Credit Platform Expansion Boosts Marqueta’s Revenue

Card issuance platform Marqeta posted strong quarterly results, including a 53% increase in revenue and a slew of new business updates and expansions, a company report said.

“Marqeta’s platform continues to enable customers across multiple verticals to build cutting-edge payments products and serve as an accelerator for their growth. Our second quarter results reflect this breadth and depth as we again launched new products and acquired major new customers around the world,” said Jason Gardner, Founder and CEO of Marqeta.

The company had a total processing volume (TPV) of $40 billion and net revenue of $187 million for the second quarter of 2022, a 53% year-over-year increase.

Some of the new work the company has done recently included a partnership with Western Union in Europe, which will see Marqeta powering its real-time multi-currency digital wallet and digital banking platform. This platform will help deliver Western Union’s comprehensive online money transfer service, with funds paid out to a physical or virtual card.

Additionally, the company has significantly expanded its credit platform, including more than 40 credit APIs, which will help customers design, test and launch credit card experiences.

Marqeta touts this as a way to provide greater flexibility and control as opposed to traditional credit solutions.

Read more: Marketa expands its credit platform with 40 new APIs

PYMNTS wrote about the new APIs earlier this year, with the update seeing Marqeta also offering its customers a way to leverage the banking and program management capabilities of the First National Bank of Omaha (FNBO).

The Marqeta API will connect to FNBO’s decision engine and provide Marqeta customers with a new option to access instant credit decisions.

Marqeta CTO Randy Kern said this would hopefully alleviate the “time consuming and inflexible” ways credit card programs have been launched in recent days.

“We’ve brought the power of modern card issuance to the credit card market to deliver much-needed innovation and give our customers increased agility to meet rapidly changing consumer demands,” Kern said.

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