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Marqeta

Provider
BaaSCard IssuingSpend / AP

Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 67 companies across 3 categories.

marqeta.com ↗Also analysed as a company — its own stack →Open Banking Tracker profile ↗
CategoriesBaaS, Card Issuing, Spend / AP
Rank#1 of 231 in Card Issuing
Buyers67 companies
HeadquartersOakland, California, USA
Founded2010
FoundersJason Gardner
Raised$528M+ (pre-IPO)
OwnerMarqeta (independent)
TickerNASDAQ:MQ
Market cap~$3B
IPO2021
Pre-IPO raised$535M

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Founders & story · from Marqeta’s own dossier

Founded 2010 as a prepaid card processor; pivoted into the modern open-API card issuing platform that powered the on-demand and BNPL eras (Square, DoorDash, Instacart, Affirm, Uber). IPO'd in 2021 at $17B. More recently expanding beyond card issuing into accounts and money movement (Marqeta for Banking), embedded BNPL distribution (Marqeta Flex), and commercial credit — positioning as the embedded finance infrastructure layer for issuers, fintechs, and banks.

Latest round: IPO (June 2021, NASDAQ: MQ)
Recent developments
  • 2024Launched Marqeta Flex to embed BNPL options into payment apps and digital wallets source ↗
  • 2023Released Marqeta Docs AI (OpenAI-powered Gen AI question-answer tool for developer docs) source ↗
  • 2023-01-01Made $275 million investment bet on embedded finance source ↗
  • 2023-08-01Signed partnerships with Giftbit, Vivian, and Whistle for embedded finance products in employee benefits, healthcare, and loyalty source ↗
Acquisitions
TransactPay2025
Acquired UK/EU e-money and card-program-management firm TransactPay for ~$47M to strengthen card program management in Europe.
Power Finance2023
Completed its first-ever acquisition, buying credit-card program-management platform Power Finance (~$223M) to bolster credit issuing.
Full dossier: Marqeta’s own stack, layer by layer →
Ownership
Part of Marqeta (independent).
In the press
Coverage of Marqeta sourced from Embedded Finance Review, Rebank. All articles are © their original authors; click any card to open the source.
◇ article2026-07-23
Expensify launches its card in Europe, with Marqeta as both processor and issuer
Expensify launches its Visa Commercial Card in the UK and Europe, built entirely on Marqeta, with credit that cannot roll over past month-end.
Source · Embedded Finance Review ↗
🎙 interview2025-06-03
Lessons Learned from 10 Years in Embedded Finance, with Luke Voiles
Luke Voiles on building embedded lending from modular infrastructure — what to buy, what to build, and how the stack changes market by market.
Luke Voiles · CEO, Pipe
“When we launched Square Debit in the UK, even with Marqeta as a global partner, it took 12 months. But now there are modern card issuers who can launch in 40 or 50 geos.”
Source · Rebank ↗
◇ article2025-02-26
Vistra's Global Banking Launch & Marqeta's Strategic Acquisition
Discover how Vistra partners with Airwallex to launch global banking services, Marqeta strengthens its European presence through TransactPay acquisition, and Travelnest optimizes payment flows for property owners. Plus, upcoming embedded finance events in Berlin and London.
Source · Embedded Finance Review ↗
◇ article2025-02-26
Marqeta acquires TransactPay - why is this a big step?
Marqeta acquires e-money institution TransactPay to offer complete card issuing in EU and UK without separate BIN sponsors. Why this consolidation changes European embedded payments.
Source · Embedded Finance Review ↗
Who uses Marqeta
67 companies disclose Marqeta in their stack
Google ExecutiveVaroSdk FinanceShakepaySwipeSwiss4TradingUberWestern UnionP.F.C.SezzleUber Pro Card+55 more
Buyer mix · 67 of 67 classified
Fintech / Neobank · 7Infrastructure / BaaS · 7Fintech / Consumer banking · 6Fintech / Lending · 6Infrastructure / Payments · 4Bank / National · 3Fintech / Cross-border payments · 3Fintech / SMB banking · 3
US · 37EU · 18UK · 8Canada · 1APAC · 1
What the disclosures say
Google Executive
“BusinessWire July 2021: 'Marqeta To Power Virtual Google Pay Balance Card' — Marqeta's modern card issuing platform powers the tokenized virtual card that gives Google Pay users a way to spend their Google Pay balance at online merchants and in stores.”
Varo
“Marqeta signed as exclusive issuer processor per August 2024 press release.”
Sdk Finance
“sdk.finance/integrations/marqeta/ documents Marqeta integration for virtual, physical, and tokenized card issuance. ibsintelligence.com/ibsi-news/sdk-finance-partners-with-marqeta-for-seamless-card-issuing/ confirms the partnership. sdk.finance homepage lists embedded wallets and IBAN-ready accounts.”
Shakepay
“Marqeta partnership confirmed via Marqeta's own blog (marqeta.com/blog/marqeta-partners-with-shakepay) AND ibsintelligence known_customer listing.”
Swipe
“ibsintelligence.com publicly lists Swipe as a Marqeta customer: 'Swipe partners with Marqeta and launches LendFi'. swipe.io/terms.html references 'third party card issuing' as a product.”
Swiss4
“Marqeta press release (July 2, 2024): 'Marqeta Announces New Customer Swiss4, Powering Its Premium Financial Services Offering.' Swiss4 uses Marqeta's platform for real-time, personalised digital payment services and card issuing.”
The complete buyer list and each company’s full embedded-finance stack are in the Embedded Finance Index report. Represent Marqeta? Claim this profile above to unlock your own full list.
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What Marqeta runs on · from its own dossier
The third-party providers Marqeta itself discloses, layer by layer — the vendor as a buyer. Distinct from the companies above that disclose Marqeta.
Card Network
VisaMastercardDiscover
Crypto / Stablecoin
Zero HashBVNK
Crypto Custody
Zero HashBVNK
Open Banking
Plaid
Full dossier with evidence for each layer →
Alternatives to Marqeta

Other Card Issuing providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.

Stripe Issuing32 buyers →Enfuce26 buyers →Paymentology25 buyers →Galileo21 buyers →Sutton Bank21 buyers →Pliant20 buyers →i2c18 buyers →Lithic15 buyers →
Share this rank

An embeddable badge for Marqeta’s own site — it always shows this page’s current rank, so it stays accurate as new disclosures land. States its own denominator; never claims a number this page doesn’t.

Ranked #1 of 231 in Card Issuing — Embedded Finance Index 2026
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Marqeta — frequently asked

Which companies use Marqeta?

67 companies disclose Marqeta in their stack in the Embedded Finance Index 2026, including Google Executive, Varo, Sdk Finance, Shakepay, Swipe, Swiss4, Trading, Uber, Western Union, P.F.C. and 2 others.

What does Marqeta do?

Marqeta is an embedded-finance provider in BaaS, Card Issuing and Spend / AP. It ranks #1 of 231 Card Issuing providers by disclosed buyers.

Who owns Marqeta?

Marqeta is part of Marqeta (independent).

Is Marqeta publicly traded?

Yes. Marqeta trades as NASDAQ:MQ, listed since 2021.

What are the alternatives to Marqeta?

The most-disclosed Card Issuing alternatives to Marqeta are Stripe Issuing (32 buyers), Enfuce (26 buyers), Paymentology (25 buyers), Galileo (21 buyers), Sutton Bank (21 buyers) and Pliant (20 buyers).

Who founded Marqeta?

Marqeta was founded by Jason Gardner and is founded in 2010, headquartered in Oakland, California, USA.

How much funding has Marqeta raised?

Marqeta has raised $528M+ (pre-IPO) in total.

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