Marqeta, Inc. operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services. It offers its solutions in various verticals, including financial services, on-demand services, expense management, and e-commerce enablement, as well as buy now, pay later. Marqeta, Inc. was incorporated in 2010 and is headquartered in Oakland, California.

• Marqeta and Found bring streamlined expense management offerings to SMBs and self-employed professionals- Marqeta, the global modern card issuance platform, has announced a new customer: Found, a business banking platform for small enterprises and the self-employed. 

• Found's commercial card solution, powered by Marqeta, provides small enterprises and self-employed entrepreneurs with advanced and customizable business banking features. With improved cost management tools, Found users can monitor and limit card usage, allowing them to manage their funds more effectively and securely. 

• In Q2 2023, total processing volume jumped by 32% to $71 billion from $54 billion the previous year. 
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  Net revenue of $125 million declined by $106 million (46% year-over-year) due to a contract renewal with Cash App, which led to a change in revenue presentation and lower pricing.

• In the second quarter of 2023, gross profit declined by 6% to $79 million from $85 million. This was mostly due to lower pricing from the Cash App renewal. In Q2 2024, gross margin stood at 63%.

• The quarter saw a $178 million increase in net income to $119 million, owing to a one-time reversal of share-based compensation from the loss of the Executive Chairman LongTerm Performance Award, which included $158 million in expenses from prior periods.

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