As one of the highest profile listed fintechs, Marqeta has also not escaped the tumultuous market conditions in 2022, seeing its share price fall by nearly two-thirds since its peak in its first year as a public company.
The long-term CEO and founder of card issuer and payments fintech Marqeta Jason Gardner will step down following the hunt for a successor.
Gardener (pictured), will assume the role of executive chairman following the appointment of a new CEO.
Marqeta was one of the most high profile initial public offerings in the fintech space last year, entering into private markets in June of 2021. It saw its market capitalisation hit $17bn at its peak but has been hit hard in the past nine months of market turmoil with its market cap now $6bn, a nearly two-thirds fall.
Despite the falls, the business is still growing strongly. In the second quarter of 2022, it clocked up net revenue of $187m in the second quarter of 2022, up 53 per cent year on year. This was prompted by a 53 per cent growth in total processing volume and a 66 per cent increase in gross profit to $78m. However, this also translated into an adjusted EBITDA loss of $10m for the period.
“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.
Marqeta, founded in 2010, operates card issuing for a number of well known tech and fintech companies including Square, Uber, Affirm in the US as well as handling CapitalOnTap’s credit card rollout in Spain and Tymit’s credit card launch in the UK.
Its recent successes include a partnership with Western Union in Europe, that saw an integration of its multi-currency digital wallet and digital banking platform allowing Western Union’s full remittance service to be offered online, with funds disbursed to a physical or virtual debit card.