By Dhirendra Tripathi
Investing.com – Marqeta Inc. (NASDAQ:MQ) stock gained 5% Thursday after the card-issuing platform said current quarter net revenue will grow 48-50% after annual total processing volume for the year crossed $100 billion for the first time.
The company’s outlook indicates little let-up in the payments business which boomed in the pandemic as people took to online shopping and ordering like never before.
Total processing volume climbed 85% to $111 billion in 2021 while rising 76% in the December quarter to $33 billion.
The company, which counts Uber (NYSE:UBER) and DoorDash (NYSE:DASH) as clients, grew its fourth quarter revenue 76% to $155 million. The company attributed this to higher TPV from existing large customers and continued growth in TPV from both its digital banking and buy-now-pay-later customers.
Last month, the company tied up with Plaid to enable customers to securely authenticate their bank accounts and fund their accounts to power more immediate spending.
Alongside its support for Klarna’s business in North America and Asia-Pacific, Marqeta expanded its partnership with Klarna into 13 new European markets.
Net loss widened more than two-and-a-half times to $37 million, owing to higher spend on technology and compensation to staff.