13 Best Technology Penny Stocks to Buy Right Now

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2. Marqeta Inc. (NASDAQ:MQ)

Share Price as of March 28: $4.29

Number of Hedge Fund Holders: 37

Marqeta Inc. (NASDAQ:MQ) operates a cloud-based open API platform for card issuing and transaction processing services. Its platform provides access to bank accounts and money movement features. It offers its solutions in verticals like financial services, on-demand services, expense management, and e-commerce enablement, as well as buy now, pay later providers.

The company’s European business is a major contributor to its overall growth. The total Q4 2024 Total Processing Volume (TPV) in Europe increased by over 100% year-over-year. The company is enhancing its program management capabilities in Europe to attract more customers who seek embedded finance solutions and match its offerings in the US. In Q4, the company secured a deal with one of Europe’s fastest-growing tech companies to provide it with commercial card processing and program management.

The company is also acquiring TransactPay, which is a European Electric Money Institution (EMI). This aims to address the regulatory challenges in the UK and Europe, where an EMI license is needed for issuing and managing electric money. This acquisition is expected to close in mid-2025 and will allow Marqeta Inc. (NASDAQ:MQ) to combine all of its offerings for customers and reduce the complexity associated with contracting multiple partners.

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