Business
Marqeta Reports Third Quarter Net Revenue Increase of 46 Percent Year Over Year, Highlighting New Platform Expansion and Global Customer Momentum
The global modern card issuer generated net revenue of $192 million in the third quarter of 2022, up 46 percent year-over-year, and 54 percent growth in
About this update from Marqeta, Inc.
[{"type":"text","content":"\nThe global modern card issuer generated net revenue of $192 million in the third quarter of 2022, up 46 percent year-over-year, and 54 percent growth in third quarter total processing volume.\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nMarqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the third quarter ended September 30, 2022. Total processing volume (TPV) was $42 billion, with net revenue of $192 million. Gross profit was $80 million, an increase of 36% year over year, resulting in a gross margin of 42%. GAAP net loss was $53 million and Adjusted EBITDA loss was $14 million.\n\n\"This recent quarter serves as a great example of our continued success and the tremendous market opportunity in front of Marqeta. We signed innovative new customers in both the United States and Europe, we expanded our platform with the launch of new banking capabilities to complement our leadership in modern card issuing, and increased the global utility of our platform with our European data residency program,\" said Jason Gardner, Founder and CEO of Marqeta.\n\nRecent Business Updates:\n\nMarqeta highlighted several recent business updates that demonstrate its current business momentum:\n\n\nMarqeta announced the launch of Marqeta for Banking, a portfolio of seven banking products, continuing the expansion of its modern card issuing platform. Marqeta for Banking provides customers with a full set of account, ACH, instant funding and direct deposit products offered through Marqeta’s bank partners, enabling its customers to build complete banking products for their end users on the company's platform.\n\n\n\nMarqeta announced its new data residency offering in Europe, providing additional safeguards to store the most sensitive elements of its European customers' personal data on European data servers.\n\n\n\nMarqeta announced a new partnership with Raiffeisen Centrobank, to power its Raiffeisen Digital Bank, enabling customers in Poland and Romania to leverage a modern, comprehensive banking experience with streamlined digital accounts and debit cards.\n\n\n\nMarqeta continued to be the card platform of choice for innovators looking to launch new card programs at scale, including the new Blockchain.com Visa card where user’s utilize available cryptocurrency balance to fund purchases in fiat curren...