Global card issuer Marqeta has agreed a four-year extension of its partnership with Block following a dramatic spike in its revenue (YoY).
Recently the organisation revealed that it had an increase in revenue by almost 25% year-over-year (YoY) for Q2 2023, and now it looks to capitalise on that momentum and continue its partnership with Block.
As part of the deal, the company will continue to power Block’s mobile money transfer app Cash App through to 2027 and has also added a new partnership branching into Brazil with banking-as-a-service platform Fitbank.
Marqeta CEO Simon Khalaf said: “In the second quarter, we grew our business to ever-increasing levels of scale, exceeded our sales bookings goals again and reduced our cost structure.
“Our execution has been strong, including accelerating our go-to-market motion, enhancing our product offering, and extending our partnership with Cash App. I firmly believe Marqeta is well positioned to capitalise on the fast-growing embedded finance market.”
Block will now also act as Marqeta’s BIN sponsor for customers looking to launch in the area in addition to itself being a customer.
Both deals coincide with the news that in the second quarter of 2023, Marqeta saw total processing volume reach $54bn with a net revenue of $231m, marking a 33 per cent and 24 per cent increase YoY, respectively.
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