Marqeta (NASDAQ: MQ) has been pushing the boundaries of modern payment processing for some time and since the companies public trading debut in June, the company has seen various degrees of growth – outlined in yesterday’s Q321 earnings report.
Revenue during Q3 rose 56% to around $131.5M alongside a 67% year-on-year jump in gross profit to $59M. The rise illuminated that Marqeta has found firm foundations in the payment market, but it is also indicative of a much wider emerging trend in digital finance, as paperless banking becomes more and more popular and cryptocurrency continues to weave its way into the everyday limelight as a legitimate modern currency.
The quarterly report also shined a light on Marqeta’s ballooning customer base, which has seen European users double since September, with transactions in this region up 340% as key figures like Google Pay and Uber join the Marqeta party.
Jason Gardner, Marqeta Founder & CEO, notes the changing digital landscape:
“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”
Adding…
“We see our third-quarter results as yet another proof point of the tremendous progress and the impact we are already having in global money movement, and we are only scratching the surface when it comes to the many ways Marqeta enables modern card issuing”
As the face of global finance becomes more receptive to critical breakthroughs in technology, companies like Marqeta will be front and center stage in the world of revolutionized, digital finance. Fintech companies that accommodate crypto are hence feeling the warm rewards of a changing economic atmosphere – the introduction of crypto-reward products welcomed a wave of investors in October.
MQ gains have slowed following the Wednesday market open, with gains of 10% and dropping. The outlook remains positive for Marqeta as long as the market remains in line with emerging trends.
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