The global modern card issuing platform had $62
billion in fourth quarter total processing volume, up 33 percent
year-over-year, and generated $119 million in fourth quarter net
revenue.
The Company's annual total processing volume
was up 34 percent year-over-year to $222 billion, generating $676
million in annual revenue.
Marqeta, Inc. (NASDAQ: MQ), the global modern card
issuing platform, today reported financial results for the fourth
quarter and full year ended December 31, 2023.
Total processing volume (TPV) was $62 billion for the quarter,
representing a 33% year-over-year increase, and TPV was $222
billion for the full 2023 fiscal year, an annual increase of
34%.
Marqeta's Q4 earnings are the Company's second full quarter of
financial results reflecting its Cash App contract renewal
effective as of July 2023. Marqeta reported Q4 net revenue of $119
million, a 42% decrease in net revenue, which reflected a 59
percentage point negative growth impact due to the change in
revenue presentation resulting from the new Cash App contract. The
Company saw gross profit of $83 million during the quarter, down 4%
year-over-year, primarily due to the new pricing for Cash App. For
the full 2023 fiscal year, Marqeta reported net revenue of $676
million and gross profit of $330 million, representing an annual
decrease of 10%, and an increase of 3%, respectively.
For the quarter ended December 31, 2023, Marqeta reported a GAAP
net loss of $40 million and Adjusted EBITDA income of $3 million.
For the year ended December 31, 2023, the Company reported a GAAP
net loss of $223 million and an adjusted EBITDA loss of $2
million.
"2023 was transformative for Marqeta, as we enhanced our
platform with new credit card program management capabilities,
renewed the large majority of our processing volume to longer term
deals, and delivered on operating efficiency," said Simon Khalaf,
CEO at Marqeta. "We are entering 2024 with a best-in-class product
set, continued growth in Fintech, and exciting opportunities in
embedded finance."
Recent Business Updates:
- Following the launch of its revamped credit card platform in
October 2023, Marqeta announced its first credit deals showing
early traction for its new offerings across varying embedded
finance use cases, from travel and entertainment to professional
spend management:
- Internet Travel Solutions (ITS) is a leading provider of travel
management software and will utilize Marqeta’s comprehensive credit
card platform to launch a multi-use travel and expense (T&E)
commercial credit card for the mid-sized business market.
- Affinipay will use Marqeta to build a flexible and customized
credit offering, embedded directly into its platform. Affinipay’s
LawPay Visa SMB revolving credit card, powered by Marqeta, will be
the first comprehensive solution in the legal industry that helps
law firms pay, track and manage firm and client expenses.
Operating Highlights
In thousands, except percentages and
per share data. % change is calculated over the comparable
prior-year period (unaudited)
Three Months Ended
December 31,
%
Change
Twelve Months Ended
December 31,
%
Change
2023
2022
2023
2022
Financial metrics:
Net revenue
$
118,822
$
203,805
(42%)
$
676,171
$
748,206
(10%)
Gross profit
$
83,233
$
87,124
(4%)
$
329,514
$
320,001
3%
Gross margin
70
%
43
%
27 ppts
49
%
43
%
6 ppts
Total operating expenses
$
139,571
$
141,447
(1%)
$
612,529
$
529,809
16%
Net loss
$
(40,376
)
$
(26,326
)
53%
$
(222,962
)
$
(184,780
)
21%
Net loss margin
(34
%)
(13
%)
(21) ppts
(33
%)
(25
%)
(8) ppts
Net loss per share - basic and diluted
$
(0.08
)
$
(0.05
)
60%
$
(0.42
)
$
(0.34
)
24%
Key operating metric and Non-GAAP
financial measures:
Total Processing Volume (TPV) (in
millions) 1
$
61,979
$
46,704
33%
$
222,264
$
166,260
34%
Adjusted EBITDA 2
$
3,292
$
(7,488
)
(144%)
$
(2,290
)
$
(41,796
)
(95%)
Adjusted EBITDA margin 2
3.0
%
(3.7
%)
7 ppts
(0.3
%)
(5.6
%)
(6) ppts
Non-GAAP operating expenses 2
$
79,941
$
94,612
(16%)
$
331,804
$
361,797
(8%)
1 TPV represents the total dollar amount
of payments processed through our platform, net of returns and
chargebacks. We believe that TPV is a key indicator of the market
adoption of our platform, growth of our brand, growth of our
customers' businesses, and scale of our business.
2 See "Information Regarding Non-GAAP
Measures" for definitions of Adjusted EBITDA, Adjusted EBITDA
margin, and Non-GAAP operating expenses and the reconciliations of
the net loss to Adjusted EBITDA, and of the total operating
expenses to Non-GAAP operating expenses.
Fourth Quarter 2023 Financial
Results:
- TPV increased by 33% year-over-year, from $47 billion
for the quarter ended December 31, 2022, to $62 billion for the
quarter ended December 31, 2023.
- Net revenue of $119 million decreased by $85 million, or
(42%) year-over-year, primarily driven by the contract renewal with
Cash App, which allowed for reduced pricing and also resulted in a
change to the revenue presentation. The impact of fees owed to
Issuing Banks and Card Networks related to the Cash App primary
Card Network volume, which are netted against revenue earned from
the Cash App program within Net Revenue, was a reduction of $120
million, negatively impacting the growth rate by 59 percentage
points. Prior to the quarter ended June 30, 2023, these costs were
included within Cost of Revenue.
- Gross profit decreased by 4% year-over-year to $83
million from $87 million in the fourth quarter of 2022 primarily
due to reduced pricing from the Cash App renewal. Gross margin was
70% in the fourth quarter.
- Net loss increased by $14 million, or 53%,
year-over-year to $40 million, primarily driven by expenses related
to the Power Finance acquisition.
- Adjusted EBITDA in the fourth quarter of 2023 was an
income of $3 million, an increase of $11 million
year-over-year.
Full Year 2023 Financial
Results:
- TPV increased by 34% year-over-year, from $166 billion
in 2022, to $222 billion in 2023.
- Net revenue decreased by $72 million, or (10%)
year-over-year, primarily driven by the contract renewal with Cash
App, which allowed for reduced pricing and also resulted in a
change to the revenue presentation. The impact of fees owed to
Issuing Banks and Card Networks related to the Cash App primary
Card Network volume, which are netted against revenue earned from
the Cash App program within Net Revenue, was a reduction of $234
million, negatively impacting the growth rate by 31 percentage
points. In prior periods, these costs were included within Cost of
Revenue.
- Gross profit increased by $10 million, or 3%
year-over-year. Gross margin was 49% for the year ended December
31, 2023.
- Net loss increased by $38 million, or 21%,
year-over-year to $223 million, primarily driven by expenses
related to the Power Finance acquisition.
- Adjusted EBITDA for the year ended December 31, 2023 was
a loss of $2 million, a $40 million year-over-year
improvement.
Conference Call
Marqeta will host a live conference call today at 1:30 p.m.
Pacific time (4:30 p.m. Eastern time). To join the call, please
dial-in 10 minutes in advance: toll-free at 1-877-407-4018 or
direct at 1-201-689-8471. The conference call will also be
available live via webcast online at
http://investors.marqeta.com.
The telephone replay dial-in numbers are 1-844-512-2921 and
1-412-317-6671 and will be available until March 6, 2024, 8:59 p.m.
Pacific time (11:59 p.m. Eastern time). The confirmation code for
the replay is 13743460.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements expressed or implied in this press release include, but
are not limited to, statements relating to Marqeta’s quarterly
guidance; statements regarding Marqeta’s business plans, business
strategy and the continued success and growth of our customers;
statements and expectations regarding Marqeta's partnerships, new
product introductions, and product capabilities; statements and
expectations regarding growth and opportunities in the fintech
industry and embedded finance; and statements made by Marqeta’s
CEO. Actual results may differ materially from the expectations
contained in these statements due to risks and uncertainties,
including, but not limited to, the following: the effect of
uncertainties related to global economies, our business, results of
operations, financial condition, and demand for our platform; the
risk that Marqeta’s anticipated accounting treatment may be subject
to further changes or developments; the risk that Marqeta is unable
to further attract, retain, diversify, and expand its customer
base; the risk that Marqeta is unable to drive increased profitable
transactions on its platform; the risk that consumers and customers
will not perceive the benefits of Marqeta’s products, including
credit card issuing, as Marqeta expects; the risk that Marqeta's
platform does not operate as intended resulting in system outages;
the risk that Marqeta will not be able to achieve the cost
structure that Marqeta currently expects; the risk that Marqeta’s
solution will not achieve the expected market acceptance; the risk
that competition could reduce expected demand for Marqeta’s
services, including credit card issuing; the risk that changes in
the regulatory landscape could adversely affect Marqeta's
operations and revenues; the risk that Marqeta may be unable to
maintain relationships with Issuing Banks and Card Networks; the
risk that Marqeta is not able to identify and recognize the
anticipated benefits of any acquisition; the risk that Marqeta is
unable to successfully integrate any acquisition to businesses and
related operations; the risk of financial services and banking
sector instability and follow on effects to fintech companies; the
risk of general economic conditions in either domestic or
international markets, including inflation and recessionary fears,
conditions resulting from geopolitical uncertainty and instability
or war; and the risk that Marqeta may be subject to additional
risks due to its international business activities. Detailed
information about these risks and other factors that could
potentially affect Marqeta’s business, financial condition, and
results of operations are included in the “Risk Factors” disclosed
in Marqeta's Annual Report on Form 10-K for the year ended December
31, 2023, as such risk factors may be updated from time to time in
Marqeta’s periodic filings with the SEC, available at www.sec.gov
and Marqeta’s website at http://investors.marqeta.com.
The forward-looking statements in this press release are based
on information available to Marqeta as of the date hereof. Marqeta
disclaims any obligation to update any forward-looking statements,
except as required by law.
Disclosure Information
Investors and others should note that Marqeta announces material
financial information to its investors using its investor relations
website, SEC filings, press releases, public conference calls and
webcasts. Marqeta also uses social media to communicate with its
customers and the public about Marqeta, its products and services,
and other matters relating to its business and market. It is
possible that the information Marqeta posts on social media could
be deemed to be material information. Therefore, Marqeta encourages
investors, the media, and others interested in Marqeta to review
the information we post on social media channels including the
Marqeta X feed (@Marqeta), the Marqeta Instagram page
(@lifeatmarqeta), the Marqeta Facebook page, and the Marqeta
LinkedIn page. These social media channels may be updated from time
to time.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most
directly comparable financial results as determined in accordance
with GAAP are included at the end of this press release following
the accompanying financial data. For a description of these
non-GAAP financial measures, including the reasons management uses
each measure, please see the section of the tables titled
"Information Regarding Non-GAAP Financial Measures."
About Marqeta, Inc.
Marqeta’s modern card issuing platform empowers its customers to
create customized and innovative payment cards. Marqeta’s modern
architecture gives its customers the ability to build more
configurable and flexible payment experiences, accelerating
time-to-market and democratizing access to card issuing technology.
Marqeta’s open APIs provide instant access to highly scalable,
cloud-based payment infrastructure that enables customers to launch
and manage their own card programs, issue cards, and authorize and
settle payment transactions. Marqeta is headquartered in Oakland,
California and is certified to operate in more than 40 countries
globally.
Marqeta® is a registered trademark of Marqeta, Inc.
Marqeta, Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except share
and per share amounts)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net revenue
$
118,822
$
203,805
$
676,171
$
748,206
Costs of revenue
35,589
116,681
346,657
428,205
Gross profit
83,233
87,124
329,514
320,001
Operating expenses:
Compensation and benefits
109,203
110,991
499,595
415,094
Technology
13,938
14,401
55,612
52,361
Professional services
7,172
6,295
21,679
23,479
Occupancy
1,076
1,126
4,361
4,514
Depreciation and amortization
3,159
1,019
10,741
3,853
Marketing and advertising
1,219
1,862
2,566
3,995
Other operating expenses
3,804
5,753
17,975
26,513
Total operating expenses
139,571
141,447
612,529
529,809
Loss from operations
(56,338
)
(54,323
)
(283,015
)
(209,808
)
Other income, net
14,932
28,468
52,440
24,926
Loss before income tax expense
(41,406
)
(25,855
)
(230,575
)
(184,882
)
Income tax (benefit) expense
(1,030
)
471
(7,613
)
(102
)
Net loss
$
(40,376
)
$
(26,326
)
$
(222,962
)
$
(184,780
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.08
)
$
(0.05
)
$
(0.42
)
$
(0.34
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
522,330,627
544,752,220
532,540,175
545,397,254
Marqeta, Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
December 31,
2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents
$
980,972
$
1,183,846
Restricted cash
8,500
7,800
Short-term investments
268,724
440,858
Accounts receivable, net
19,540
15,569
Settlements receivable, net
29,922
18,028
Network incentives receivable
53,807
42,661
Prepaid expenses and other current
assets
27,233
38,007
Total current assets
1,388,698
1,746,769
Property and equipment, net
18,764
7,440
Operating lease right-of-use assets,
net
6,488
9,015
Intangibles
35,631
—
Goodwill
123,523
—
Other assets
16,587
7,122
Total assets
$
1,589,691
$
1,770,346
Liabilities and stockholders'
equity
Current liabilities
Accounts payable
$
1,420
$
3,798
Revenue share payable
173,645
142,194
Accrued expenses and other current
liabilities
161,514
136,887
Total current liabilities
336,579
282,879
Operating lease liabilities, net of
current portion
5,126
9,034
Other liabilities
4,591
5,477
Total liabilities
346,296
297,390
Stockholders' equity:
Preferred stock
—
—
Common stock
52
53
Additional paid-in capital
2,067,776
2,082,373
Accumulated other comprehensive income
(loss)
762
(7,237
)
Accumulated deficit
(825,195
)
(602,233
)
Total stockholders’ equity
1,243,395
1,472,956
Total liabilities and stockholders'
equity
$
1,589,691
$
1,770,346
Marqeta, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Year Ended December
31,
2023
2022
Cash flows from operating
activities:
Net loss
$
(222,962
)
$
(184,780
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
10,741
3,853
Share-based compensation expense
180,739
160,743
Non-cash operating leases expense
2,527
2,281
Non-cash postcombination compensation
expense
32,430
—
Amortization of premium on short-term
investments
(4,495
)
277
Gain on sale of equity method
investment
—
(17,889
)
Impairment of other financial
instruments
—
11,616
Other
736
649
Changes in operating assets and
liabilities:
Accounts receivable
(4,556
)
(2,577
)
Settlements receivable
(11,894
)
(6,762
)
Network incentives receivable
(11,146
)
(12,262
)
Prepaid expenses and other assets
7,900
(8,621
)
Accounts payable
(1,956
)
254
Revenue share payable
31,451
21,015
Accrued expenses and other liabilities
14,983
22,257
Operating lease liabilities
(3,394
)
(3,020
)
Net cash provided by (used in) operating
activities
21,104
(12,966
)
Cash flows from investing
activities:
Purchases of property and equipment
(762
)
(2,319
)
Capitalization of internal-use
software
(11,889
)
—
Business combination, net of cash
acquired
(135,777
)
—
Purchase of patents
—
(1,600
)
Purchases of short-term investments
(892,430
)
(70,495
)
Sales of short-term investments
577,934
—
Maturities of short-term investments
501,534
77,400
Realized gain/loss on investments
(94
)
—
Sale of equity method investment
—
25,732
Net cash provided by investing
activities
38,516
28,718
Cash flows from financing
activities:
Proceeds from exercise of stock options,
including early exercised stock options, net of repurchase of early
exercised unvested options
5,289
9,249
Payment of contingent consideration
(53,067
)
—
Proceeds from shares issued in connection
with employee stock purchase plan
3,066
4,762
Taxes paid related to net share settlement
of restricted stock units
(26,662
)
(15,362
)
Repurchase of common stock
(190,420
)
(78,136
)
Net cash used in financing activities
(261,794
)
(79,487
)
Decrease in cash, cash equivalents, and
restricted cash
(202,174
)
(63,735
)
Cash, cash equivalents, and restricted
cash - Beginning of period
1,191,646
1,255,381
Cash, cash equivalents, and restricted
cash - End of period
$
989,472
$
1,191,646
Marqeta, Inc.
Financial and Operating
Highlights
(in thousands, except per
share data or as noted)
(unaudited)
2023
2022
Year over Year Change - Q4'23
vs Q4'22
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Operating performance:
Net revenue
$
118,822
$
108,891
$
231,115
$
217,343
$
203,805
(42
%)
Costs of revenue
35,589
36,383
146,506
128,179
116,681
(69
%)
Gross profit
83,233
72,508
84,609
89,164
87,124
(4
%)
Gross profit margin
70
%
67
%
37
%
41
%
43
%
27 ppts
Operating expenses:
Compensation and benefits
109,203
115,846
126,788
147,759
110,991
(2
%)
Technology
13,938
13,930
13,154
14,590
14,401
(3
%)
Professional services
7,172
4,197
4,873
5,437
6,295
14
%
Occupancy and equipment
1,076
1,074
1,057
1,154
1,126
(4
%)
Depreciation and amortization
3,159
3,108
2,494
1,980
1,019
210
%
Marketing and advertising
1,219
346
561
441
1,862
(35
%)
Other operating expenses
3,804
3,833
5,103
5,236
5,753
(34
%)
Total operating expenses
139,571
142,334
154,030
176,597
141,447
(1
%)
Loss from operations
(56,338
)
(69,826
)
(69,421
)
(87,433
)
(54,323
)
4
%
Other income, net
14,932
15,074
10,762
11,672
28,468
(48
%)
Loss before income tax expense
(41,406
)
(54,752
)
(58,659
)
(75,761
)
(25,855
)
60
%
income tax (benefit) expense
(1,030
)
238
138
(6,960
)
471
(319
%)
Net loss
$
(40,376
)
$
(54,990
)
$
(58,797
)
$
(68,801
)
$
(26,326
)
53
%
Loss per share - basic and diluted
$
(0.08
)
$
(0.10
)
$
(0.11
)
$
(0.13
)
$
(0.05
)
60
%
TPV (in millions)
$
61,979
$
56,650
$
53,615
$
50,020
$
46,704
33
%
Adjusted EBITDA
$
3,292
$
(2,062
)
$
824
$
(4,345
)
$
(7,488
)
144
%
Adjusted EBITDA margin
3.0
%
(1.9
%)
0.4
%
(2.0
%)
(3.7
%)
7 ppts
Financial condition:
Cash and cash equivalents
$
980,972
$
947,749
$
950,157
$
1,050,414
$
1,183,846
(17
%)
Restricted cash
$
8,500
$
7,800
$
9,375
$
7,800
$
7,800
9
%
Short-term investments
$
268,724
$
349,395
$
432,354
$
408,675
$
440,858
(39
%)
Total assets
$
1,589,691
$
1,603,249
$
1,704,143
$
1,774,183
$
1,770,346
(10
%)
Total liabilities
$
346,296
$
308,166
$
331,528
$
340,533
$
297,390
16
%
Stockholders' equity
$
1,243,395
$
1,295,083
$
1,372,615
$
1,433,650
$
1,472,956
(16
%)
ppts = percentage points
Marqeta, Inc.
Reconciliation of GAAP to
NON-GAAP Measures
(in thousands)
Information Regarding Non-GAAP
Measures
In addition to the financial measures
prepared in accordance with generally accepted accounting
principles in the United States (“GAAP”), this press release
contains certain non-GAAP financial measures. Marqeta considers
Adjusted EBITDA, Adjusted EBITDA Margin, and Non-GAAP operating
expenses as supplemental measures of the Company’s performance that
are not required by, nor presented in accordance with GAAP.
We define Adjusted EBITDA as net income
(loss) adjusted to exclude depreciation and amortization;
share-based compensation expense; payroll tax related to
share-based compensation; restructuring charges;
acquisition-related expenses which consist of due diligence costs,
transaction costs and integration costs related to potential or
successful acquisitions, and cash and non-cash postcombination
compensation expenses; income tax expense (benefit); and other
income (expense), net, which consists of interest income from our
short-term investments, realized foreign currency gains and losses,
our share of equity method investments’ profit or loss, impairment
of equity method investments or other financial instruments, and
gain from sale of equity method investments. We believe that
Adjusted EBITDA is an important measure of operating performance
because it allows management and our board of directors to evaluate
and compare our core operating results, including our operating
efficiencies, from period to period. Additionally, we utilize
Adjusted EBITDA as an input into our calculation of our annual
employee bonus plans.
Adjusted EBITDA Margin is calculated as
Adjusted EBITDA divided by net revenue. This measure is used by
management and our board of directors to evaluate our operating
efficiency.
We define Non-GAAP operating expenses as
total operating expenses adjusted to exclude depreciation and
amortization; share-based compensation expense; payroll tax related
to share-based compensation; restructuring charges; and
acquisition-related expenses which consists of due diligence costs,
transaction costs and integration costs related to potential or
successful acquisitions, and cash and non-cash postcombination
compensation expenses. We believe that non-GAAP operating expenses
is an important measure of operating performance because it allows
management and our board of directors to evaluate and compare our
core operating results, including our operating efficiencies, from
period to period.
Adjusted EBITDA, Adjusted EBITDA Margin,
and Non-GAAP operating expenses should not be considered in
isolation, or construed as an alternative to net loss, or any other
performance measures derived in accordance with GAAP, or as an
alternative to cash flow from operating activities or as a measure
of the Company's liquidity. In addition, other companies may
calculate Adjusted EBITDA differently than Marqeta does, which
limits its usefulness in comparing Marqeta’s financial results with
those of other companies.
The following table shows Marqeta's GAAP
results reconciled to non-GAAP results included in this
release:
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
GAAP net revenue
$
118,822
$
203,805
$
676,171
$
748,206
GAAP net loss
$
(40,376
)
$
(26,326
)
$
(222,962
)
$
(184,780
)
GAAP net loss margin
(34
%)
(13
%)
(33
%)
(25
%)
GAAP total operating expenses
$
139,571
$
141,447
$
612,529
$
529,809
GAAP net loss
$
(40,376
)
$
(26,326
)
$
(222,962
)
$
(184,780
)
Depreciation and amortization expense
3,159
1,019
10,741
3,853
Share-based compensation expense
45,027
45,081
183,630
160,743
Payroll tax expense related to share-based
compensation
393
209
2,211
1,977
Acquisition-related expenses1
11,051
526
75,473
1,439
Restructuring
—
—
8,670
—
Other income, net
(14,932
)
(28,468
)
(52,440
)
(24,926
)
Income tax (benefit) expense
(1,030
)
471
(7,613
)
(102
)
Adjusted EBITDA
$
3,292
$
(7,488
)
$
(2,290
)
$
(41,796
)
Adjusted EBITDA Margin
3.0
%
(3.7
%)
(0.3
%)
(5.6
%)
GAAP Total operating expenses
$
139,571
$
141,447
$
612,529
$
529,809
Depreciation and amortization expense
(3,159
)
(1,019
)
(10,741
)
(3,853
)
Share-based compensation expense
(45,027
)
(45,081
)
(183,630
)
(160,743
)
Payroll tax expense related to share-based
compensation
(393
)
(209
)
(2,211
)
(1,977
)
Restructuring
—
—
(8,670
)
—
Acquisition-related expenses
(11,051
)
(526
)
(75,473
)
(1,439
)
Non-GAAP operating expenses
$
79,941
$
94,612
$
331,804
$
361,797
_______________
(1) Acquisition-related expenses, which
include transaction costs, integration costs and cash and non-cash
postcombination compensation expense, have been excluded from
Adjusted EBITDA as such expenses are not reflective of our ongoing
core operations and are not representative of the ongoing costs
necessary to operate our business; instead, these are costs
specifically associated with a discrete transaction.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240228431684/en/
IR Contact: Marqeta Investor Relations, IR@marqeta.com
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