The news: Marqeta’s total processing volume (TPV) hit $91 billion in Q2, a 29% YoY increase.

Net revenues clocked in at $150 million, a 20% increase YoY. Gross profit rose 31% YoY to $104 million, up from $74 million in Q2 2024.

Drivers of momentum: CEO Mike Milotich broke down elements of this quarter’s success during the earnings call.

• Klarna. Marqeta enabled the KlarnaOne Card’s launch in Europe. The debit card lets consumers use BNPL anywhere that takes card payments through its partnership with Visa Flexible Credential. 
• Expense management. In the earnings call, CEO Mike Milotich said that BNPL’s total book value (TBV) was up over 30% and accounted for the majority of Marqeta’s TPV growth.
• TransactPay acquisition. Marqeta acquired the company after a long-term partnership to expand its reach in Europe.
• Perpay and Bitpanda. With its Visa Flexible Credential partnership, Marqeta will let cardholders pay with cryptocurrency—a sector with growing promise.

Our take: Marqeta’s success with buy now, pay later could help it finally wean off its dependence on Block, which still accounts for 46% of its business.

With planned expansions into Europe, Marqeta has the opportunity to put more distance between itself and its competitors by leaning into solutions for alternate financing and currencies, like BNPL and crypto.

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