Marqeta’s earnings shows a massive jump in revenue, driven by customer growth

Marqeta’s earnings shows a massive jump in revenue, driven by customer growth

Marqeta, a leading, global modern card issuing platform with a strong presence in Australia, has issued its first earnings report showing net revenue of USD$122 million (A$165 million), up 76% year-over-year, with 76% growth in total processing volume and a 70% increase in gross profit.

Marqeta’s just-announced financial results are for the second quarter ended June 30, 2021. 

“Our strong Q2 results and continued growth is a direct result of our commitment to our customers, including in the Buy Now, Pay Later space where we saw net revenue grow more than 300% compared to the same quarter last year,” said Jason Gardner, Founder and CEO of Marqeta.

“We’re proud to power many of the leading global BNPL companies on Marqeta’s platform, including Australian-founded Afterpay and Zip.

“Marqeta’s continued growth in Australia and New Zealand will help existing customers reach this important market and launch new customers as demand for modern card issuing continues to increase throughout the world,” Gardner said.

Marqeta reported net revenue was USD$122 million, with total processing volume (TPV) of USD$26.5 billion, both increases of 76% from the same quarter of 2020. The company saw gross profit of USD$47 million during the quarter, up 70% from the same quarter of 2020. Marqeta reported a GAAP net loss of USD$68.6 million and Adjusted EBITDA of USD$(10.6) million for the quarter ended June 30, 2021.

“Our earnings demonstrate an enormous appetite for modern card issuing, demand across diverse industries and rapid growth with our customers,” Gardner concluded.