oakland, California.