The data: Marqeta’s total processing volume (TPV) hit $42 billion in Q3, growing 54% year over year (YoY) versus 60% YoY growth in the same period last year, per its earnings release. Revenues reached $192 million, increasing 46% YoY—slightly slower than Q3 2021’s 56% YoY growth.
How we got here: Marqeta’s performance depends heavily on how well its clients do. And 20 out of Marqeta’s top 30 clients grew at least 40% during Q3—which helped fuel strong revenue growth, CFO Mike Milotich said on the company’s earnings call. CEO Jason Gardner also highlighted Marqeta’s strong customer relationships in the buy now, pay later (BNPL); neobank; and expense management verticals.
What’s next? As economic uncertainty takes its toll and Block’s decision to renew hangs in the air, Marqeta is leaning heavily into product expansion and innovation to tighten client relationships and forge new ones.
And it's redoubling its commitment to embedded finance:
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