Marqeta’s journey to $100 billion in annual processing volume, and the next era of scale for our modern card issuing platform

By Randy Kern, Chief Technology Officer

As Marqeta’s chief technology officer, I’ve seen firsthand how businesses are challenged by the rapid growth in demand for both digital and physical card payments and their need for a card issuing platform that can provide modern levels of control and flexibility at scale.

For the past 12 years, Marqeta’s modern card issuing platform has provided the infrastructure needed to keep up with the growing demand for modern payments solutions. In 2021, we passed a major milestone, powering more than $110 billion in annual total processing volume (TPV). This is a 50x increase in total processing volume since 2017, proving the level of rapid scale and customer growth we’re able to support. This $100 billion annual TPV milestone, combined with our platform issuing more than 500 million cards to date, demonstrates our platform’s capability to support innovation at scale. We’ve become the bridge that brings modern technology together with massive scale. This enables disruptors like Coinbase, Block, and Klarna, to deliver exceptional payment experiences to the world. As we continue to invest in our platform capabilities for our customers, we’re opening the door to a new era of scale in modern card issuing.

We pride ourselves on empowering the world’s innovators and providing service to industry disruptors. For years, we’ve supported payments solutions for disruptive companies, including those in the Buy Now, Pay Later, and on-demand delivery markets. In 2021, we added the likes of Marcus by Goldman Sachs, Coinbase, Google Pay, Uber Freight, and Bill.com to our customer base[b], further showcasing the potential of the innovation available through our platform. Today, we’re seeing how Marqeta’s agility and scale are opening up new partnerships with some of the largest financial institutions in the world, including J.P. Morgan, and Citi. We announced our new partnership with Citi alongside our Q4 earnings, and are proud to be a trusted partner for such a storied name in financial services. Citi will use our tokenization-as-a-service solution across more than 40 markets globally.

We support large-scale card programs for fintechs, financial institutions, and major tech companies alike, and we’re fortunate to see these partnerships continue to grow. In Q4 of 2021, we showed off how we’ve supported our customers’ international growth and expanded our own international reach, underlining our ability to provide the essential infrastructure and expertise for our growing customer base:

  • Our single global platform enabled international scale for our global customers, including Square Card’s recent expansion into Canada with Marqeta, which made it available for Square sellers across the country.
  • We’ve supported the continued growth of Klarna’s business in North America and APAC, expanding our partnership with the Buy Now, Pay Later company in 13 new European markets.
  • We continue to grow our global footprint and announced our new platform certifications in Singapore, Thailand, and the Philippines, enabling our platform to transact in 39 countries internationally.

Marqeta has the scope and expertise to empower innovation on a global scale. Today’s digital-first consumer requires personalized and unique cardholder experiences, and we work alongside our customers to make this happen every day. It’s been incredible to see the power of our platform and our ability to differentiate ourselves in the market as a trusted partner for some of today’s largest enterprise card programs.

Read more about our platform scalability and Q4 earnings here.

Thank you,
Randy Kern, Chief Technology Officer