Marqeta vs Highnote: Features, Coverage and Pricing Compared (2026)
Updated November 10, 2026 · Reviewed by Benjamin Margolis
Marqeta and Highnote both run card programs for companies that want their own branded cards. Marqeta is the public market leader, processing $382.5B in 2025 for clients such as Block's Cash App, Ramp, and DoorDash. Highnote is a younger US platform that pairs issuing with card acceptance and a shared ledger.
Our analysts compared the two on November 10, 2026, using each company's own product, pricing, and company pages and our full reviews of Marqeta and Highnote.
Choose Marqeta if
- your program already has real card volume and needs proven scale
- you want just-in-time funding to approve and fund each payment as it happens
- you need coverage beyond the US, with licenses in the UK and EEA
Choose Highnote if
- you want to issue and accept cards on one platform and one ledger
- you are a US software platform adding cards, credit, or bill pay for customers
- you want a posted card acceptance rate
Marqeta scores 74 and Highnote scores 77 in our ratings. Marqeta suits a scaled program that needs international reach and control over each payment. Highnote suits a US platform that wants issuing and acceptance from one vendor.
Key Features Compared
Marqeta vs Highnote at a Glance, November 2026
| Feature |  Marqeta |  Highnote |
|---|---|---|
| Ratings | ||
| Fintech Index score | 74 / 100 | 77 / 100Higher score |
| Overview | ||
| What it is | Public card issuing platform that issues and processes debit, prepaid, and credit cards through APIs | US card issuing and embedded payments platform with issuing, acquiring, credit, and a ledger on one API |
| Who uses it | Fintechs, lenders, and large brands, including Block's Cash App, Ramp, and DoorDash | Vertical software companies, B2B platforms, fintechs, and large brands |
| Main products | Debit, prepaid, and credit card issuing and processing, just-in-time funding, and program management | Debit, prepaid, credit, charge, and virtual card issuing; card acceptance since January 2025; a real-time ledger and money movement |
| Where it operates | Certified to operate in more than 40 countries; UK and EEA e-money licenses through TransactPay since July 2025More countries | United States |
| Products and features | ||
| Card acceptance (acquiring) | Issuing only | 2.85% plus 25 centsIssues and accepts |
| Just-in-time funding | Core feature | Not published |
| Pricing | ||
| How pricing works | Contract pricing based on volume and the services used | Issuing by custom quote; card acceptance at a posted 2.85% plus 25 cents |
| Published prices | Quote only | Card acceptance rate posted; issuing by quote |
| Technology and compliance | ||
| Licenses and regulation | UK and EEA e-money licenses through TransactPay; handles bank relationships, network approvals, KYC, AML, disputes, and chargebacks | Issuer processor and program manager working with partner banks; PCI-compliant stack and card data vault |
| Developer tools | Open APIs, a sandbox, and just-in-time funding controls | GraphQL API, SDKs, webhooks, an API explorer, and a dashboard that can simulate any flow |
| Integrations and partners | Card networks and sponsor banks, with large clients such as Cash App, Ramp, and DoorDash | Plaid for bank linking; ACH, wires, RTP, FedNow, push to card, and stablecoins |
| Onboarding and support | Sales-led onboarding built for programs with real volume; Ramp reached its first transaction in under 70 days | Program management and a servicing dashboard for card operations |
| Company | ||
| Founded | 2010 | 2020 |
| Headquarters | Oakland, California | San Francisco, California |
| Ownership | Public (Nasdaq: MQ) | Private |
| Funding | Publicly traded since 2021 | ~$170M, including a Series B led by Adams Street Partners in January 2025 at a valuation above $750M |
| Key leader | Mike Milotich | John MacIlwaine |
| Scale | $382.5B total processing volume and $624.9M net revenue in 2025Larger volume | On the Forbes Fintech 50 two years running |
Fintech Index Scores Compared
We rate every company on eight criteria from 0 to 100, four tied to what buyers in its sector need and four shared by every company, and the rating is their average. Marqeta scores 74 and Highnote scores 77.
Criterion Scores Out of 100
Key Differences Between Marqeta and Highnote
Scale and Track Record
Marqeta has issued cards since 2010 and processed $382.5B in 2025, up 31%, on net revenue of $624.9M. Its clients include Block's Cash App, its largest, along with Ramp and DoorDash. Highnote was founded in 2020 and does not publish volume figures, though it has been on the Forbes Fintech 50 two years running.
Product Scope
Marqeta is an issuing platform. It handles debit, prepaid, and credit cards and can take on compliance work such as KYC, disputes, and chargebacks. Highnote covers issuing and, since January 2025, card acceptance, along with a real-time ledger and money movement over ACH, wires, RTP, FedNow, and stablecoins.
Geography
Marqeta says it is certified in more than 40 countries and bought TransactPay in July 2025 for UK and EEA e-money licenses. Highnote focuses on the United States, so a program planning to launch abroad soon will find more support at Marqeta.
Pricing
Marqeta publishes no prices and sets fees by volume and services. Highnote quotes issuing but posts its acceptance rate of 2.85% plus 25 cents.
Pros and Cons
Marqeta
Pros
- Largest scale in the group, with $382.5B of processing volume in 2025
- Just-in-time funding gives fine control over each payment
- Certified in more than 40 countries, with UK and EEA licenses since 2025
- Public company with audited financials
Cons
- No published prices
- Built for programs with volume, so small launches may find it heavy
- Block's Cash App is its largest client, a concentration risk
Highnote
Pros
- Issues and accepts cards on one platform and one ledger
- Posted card acceptance rate of 2.85% plus 25 cents
- GraphQL API with flow simulation before launch
- Broad money movement, including RTP, FedNow, and stablecoins
Cons
- Issuing is US-focused today
- No fixed self-serve price for issuing
- Younger company than older processors, founded in 2020
Who Each Is Best For
Marqeta
A fintech, lender, or brand with real card volume that wants to run its own card program through APIs and control how each payment is approved.
Highnote
A US software platform, fintech, or enterprise brand that wants card issuing, credit, and card acceptance from one vendor on one ledger.
Alternatives to Marqeta and Highnote
These companies, all reviewed and rated on The Fintech Index, cover some of the same ground as Marqeta and Highnote.
Other Card Issuing and Processing Companies
| Company | Score | Best for | Comparisons |
|---|---|---|---|
| Thredd | 74 | Card programs in the UK, Europe, and Asia-Pacific | Thredd vs Marqeta |
| SoFi Technology Solutions | 76 | Programs that want a proven US processor and a banking core | Marqeta vs SoFi Technology Solutions |
| Lithic | 79 | US card programs that want strong APIs and quick launches | Lithic vs Highnote Marqeta vs Lithic |
| i2c | 75 | Banks that want credit and debit processing on one platform | None yet |
| Paymentology | 76 | Multi-country card programs in emerging markets | None yet |
Frequently Asked Questions
Is Marqeta bigger than Highnote?
Yes. Marqeta is a public company that processed $382.5B in 2025. Highnote is a private company founded in 2020 that has raised ~$170M.
Can Highnote replace Marqeta?
For a US program, it can cover the same issuing products and adds card acceptance. Programs that rely on Marqeta's international licenses or its proven scale may want to stay.
Does Marqeta accept card payments for merchants?
No. Marqeta focuses on issuing. Highnote offers both issuing and card acceptance.
Which one publishes prices?
Marqeta publishes none. Highnote posts a card acceptance rate of 2.85% plus 25 cents and quotes issuing.
Sources
- The Fintech Index analysis of Marqeta and Highnote, conducted November 2026 (As of November 10, 2026)
- Marqeta, investor relations: https://investors.marqeta.com/ (As of November 10, 2026)
- Marqeta, company site: https://www.marqeta.com/ (As of November 10, 2026)
- Highnote, about page: https://highnote.com/about (As of November 10, 2026)
- Highnote, pricing page: https://highnote.com/pricing (As of November 10, 2026)
- Highnote, Series B announcement: https://highnote.com/blog/highnotes-dollar90m-series-b-and-expansion-into-us-merchant-acquiring-our-next-phase-of-innovation (As of November 10, 2026)
- Forbes, Highnote valuation report, January 21, 2025: https://www.forbes.com/sites/stephenpastis/2025/01/21/fintech-payments-startup-highnote-hits-750-million-plus-valuation/ (As of November 10, 2026)