Marqeta (MQ)
Open API platform powering debit, prepaid, and credit card programs for Cash App, DoorDash, and Affirm.
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An API platform for issuing debit, prepaid, and credit card programs to fintechs, neobanks, and marketplace businesses, active across more than 40 countries. Block, Inc. — the platform's largest customer — accounts for most of net revenue under a contract expiring in June 2028.
Founded in 2010, the platform lets companies issue debit, virtual, or prepaid cards through open APIs — without separately negotiating with card networks, a sponsoring bank, or a card manufacturer. Its Just-in-Time Funding technology authorizes each transaction against the real-time order amount and merchant identity, enabling fraud controls that legacy processors cannot replicate.
Card programs serve fintechs, neobanks, on-demand delivery platforms, and B2B spend-management companies across more than 40 countries. Revenue is concentrated in the United States; the 2025 acquisition of TransactPay — a UK- and EEA-licensed e-money institution — brings European issuing capability in-house. A 2023 credit-card program management acquisition extended the platform from debit into commercial and consumer credit programs.
Block, Inc. — operator of Cash App and Square — accounts for most of the platform's net revenue under a contract expiring in June 2028.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 2, 2026 | Deutsche Bank | Reiterate | Rating: —Target: $4 | Target: $18 |
| May 6, 2026 | UBS | Reiterate | Rating: —Target: — | Target: $4.75 |
| Feb 25, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $15 | Target: $5 |
| Jan 8, 2026 | Mizuho Securities | Target | Target: $10 | Target: $4.50 |
| Jan 8, 2026 | Wolfe Research | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $700.9K · Total debt $6.7K · Total assets $1.4M · Shareholders' equity $715.6K
- Revenue
- $176.0M
- Operating income
- $3.6M
- Net income
- $7.6M
No dividends on record.
| Institutions | 50.63% | 52.71M shares | |
|---|---|---|---|
| 198 holders · as of Jun 30, 2026 | |||
| Insiders | 1.19% | 1.24M shares | |
| 14 holders · as of Sep 16, 2026 | |||
| Other | 48.18% | 50.16M shares | |
| remainder | |||
104.10M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Dimensional Fund Advisors LPInstitution | 7.49% | 7.80M | filed Jul 14, 2026 |
BlackRock, Inc.Institution | 6.59% | 27.46M A | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.22% | 17.58M A | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.00% | 16.67M A | as of Jun 30, 2026 |
Wellington Management Group LLPInstitution | 3.34% | 13.89M A | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 16, 2026 | Martha Cummings | director | −713 | $16.01 |
| Sep 15, 2026 | Crystal Sumner | officer: See Remarks | −1,250 | $16.39 |
| Sep 1, 2026 | Crystal Sumner | officer: See Remarks | −1,250 | $16.27 |
| Aug 14, 2026 | Martha Cummings | director | −713 | $16.47 |
| Jul 15, 2026 | Martha Cummings | director | −713 | $16.22 |
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Legacy payments incumbent with card-issuing, prepaid, and embedded-finance arms.
- SoFi
Owns Galileo, an API-first card-issuing and BaaS platform serving fintechs
- Visa
Global card network with Visa DPS competing at the debit issuer-processor layer
- Pathward Financial
Sponsor bank and BaaS platform offering card issuing and fintech infrastructure.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Marqeta | $15.96 | +2.34% | $1.52B | 160.4 | 43.6 | 2.3 | +17.0% |
| FIS | $34.99 | −0.57% | $18.19B | 5.4 | 5.4 | 1.5 | +29.1% |
| Fiserv | $46.42 | −0.11% | $24.78B | 8.9 | 6.3 | 1.2 | −10.0% |
| SoFi | $17.13 | +0.91% | $21.77B | 35.4 | 23.4 | 3.9 | +41.0% |
| Visa | $362.84 | −1.92% | $690.71B | 31.5 | 25.1 | 15.5 | +14.4% |
| Pathward Financial | $75.04 | −1.13% | $1.60B | 9.5 | 8.0 | 2.0 | −3.1% |
| Median | 9.5 | 8.0 | 2.0 | +14.4% |