Assessment
Marqeta is used by fintechs, lenders, and large brands that run their own card programs, such as Block's Cash App, Ramp, and DoorDash. It suits programs with real volume that need fine control over how each card payment is approved and funded. Marqeta does not publish prices, and its main competitors are Thredd, Galileo, Lithic, and Adyen.
Marqeta was founded in Oakland, California, in 2010 and trades on Nasdaq. Net revenue for 2025 was $624.9M, up 23%, on $382.5B of total processing volume, with a net loss of $13.9M. It bought TransactPay, which holds UK and EEA e-money licenses, in July 2025.
It fits a program in the US, or one that plans to grow across regions, that wants to own its card controls. It is a weaker fit for a small program that wants a vendor to run most of the work, or one that starts in the UK and Europe, where Thredd has longer local experience.
Rating by criterion
We score each of the eight criteria out of 100.
Sector criteria
Marqeta issues and processes debit, prepaid, and credit cards, and buying TransactPay in July 2025 added UK and EEA e-money licenses. Marqeta says it is certified to operate in more than 40 countries.
Open APIs, a sandbox, and just-in-time funding, where each card payment is funded as it is approved, are what Marqeta is known for.
Marqeta can handle bank relationships, card network approvals, and compliance work such as KYC, AML checks, disputes, and chargebacks.
Large customers include Block's Cash App, its biggest, as well as Ramp and DoorDash.
Vendor criteria
Total processing volume was $382.5B in 2025, up 31%, and net revenue grew 23% to $624.9M. The product has grown from prepaid and debit cards into credit and program management.
Ramp says it went from incorporation to its first card transaction in under 70 days on Marqeta. Onboarding goes through sales, and the platform is built for programs with real volume.
No prices are published. Fees depend on volume and the services used.
Contract terms are not public.
Against its peers
These are the other companies in payments and acquiring, with their ratings.
Fact file
| Exchange | Nasdaq: MQ |
|---|---|
| 2025 net revenue | $624.9M |
| 2025 total processing volume | $382.5B |
| 2025 net loss | $13.9M |
| Employees | 938 (December 31, 2025) |
| Acquisition | TransactPay, completed July 2025 |
Competitive landscape
Card-issuing platforms and processors a fintech or brand would compare with Marqeta.
Marqeta: 74
- Marqeta74
- Thredd74
- Tribe Payments71
- Change Financial67
- GalileoNot reviewed
- LithicNot reviewed
Comparisons
Key leadership
Mike Milotich has been chief executive since September 2025, after joining as chief financial officer in 2022. Patti Kangwankij became chief financial officer in February 2026.
How this review was created
This profile gives our own assessment of Marqeta to companies selecting a Payments & acquiring provider. The Fintech Index receives nothing for featuring a firm, for sponsorship, or for advertising, and Marqeta gave us no payment for the profile.
The rating equals the average of eight criteria, with every criterion running from 0 to 100. Four address buyer needs in this sector, and four address the company together with its commercial terms.
Ratings are our editorial judgment, made from public information: pricing and legal pages, product documentation, compliance disclosures, and filings. Fact-checking took place on October 27, 2026.