Marqeta Citi’s 15th Annual FinTech Conference

Yeah, thanks for having me.

Yeah, definitely. Marqeta is a modern card issuing platform. We've been at the leading edge of issuer processing for over a decade now. We're certified to operate in over 40 countries, and do that seamlessly across one platform. We power a lot of the leading fintech companies out there. We talk about our business in four use cases, in lending buy now, pay later, Affirm, Klarna, Afterpay, Sezzle. We have on-demand delivery, DoorDash, Instacart, Uber, with expense management, Ramp, BILL, and Expensify, and neobanking and financial services with Cash App, OnePay, and Coinbase, among others. We are, this past quarter, over $500 billion in annualized volume, so getting to a very nice scale. In terms of trends in the industry too, maybe I would mention the first being multinational issuing.

Issuing had traditionally been through banks, which are inherently local, but with multinational issuing and fintech companies getting bigger and enterprises being broad, we are now doing a lot more in multinational across these companies and doing that, again, seamlessly on one platform. The second is something we call the integrated product continuum. You have the traditional cards, prepaid, credit, and debit, but more and more, we are combining capabilities. We're doing debit with buy now, pay later, with flexible credentials. You have secured credit, you have charge cards, and all the way up to revolving credit. So, it's more blending now as customers are trying to reach different customer bases.

Yeah. I think it's been the depth of conversation that we're having with these larger enterprises and financial institutions. As the fintechs have gotten to be very big businesses over the last several years, you see enterprises and financial institutions kind of picking their head up and thinking about modernization. That is with kind of the innovative kind of card and issuing products. Again, that I mentioned before, that you're now blending some of these capabilities and being really innovative. We allow our customers to pick their bank, their network, and choose kind of their card type. There's just a lot of innovation here. I grew up in pretty traditional issuing, and I don't think I appreciated all the innovation that was still there. I think the second thing is the broad-based growth.

There's a lot of discussion around Block being a meaningful customer to us, and they do, and they continue to grow with us. When you think about all the other players and customers that we service, we talk about non-Block growth being over two times what Block customer and volume growth is. We power a lot of leading companies, and our growth continues to be quite strong from a top-line perspective.

Yeah. I think this is this wave of modernization that we've been talking about. Over 90% of card processing is through legacy platforms today, and they don't have the capabilities that a modern platform has. Again, some of the innovative card technologies and what the fintechs have done. We did announce over the last month the flip migration of the Square card portfolio from another issuer onto our platform, and it was our first Amex network program on our platform as well. This follows four that we have done over the last 24 months, two in credit and two in debit. This really just goes to companies evaluating what kind of technology stack that they want to be in and choosing Marqeta to be that.

We feel that the more that we are showing kind of this experience and able to do that, it's a really hard You don't see many migrations in the issuing space. Now that we've done four, I think it is opening up the conversation with a lot of our customers today. We've done it in a white-glove way, and customers are, when they flip into our platform, they're able to really consolidate and really see this kind of seamless experience across their programs.

I think it's both. I think the two that I'd say is, we had Square, which was an existing partner through Block. We had Klarna this previous year. So they're existing customers with books elsewhere. But we're also talking, again, a lot, over 90% of card volume is on legacy platforms with other types of customers. As they're considering their technology stack, they're engaging with us to really think hard about should they be moving into a modern stack and what capabilities we have. So I'd expect and we'd hope that there's more to come from new customers.