OAKLAND, Calif. - Marqeta Inc. (NASDAQ: MQ), a leading card issuing platform, has achieved a new operational milestone by processing over $1 billion in volume in a single day. This achievement underscores the company's growth trajectory and comes on the heels of its recent earnings report where Marqeta disclosed surpassing $200 billion in total processing volume (TPV) for the full year of 2023.
The company's success is attributed to its scalable modern platform, which has been instrumental in supporting the expansion of its customer base. Marqeta's CEO, Simon Khalaf, noted the platform's robustness and its ability to meet the growing market demands for embedded financial products.
"This milestone showcases the remarkable strength of our platform and steadfast ability to expand with our customers and help them grow," Khalaf said.
In 2023, Marqeta expanded its credit card platform to cater to both consumer and commercial needs, offering full-scale processing and program management capabilities. Furthermore, the company has outlined its path to profitability, which includes renewing the majority of its customer volume and optimizing operational efficiency.
Marqeta's platform is designed to enable customers to create customized payment experiences through its open API architecture, which offers flexibility and speed in developing new financial products. The company operates globally and is certified in over 40 countries, with its headquarters in Oakland, California.
It is important to note that the information provided is based on a press release statement and contains forward-looking statements that involve risks and uncertainties. These statements are not guarantees of future performance, and actual results may differ materially. Marqeta has cautioned that changes in business, market, financial, political, and legal conditions could impact its performance.
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