Card issuing platform Marqeta has reported good 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 many different verticals to build products on the cutting edge of payments, and serve as an accelerator for their growth. Our second quarter results are testament to that breadth and depth, as we again launched new products and bought on major new customers globally,” said Jason Gardner, Founder and CEO of Marqeta.
The company had a total processing volume (TPV) of $40 billion and a net revenue of $187 million for Q2 2022, both a 53% increase year-over-year.
Some of the new work the company did recently included a partnership with Western Union in Europe, which will see Marqeta powering their real-time, multi-currency digital wallet and digital banking platform. This platform will help offer Western Union’s full remittance service online, with the funds disbursed to a physical or virtual card.
In addition, the company had a big expansion to 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 offer greater flexibility and control as opposed to legacy credit solutions.
Read more: Marqeta Expands Credit Platform with 40 New APIs
PYMNTS wrote about the new APIs earlier this year, with the update seeing Marqeta also offering its clients a way to tap into the First National Bank of Omaha’s (FNBO) program management and banking capabilities.
The Marqeta API will connect to FNBO’s decisioning engine and give Marqeta clients a new option for access instant credit decisions.
Marqeta CTO Randy Kern said this would hopefully alleviate the “time-consuming and inflexible” ways credit card programs were launched in days past.
“We’ve brought the power of modern card issuing to the credit card market to bring much-needed innovation and give our customers increased agility to respond to rapidly changing consumer demands,” Kern said.
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