Marqeta Business Summary

Marqeta, Inc. operates a global modern card issuing platform that enables businesses to create, manage, and scale customized payment card programs through an API-first infrastructure. The company generates revenue primarily through transaction-based interchange fees tied to Total Processing Volume (TPV), supplemented by platform access fees and value-added services such as fraud monitoring and tokenization. Its business is segmented across high-growth verticals including financial services, on-demand delivery, buy now pay later (BNPL), and corporate expense management, with a strategic emphasis on diversifying revenue away from its primary customer, Block, Inc. Marqeta competes directly with modern processors such as Stripe Issuing and Adyen, as well as infrastructure providers like Galileo (SoFi) and Lithic, positioning itself as the premier high-scale, developer-centric solution for embedded finance. The company was founded by Jason Gardner, who currently serves as a director and Chairperson of the Payments Innovation Committee after leading the firm through its 2021 IPO. The leadership team is headed by CEO Mike Milotich, who assumed the role in September 2025 after serving as CFO and bringing extensive experience from senior roles at Visa and PayPal. In February 2026, Patti Kangwankij joined as CFO, leveraging her previous background as Head of Payments Finance at Stripe and Managing Director at JPMorgan Chase. Technical strategy is directed by CTO Randy Kern, formerly of Salesforce and Microsoft, while the board is chaired by Judson Linville, the former CEO of Global Cards at Citigroup. Notable institutional backing includes General Atlantic and Coatue Management, supporting Marqeta’s role as a foundational infrastructure provider for the digital economy.