Marqeta crosses $109 billion TPV as BNPL drives embedded finance scale
Marqeta Inc. reported fourth-quarter 2025 total processing volume of $109 billion, crossing the $100 billion quarterly threshold for the first time as buy now, pay later and embedded finance programs accelerated among enterprise clients. Net revenue climbed 27% year-over-year to $171 million, underscoring growing demand for card-issuing infrastructure that integrates lending into consumer platforms.
Overview
On Feb. 24, 2026, CEO Mike Milotich disclosed that growth came primarily from existing customers expanding program deployment. The financial services vertical grew over 30%, while on-demand delivery reached double-digit expansion. Notably, 14 of Marqeta’s top 15 customers added new programs within the past two years. Full-year TPV reached $383 billion, up 31% from 2024.
The platform processes card transactions for BNPL providers and brands embedding payment credentials into consumer experiences. Milotich emphasized the strategic shift toward fewer but larger enterprise deals.
Core facts
“There are fewer deals, but they’re much more substantial in size. And they’re customers who already have a user base and a brand.”
— Mike Milotich, CEO at Marqeta
Analysis: This signals Marqeta is prioritizing platform stickiness over customer acquisition volume, betting on revenue durability through deeper enterprise integration.
Milotich also highlighted lending’s role in retention:
“When you shift from a virtual card credential to a consumer credential, that’s going to be a much more sticky relationship.”
— Mike Milotich, CEO at Marqeta
Analysis: Consumer-facing credentials tied to BNPL create repeat engagement, contrasting with single-use virtual cards that offer limited lock-in.
Why this matters
Marqeta’s performance reveals embedded finance is transitioning from fintech experimentation to enterprise core infrastructure. For MENA markets—where Dubai and Riyadh ecosystems are scaling digital payments under Vision 2030 and D33 frameworks—this validates the embedded finance model as commercially viable at billion-dollar scale.
Regional BNPL adoption mirrors global trends. UAE and Saudi players can study Marqeta’s enterprise focus: prioritizing established brands with existing user bases over greenfield partnerships reduces go-to-market risk while accelerating TPV growth.
However, Marqeta’s 2026 guidance indicates moderated gross profit growth due to customer contract renewals at lower pricing. This warns MENA platforms that early-stage premium pricing may compress as clients mature and negotiate economies of scale.
What’s next
What to watch next: Monitor whether Gulf fintechs shift from acquiring SMB merchants toward embedding finance into e-commerce platforms and digital wallets—replicating Marqeta’s enterprise playbook.
Conclusion
Marqeta’s trajectory confirms embedded finance is no longer adjacent to payments—it is the evolution itself. MENA fintech hubs now have a scaled blueprint for integrating issuing infrastructure into regional champions, from telcos to retail super-apps.
Sources: PYMNTS, Marqeta Investor Relations
