EXECUTIVE INSIGHT
“Marqeta supports both fintech and non-fintech companies with various contexts of card being issued ”
MARCIN GLOGOWSKI , SVP , MANAGING DIRECTOR FOR EUROPE AND UK CEO , MARQETA
Q . HOW IS MARQETA INNOVATING IN TRADITIONAL SECTORS LIKE INSURANCE ? Take insurance as an example . With everything that Apple did , allowing the repair tech stack to be used outside of their own app , we built a provisioning system allowing insurers to instantly issue cards for claim payments that is faster and more convenient for the user .
Instead of being a cost element of the bank payout , it becomes part of the revenue equation through card interchange . It ’ s fascinating that even in less visionary spaces , there is so much potential to improve both the user experience and operational efficiency of traditional players through the card context .
MARQETA IN NUMBERS
Marqeta reported a significant increase in total processing volume , reaching US $ 54bn in the second quarter of 2023 , marking a 33 % year-over-year growth . The company ’ s net revenue also grew by 24 % to US $ 231m in the same period .
In 2023 , Marqeta acquired Power Finance for US $ 275m in an all-cash deal , marking its first acquisition . This move aims to expand and accelerate the capabilities offered in Marqeta ’ s credit product .
Marqeta extended its partnership with Block ( formerly Square ) for four years until
2027 , continuing to power Block ’ s mobile money transfer app Cash App . This extension coincided with a 25 % spike in revenues .
The company expanded its European footprint by opening a new office in Warsaw , Poland , to support the expansion of its card program management services in the European market .
Marqeta announced a global expansion of its partnership with Uber Eats into eight new markets , showcasing the global reach of Marqeta ’ s platform and its ongoing collaboration with Uber .
40 December 2024