Business
Marqeta Reports Fourth Quarter and Full Year 2024 Financial Results
The global modern card issuing platform's fourth quarter total processing volume grew 29 percent year-over-year, generating 18% growth in Gross Profit.
About this update from Marqeta, Inc.
[{"type":"text","content":"\nThe global modern card issuing platform's fourth quarter total processing volume grew 29 percent year-over-year, generating 18% growth in Gross Profit.\n\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nMarqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the fourth quarter and full year ended December 31, 2024.\n\n\nTotal processing volume (TPV) was $80 billion for the quarter, representing a 29% year-over-year increase. Marqeta reported Q4 Net Revenue of $136 million and Gross Profit of $98 million, representing increases of 14% and 18%, respectively, year-over-year. GAAP Net Loss for the quarter was $27 million and Adjusted EBITDA was $13 million.\n\n\nTPV was $291 billion for the full year 2024, an annual increase of 31%. For the full year, Marqeta reported Net Revenue of $507 million, an annual decrease of 25%, which reflected a 39 percentage point negative growth impact due to the change in revenue presentation resulting from the Cash App renewal in July 2023. Gross Profit of $352 million represents an increase of 7% year-over-year. The company reported GAAP Net Income of $27 million and Adjusted EBITDA of $29 million for the year ended December 31, 2024.\n\n\n\"In 2024, we empowered our customers to achieve significant growth and scale, maintaining both stability and compliance,\" said Mike Milotich, Interim CEO at Marqeta. \"Entering 2025, our strengthened platform uniquely positions us to serve fintechs and embedded finance with comprehensive debit, credit, and money movement solutions, all fueled by accelerated payment innovation, streamlined operations, and new network and bank partnerships.\"\n\n\nMarqeta highlighted several recent business updates that demonstrate business momentum:\n\n\n\nMarqeta signed a broad range of new programs in Q4, including its first consumer credit co-brand partnership and several European deals including program management. This further demonstrates Marqeta's differentiation and breadth by providing program management solutions across debit and credit, consumer and commercial, globally.\n\n\n\n\nMarqeta entered into an agreement to acquire TransactPay to provide BIN sponsorship and card issuance in the United Kingdom (UK) and European Economic Area (EEA) through electronic money institution (EMI) licenses. This strengthens Marqeta’s program m...