Marqeta Deal Size Jumps 90% as Enterprise Push Gains Ground

CEO Mike Milotich said customers want a single platform spanning card issuing, money movement, embedded banking capabilities and fraud decisioning rather than stitching together multiple provider.

“Our momentum this quarter highlights three ways this differentiation is translating into growth,” Milotich said, pointing to multinational card issuing, a broader product suite that now includes stablecoin-backed card capabilities and growing traction with larger enterprise customers.

He noted that the average deal signed during the quarter increased more than 90% from a year earlier as Marqeta expands from serving high-growth FinTechs into winning larger embedded-finance programs with established enterprises.

Marqeta also detailed its expansion into stablecoin-backed card programs through partnerships with Zero Hash and BVNK, along with participation in the OpenUSD initiative.

“Our strategy here is straightforward,” Milotich told, analysts, which is “to make digital dollars spendable through the same trusted card rails our customers and users already utilize on a daily basis.”

Analysts pressed management on whether the initiative reflects actual customer demand or simply preparation for a future market.

Milotich said the answer is both.

“I would say there’s a lot of exploratory discussion,” he said, particularly among businesses making cross-border payouts and companies building multinational banking offerings. He also noted that Marqeta already has experience supporting crypto-backed cards through existing relationships with Coinbase in the United States and Panda in Europe.

BNPL Evolves Beyond Virtual Cards

Executives described current changes as an evolution in how buy now, pay later (BNPL) transactions are delivered.

The company said one major customer has shifted more spending toward flexible credential products while distributing some traditional single-use virtual card volume among multiple providers. Although that will slow reported growth, Milotich argued Marqeta retained the more strategic part of the business.

“If there’s a trade-off to be made, we feel like this is a good one,” he said, noting the company still expects lending, including BNPL, to grow more than 30% during the second half despite tougher comparisons. Flexible credentials, he said, are becoming the stickier, faster-growing product as BNPL providers expand beyond one-time virtual cards into longer-term payment relationships.

Management also said it is not seeing meaningful changes in consumer spending behavior, providing some reassurance that payment volumes remain fundamentally healthy heading into the second half of the year.

Looking Beyond Debit

The company is also focusing on  additional money movement capabilities beyond cards, integrating fraud decisioning with richer merchant data.

Milotich also outlined a longer-term vision for credit in which issuers match consumers with multiple financial products instead of rejecting applicants who fail to qualify for premium rewards cards.

“We’re talking to them about a much more holistic offering,” he said, describing a future where companies can steer applicants toward credit-builder products, BNPL options or revolving credit using a unified technology platform instead of separate systems. Because Marqeta supports debit, credit, commercial products and multinational issuing from a single technology stack, he argued the company can offer a broader portfolio than competitors focused on individual products.

Processing volume reached $120 billion, increasing 32%, marking the fourth consecutive quarter above 30% growth. At the same time, executives acknowledged that diversification of Cash App card issuance, changing BNPL transaction mix and tougher year-over-year comparisons will temper reported growth over the remainder of 2026. Shares were flat in after-hours trading.