Marqeta stock soars 15% as Q3 results show doubling of European customers
Crypto and buy now, pay later customers helped lift Marqeta's transactions to a record high.
Following its strong stock market debut in June that saw the business raise $1.2bn for growth, Marqeta last night delivered an equally impressive set of third quarter earnings.
Revenues during the period leapt 56 per cent to $131.5m while its gross profit jumped 67 per cent to $59m year-on-year.
As one of the leading payment platforms, Marqeta has seen its business transformed by the pandemic as the race to digital finance was dramatically accelerated.
“Modern card issuing is at the heart of today’s digital economy, and our third quarter results put that on display, both with the growth we’re seeing, and the way our platform is bringing to life unique new payments use cases for an incredible array of innovators,” said Jason Gardner, founder and CEO of Marqeta.
Since September Marqeta says its European customer base has doubled, and transactions in this region are up 340 per cent helped by customers like Google Pay, JP Morgan, Uber, and Square
The fintech said its customers in crypto like Coinbase and buy now, pay later like Figure Pay, in particular, are driving transaction growth to a record high.
News of the results sent Marqeta’s stock soaring up to 18 per cent in after-hours trading and is set to open up 15 per cent later today at around $28 a share.
While that’s around where the stock listed at in June, its significantly above the $22-23 which Marqeta has hovered at in recent months.
Marqeta’s Q3 net losses did reach $45.7m, a 272 per cent year-on-year rise, however, this was largely as expected and resulted from the businesses growing investment in its staff and technology.