In my latest note, I break down Marqeta, my core thesis for the company, and its relationship with Square.. both the good and the bad aspects
$MQ - Marqeta: Massive Growth Ahead seekingalpha.com/article/447382…
$MQ - Marqeta: Massive Growth Ahead seekingalpha.com/article/447382…
$MQ's modern card issuing Platform is the bridge between fintech solutions and the current payments infrastructure
https://twitter.com/SimonSaysStocks/status/1461023257746980867?s=20
Core Pillars
1. $MQ is playing a key role in the disruption of the consumer credit ecosystem as its the infrastructure for $AFRM $SQ and @Klarna
2. $45$ Trilllion TAM and $MQ only processors a fraction of that
1. $MQ is playing a key role in the disruption of the consumer credit ecosystem as its the infrastructure for $AFRM $SQ and @Klarna
2. $45$ Trilllion TAM and $MQ only processors a fraction of that
3. MQ's platform grows with its customers at scale. JIT funding, tokenization, instant virtual card issuance, PCI widgets, spend controls, and many more to come.
4. MQ grows alongside its customers, as MQ incentivizes its customers to process more volume w lower processing fees
4. MQ grows alongside its customers, as MQ incentivizes its customers to process more volume w lower processing fees
More than 10 teams at SQ work w/ MQ and nearly everything $MQ offers touches a part of $SQ
MQ takes solutions that smaller customers suggest and creates something similar for SQ, so it can get the ROI it needs to implement the solution, then it filters it to smaller companies
MQ takes solutions that smaller customers suggest and creates something similar for SQ, so it can get the ROI it needs to implement the solution, then it filters it to smaller companies
This is strategic and results in a lot of innovation especially within Marqeta's platform, especially considering the wide breadth of $MQ customers
Non-top 5 customers' revenue increase 220% year-over-year
Non-top 5 customers' revenue increase 220% year-over-year
https://twitter.com/SimonSaysStocks/status/1459524201765867520?s=20
Revenue contribution from Square is high, 68% in Q3, compared to 72% in Q3 of 2020 and this could remain elevated as Square recently acquired AfterPay which is currently a $MQ customer.
This could be a risk for $MQ, but it also highlights the opportunity for $MQ to have multiple "Square-like" customers in $DASH, $AFRM, Klarna, Ramp, and many more fintechs that may even not exist today.
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