Marqeta, Inc. reported a net revenue of $624.9 million for the fiscal year ending December 31, 2025, marking a 23% increase from $507.0 million in 2024. This growth was primarily driven by a 31% rise in total processing volume (TPV), which reached $382.5 billion, up from $291.1 billion the previous year. Despite the revenue increase, the company recorded a net loss of $13.9 million, a decline from a net income of $27.3 million in 2024, largely due to changes in revenue recognition practices and increased operational costs.
The filing highlighted significant operational changes, including the acquisition of Transact Payments Limited in July 2025, which enhanced Marqeta's capabilities in Europe by providing BIN sponsorship and e-money licensing. This acquisition is expected to bolster the company's card program management and digital payment services in the UK and the European Economic Area. Additionally, Marqeta launched its credit card issuing capabilities in October 2023, further diversifying its product offerings.
Customer engagement metrics showed that Marqeta's top five customers contributed 45% of total net revenue, with a notable 21% growth in transaction volume from these clients. The company also reported a 69% increase in TPV from all other customers, indicating a broadening customer base. As of December 31, 2025, Marqeta employed 938 individuals, reflecting its ongoing investment in human capital to support growth.
The company faced challenges, including a significant reliance on a small number of customers for revenue, with Block, Inc. accounting for 45% of net revenue in 2025. Marqeta's management acknowledged that future growth would depend on its ability to attract new customers and retain existing ones while navigating a competitive landscape. Looking ahead, Marqeta anticipates continued investment in product development and international expansion, although it remains cautious about macroeconomic conditions that could impact customer spending and overall business performance.
About Marqeta, Inc.
Marqeta, Inc. provides a cloud-based platform for modern payment card issuing and transaction processing. Its services include debit, prepaid, and credit card programs, along with banking, money movement, risk management, and rewards solutions. The company serves diverse industries such as financial services, on-demand, BNPL, and e-commerce, enabling clients to create customizable, embedded payment experiences with high configurability, control, and security.
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