Here are a few brief analogies for Marqeta:

• Stripe for issuing payment cards.
• The Amazon Web Services (AWS) for creating and managing payment cards.

• Card Issuing Services: Marqeta provides the technology and infrastructure for businesses to issue their own physical or virtual payment cards.
• Transaction Processing Services: Marqeta offers services to process and manage payment transactions made with the cards issued through its platform.

Marqeta (MQ) sells primarily to other companies (B2B). Its major customers and notable partners include:

• Block, Inc. (SQ) - A significant and long-standing customer, particularly for its Cash App and Square business products.
• Affirm Holdings, Inc. (AFRM) - Utilizes Marqeta's platform for its virtual card programs, enabling "Buy Now, Pay Later" functionality.
• DoorDash, Inc. (DASH) - Employs Marqeta's technology for its DashPass cards and to power payments for its drivers.
• JPMorgan Chase & Co. (JPM) - Partners with Marqeta for modern card issuance solutions, particularly within its commercial card division.
• Google (Alphabet Inc.) (GOOGL) - Leverages Marqeta's platform for certain Google Pay initiatives and virtual card programs.

• Visa (V)
• Mastercard (MA)
• Alphabet Inc. (GOOGL)

Mike Milotich, Chief Executive Officer

Mike Milotich was appointed Chief Executive Officer and a Director of Marqeta on September 8, 2025. He previously served as interim CEO and CFO from February 2025 to September 2025, and as Chief Financial Officer from February 2022 to February 2025. Prior to joining Marqeta, Mr. Milotich was the Senior Vice President of Corporate Finance and Investor Relations at Visa. He also held business analysis roles at PayPal and American Express.

Patti Kangwankij, Chief Financial Officer

Patti Kangwankij was appointed Marqeta's Chief Financial Officer, effective February 9, 2026. She previously served as CFO of Roofstock, a private real estate technology company. Before Roofstock, Ms. Kangwankij held various senior finance and strategy roles at Stripe, including Head of Payments Finance and Strategy. She began her career in investment banking at JPMorgan Chase, where she spent nearly 15 years, serving as Managing Director and CFO for both the Co-Branded Credit Card and Merchant Services businesses.

Jason Gardner, Chairperson of the Payments Innovation Committee

Jason Gardner is the Founder of Marqeta, Inc. and served as CEO from 2010-2023. He transitioned to Executive Chairman from January 2023 to June 2024, and since June 2024, he serves as Chairperson of the Payments Innovation Committee, guiding Marqeta's approach to innovation and technology. Marqeta is Mr. Gardner's third company; he co-founded PropertyBridge, which was acquired by MoneyGram International in 2007.

Todd Pollak, Chief Revenue Officer

Todd Pollak is Marqeta's Chief Revenue Officer, responsible for leading the company's go-to-market teams and overseeing its revenue strategy. Before joining Marqeta, Mr. Pollak spent four years at Ancestry as Chief Commercial Officer. Prior to Ancestry, he spent 13 years at Google, serving as managing director in the financial and retail sectors.

Crystal Sumner, Executive Team Member

Crystal Sumner brings over a decade of experience leading and scaling legal, compliance, and administrative organizations. She applies her deep legal and regulatory background to bring innovative products and services to global markets amidst an evolving regulatory landscape.

Here are the key risks to Marqeta's business:

1. Customer Concentration: Marqeta faces significant risk due to its reliance on a small number of customers for a large portion of its revenue, with Block (NYSE: SQ) being its largest client. In the first quarter of 2022, Block accounted for 66% of Marqeta's net revenue, and 73% in 2021. More recently, one customer reportedly generated 46% of revenue. The agreements with Block for Cash App and Square Card were set to expire in March 2024 and December 2024, respectively, and there is a risk that Block could cancel or reduce its business before the contract terms expire. The potential loss or reduction of business from Block or other key clients could have a material adverse effect on Marqeta's financial results and stock price.
2. Regulatory, Operational, and Cybersecurity Risks related to Banking as a Service (BaaS): Marqeta operates within the Banking as a Service (BaaS) sector and manages restricted client cash for card and e-money programs, which requires strict adherence to regulatory requirements. The BaaS sector has experienced increased regulatory scrutiny, and there have been instances of partners facing investigations, such as an FBI probe into Sutton Bank, one of Marqeta's banking partners, for alleged anti-money laundering (AML) failures. Rapid growth in customer balances, tighter regulations, or operational failures could lead to capital strain, financial loss, operational disruptions, or reputational damage due to fraud, processing errors, or cybersecurity incidents. The evolving regulatory landscape and the potential for stricter compliance demands or issues with banking partners pose a significant threat to Marqeta's business model.
3. Intense Competition and Market Evolution: The payment processing industry is highly competitive, with challenges from established legacy providers, modern API-based competitors such as Stripe and Adyen, and emerging fintech startups. Competitors like Stripe and Adyen have expanded their offerings to include card-issuing capabilities, directly encroaching on Marqeta's core market. These competitors could offer bundled products that are more attractive, potentially affecting Marqeta's long-term growth. Marqeta must continuously innovate and differentiate its offerings to maintain its competitive edge, as failure to compete successfully could negatively impact its business and financial condition.

1. Growth in Total Processing Volume (TPV): Marqeta anticipates continued growth in its Total Processing Volume, which is a fundamental driver of its revenue. The company reported a full-year TPV of $383 billion in 2025, marking a 31% increase over 2024, indicating sustained momentum in processing transactions across its platform. This growth is fueled by strong demand for modern card issuing across various use cases.
2. International Expansion, particularly in Europe: Marqeta is strategically focusing on expanding its presence internationally, with a particular emphasis on the European market. The acquisition of TransactPay is a key component of this strategy, positioning Marqeta for larger opportunities in the region. European TPV in 2025 was eight times the size of 2022, highlighting the significant growth achieved in this market.
3. Expansion and Adoption of Value-Added Services: A significant driver of future revenue growth is the increased adoption and enhancement of Marqeta's higher-margin value-added services. These services contributed over 7% of gross profit, and 18 of the top 20 customers have adopted them. Marqeta plans to further enhance these offerings to boost profitability.
4. Acquisition of New Customers and Launch of New Programs: Marqeta aims to drive revenue growth through the acquisition of new customers and the launch of additional programs with both new and existing clients. The company has launched 40 new logos since 2024 and over 30 new programs for its top customers in the last two years. New customer cohorts are expected to contribute significantly to revenue in the coming years.
5. Growth in Credit Offerings and Embedded Finance: Marqeta is actively exploring and expanding its credit offerings to enhance profitability, particularly within the rapidly growing embedded finance market. This includes new initiatives such as a consumer credit co-brand partnership and an agreement to integrate American Express as a new network option. The company's support for Visa Flexible Credential also facilitates the migration of Buy Now, Pay Later (BNPL) options to wallets and cards, creating greater ecosystem efficiency. Marqeta has also observed strong demand in commercial credit, especially from aggregator marketplaces.

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• In December 2025, Marqeta's board approved a new share repurchase program authorizing the company to buy back up to $100 million of its Class A common stock. This program is separate from a previously completed 2025 program.
• Marqeta authorized up to $300 million in share repurchases in February 2025. By June 30, 2025, the company had repurchased 42,497,301 shares for $193.11 million under this authorization.
• For the full year 2025, Marqeta repurchased 84.8 million shares at an average price of $4.59, resulting in a reduction of nearly 17% of the outstanding shares as of the 2024 year-end. As of December 31, 2025, over $91 million remained on the latest buyback authorization.

Share Issuance

• Marqeta went public in June 2021, which involved a significant issuance of shares.
• The company operates an Employee Stock Purchase Plan (ESPP) which reserves shares for issuance. The number of shares reserved automatically increases each January 1 by the lesser of 12,000,000 shares or 1% of the total Class A and Class B common stock outstanding on the immediately preceding December 31.

Outbound Investments

• In August 2025 (initially announced in February 2025), Marqeta completed the acquisition of TransactPay, a BIN Sponsorship provider. This acquisition was aimed at strengthening Marqeta's card program management capabilities in the UK and European Economic Area.
• In early 2023, Marqeta acquired the credit card program management platform Power Finance for $275 million in cash. This marked the company's first acquisition and integrated a rewards engine and tools to embed credit products.

Capital Expenditures

• Marqeta's capital expenditures were $4.91 million in 2025, $2.32 million in 2024, $2.74 million in 2023, $2.38 million in 2022, and $4.91 million in 2021.
• In Q4 2025, capital expenditures were -$157K, reflecting a decrease from the prior quarter.
• The primary focus of these capital expenditures is generally on long-term assets and infrastructure.