Marqeta, Inc. Class A Common Stock Goldman Sachs Communacopia + Technology Conference 2026
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All right. We're going to get started. Closing us out for the second day of the conference is Mike Milotich, Marqeta's Chief Executive Officer. Mike, you've been here several times over the last couple of years, and we're pleased to have you.
Thanks so much for having me.
So maybe for those in the audience or on the webcast who are not as familiar with Marqeta, I thought it'd be great to give a brief overview of Marqeta and maybe over the last five years that the company has been public, what do you think has changed and what do you think has remained the same about the story?
Sure. We were the original modern issuer-processor, so we've been at this for over a decade, and essentially our customers use our APIs as building blocks to create more embedded and personalized experiences in the card business. So what makes us different than maybe issuer-processors of the past that mostly serviced banks, we give our customers more control and agility to create more unique experiences that really engage their customer. Many of the fintech winners are on our platform, and we serve a diverse set of use cases. So, whether it's in buy now, pay later with Affirm, Klarna, Afterpay, Sezzle, expense management with Ramp, BILL, Expensify as examples. On-demand delivery, Instacart, DoorDash, Uber, and then in neo banking, like Cash App and Square and OnePay, Trade Republic. These are all customers of ours that innovated in a unique way using our APIs in their own personalized fashion.
In terms of maybe what is a little different about the story, I would say there are a few trends that are emerging now that were not existing just a few years ago. I would say the first is multinational issuing. As more and more of the business shifts to fintech winners, they are becoming big businesses and are starting to expand geographically. As the business shifts away from banks always being the lead in an issuing relationship and banks are inherently local, fintechs and then enterprises are becoming multinational, that is becoming quite common. Just as an example, 12 of our top 15 customers are in more than one country on our platform, and that is definitely a newer trend that is emerging as the fintechs have gone from innovative startups to big businesses.
Right. Now new enterprise customers that are coming to us are thinking multinational from day one.
That is a big change. I would say, a second change that is quite different is what we call an emergence of a product continuum. What used to be quite common in card was either you had a debit card and a credit card, and that was the end of the story. It was relatively straightforward. Now there are many iterations in between as these fintechs and more enterprises are launching card programs and want to cater to all their users and drive engagement. So they want a product that fits everyone, which means now we have prepaid, we have debit, we have Flexible Credential where you might have buy now, pay later, and a debit card combined into one value proposition.
You have secured cards, so people can do credit building, charge card in a commercial construct, and then revolving credit. So you have a whole spectrum of offerings, and many of our customers now want to have several of those because each of those are going to appeal to a different type of user. That is pretty different than it was even just three, four years ago.
Yeah, that makes sense. Maybe you can talk about what the growth algorithm is. There have been a handful of moving pieces this year, so several large renewals that are moving target over the course of the year on timing. The Block pricing tiers, a smaller impact, Cash App, new issuance changes, all of which we can talk through. But I think underneath all of that, some of the noise, TPV is still growing north of 30% for the last four quarters.
So if we strip out discrete items, how do you think investors should be thinking about the underlying revenue and gross profit growth of the business? How do you think about the long-term potential from here?
Sure. Let me touch on just a few of the specifics that you mentioned. We have a couple of unique items that are impacting us this year. One of them is we have 2 large renewals that are lowering our gross profit growth by about 3 points in the year. These are the last 2 renewals that are coming out of the fintech boom. What we started to see in around 2023 is we were starting to reprice a lot of our business because the fintech companies got a lot bigger, but also the dynamic shifted where it wasn't just all about growth, it was about profitability and profitable growth. We had to reset our pricing with a number of customers, and these are the last 2.
That's about a 3-point impact on our growth, and once we lap these 2, that's really pretty much behind us. We've repriced everyone. The second thing that you mentioned is in our Block contract, we have a bigger step down in the contract tiers. The history on that is in the middle of 2023 when we renewed that contract, they had asked for a certain number. When we reach this volume size, that's a different level of scale, and we should be rewarded for that. We agreed to that. There's sort of an abnormally large step down in the pricing tiering that they just went into at the start of this year, and that's creating about another 3 points of drag. Those 2 sort of, once we lap those next year, they're gone, and that's about 6 points.
Our growth right now is in the low double digits we're expecting for the year. That puts us in the sort of mid to high teens.
Yep level. In terms of the growth algorithm as I look forward.
I would say in the near term, one thing that's important is that the first component is just our fintech customers continue to grow very fast. Six of our top 10 customers by gross profit, their volume grows more than 50%. Another stat that's quite interesting is in the last two years, so in 2024 and 2025, our top 15 customers launched over 30 new programs on our platform. Our very fast-growing large customers continue to do new business with us, and so we continue to help them expand into new products, new geographies, and that's a big part of the growth. With all that, the fintechs driving all that business, what we're now seeing is enterprises want to offer similar financial services and embed that into their existing user base.
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