Marqeta, Inc. (NASDAQ:MQ) Q1 2024 Earnings Call Transcript

Simon Khalaf: Yes. I’ll add to that, Alex, that credit is a big differentiator. Like a lot of the customers that were focused on either prepaid debit or debit only or even net 30 are actually all of them thinking about what their disposition is on credit. And they’ve come to us saying, okay, we could have distributed the volume or the relationship among many debit providers. But when it comes to credit, you guys are going to win this. The second thing is international expansion. So you can’t be a U.S.-only or an EU only in this market where we’re seeing a consistent experience across the globe. So those are helping us as well. The last thing I’d say is, look, as our customers scale their regulatory requirements and their operational requirements scale with them.

And while they could have taken it on their own and distributed their processing volume, it gets very complicated and expensive as they grow up. So they’re bringing it back to us and saying, look, your economy of scale is significantly better than mine so I’m hopping on your platform. And that makes the — I’d say, the distribution or whatever you want to call it, diversification or distributing the volume harder to accomplish. So I think all in all, we are benefiting from the winners winning more and it’s looking good for us.

Operator: This concludes today’s conference. You may disconnect your lines at this time and we thank you for your participation.