12 Best Technology Penny Stocks To Buy According to Hedge Funds

2. Marqeta, Inc. (NASDAQ:MQ)

Number of Hedge Fund Investors: 33

Stock Price as of December 23: $3.75

Marqeta, Inc. (NASDAQ:MQ) is a modern card-issuing platform that enables businesses to create and manage customized payment cards. The company serves fintech firms, digital banks, and e-commerce platforms, with major clients including Square, DoorDash, and Instacart. Marqeta, Inc.’s (NASDAQ:MQ) platform supports a wide range of use cases, including Buy Now Pay Later (BNPL), neobanking, on-demand delivery, expense management as well as crypto payment solutions with customized debit and credit cards.

Marqeta, Inc. (NASDAQ:MQ) is actively working to accelerate the shift to modern card issuing by simplifying the process of upgrading existing card programs onto its platform. The company recently launched a new product called Portfolio Migration, which is designed to decrease the time it takes to migrate cardholders onto the company’s platform. By reducing complexity and minimizing disruption, Marqeta, Inc. (NASDAQ:MQ) aims to attract more businesses looking to modernize their payment solutions. In Q3, the company also completed the migration of millions of Klarna cards across Sweden, Germany, and the U.K.

To further accelerate the launch of new card programs, Marqeta, Inc. (NASDAQ:MQ) has introduced the UX Toolkit. This comprehensive set of pre-built UI components is optimized for the company’s APIs and allows customers to create branded front-end experiences with fewer development resources. The toolkit is particularly valuable in the neobanking and embedded finance sectors, where customers want straightforward and engaging ways to manage their money.

Marqeta, Inc. (NASDAQ:MQ) also introduced Marqeta Flex, a new solution that integrates BNPL payment options directly into payment apps and wallets. This innovation allows consumers to access personalized BNPL options within their preferred payment apps. The company has partnered with leading BNPL providers such as Klarna, Affirm, and Branch and is expanding the distribution of BNPL services and making them more accessible to a broader audience. The company plans to roll out Marqeta Flex in mid-2025, and is actively gathering participation interest from customers and partners to scale this new service.