Marqeta Inc. outlined its growth trajectory on Wednesday at the Goldman Sachs Communacopia + Technology Conference, saying the bulk of near-term headwinds from two large customer renewals and a block-contract tier step-down — together weighing about 6 percentage points on gross-profit growth — are expected to lap in 2025.
Chief Executive Officer Mike Milotich said quarterly total payment volume stands at approximately $120 billion, with volume growth holding north of 30% for each of the past four quarters. The company's current run-rate volume across all products and geographies exceeds $450 billion, and it estimates it holds roughly 2% market share in issuer processing across the more than 40 active markets where it operates.
Revenue is projected to grow in the low double digits — between 10% and 12% — for the full year, or mid- to high-teens after removing discrete items, Milotich said. Average deal size rose more than 90% year-over-year in the second quarter, he added.
Customer dynamics have shifted away from the concentration risk posed by Block, which owns Cash App, Square and Afterpay. Block renewed its contract in mid-2023 with a 40% price reduction and multiple price tiers extending beyond 2028, a move that is factored into the current gross-profit outlook. New issuance from Cash App began at a small level in June, stepped up in July, but is expected to reach essentially zero by year-end on the Marqeta platform. Marqeta remains the primary and sole processor for Cash App, Square and Afterpay.
Meanwhile, the company said six of its top 10 customers by gross profit are growing volume by more than 50%, and 12 of its top 15 customers operate in more than one country. Its top 15 customers launched over 30 new programs across 2024 and 2025, and Marqeta signed three Fortune 500 customers over the past year.
International volume grew more than 40%, now accounting for roughly one-fifth of total TPV. That expansion followed the acquisition of TransactPay a year ago, which extended Marqeta's capabilities into Europe and enabled unified operations across its 40-plus-country footprint. Milotich cited Expensify as a client expanding from the U.S. into Europe using the broader platform.
On the product side, Flexible Credential accounts for more than half of Marqeta's buy-now-pay-later volume, which is shifting from merchant checkout flows to consumer cards accepted wherever Visa or Mastercard are taken. Expense management is growing more than 50%, driven by market-share gains and geographic expansion.
Looking ahead, Marqeta plans to launch three credit programs over the coming quarters: an international airline consumer revolving co-brand product, a Mastercard MTN secured card tied to BNPL, and a commercial expense-management program featuring a managed-service model. The company also announced partnerships with Zero Hash and BVNK for stablecoin infrastructure and participates in the Open USD standard, building on existing crypto-card relationships with Coinbase and Bitpanda.
Shares were trading at $15.91, down $0.35 or 2.15% at market close, with a P/E ratio above 168.
