0001522540-26-000017 | 10-K | XBRL Viewer

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Concentration of Risks and Significant Customers - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) bank	Dec. 31, 2024 USD ($)	Dec. 31, 2023
Concentration Risk [Line Items]
Short-term investments	$ 62,483	$ 179,409
Sutton Bank
Concentration Risk [Line Items]
Number of issuing bank payment settlement through transaction \| bank	1
Debt Securities, Available-For-Sale \| Credit Concentration Risk
Concentration Risk [Line Items]
Short-term investments	$ 56,100	$ 168,900
Debt Securities, Available-For-Sale \| Credit Concentration Risk \| Marketable Securities
Concentration Risk [Line Items]
Concentration risk, percentage	90.00%	94.00%
Accounts Receivable \| Credit Concentration Risk \| Sutton Bank
Concentration Risk [Line Items]
Concentration risk, percentage	64.00%	70.00%	76.00%
Accounts Receivable \| Customer Concentration Risk \| Customer A
Concentration Risk [Line Items]
Concentration risk, percentage		10.00%

Income Taxes - Schedule of Income Tax Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
US Federal	$ 0
US State and Local	78
Foreign
Total Foreign	517
Total	595	$ 396	$ 430
United Kingdom
Foreign
Total Foreign	405
Canada
Foreign
Total Foreign	54
Poland
Foreign
Total Foreign	31
Other
Foreign
Total Foreign	$ 27

Business Combinations - Narrative (Details) $ in Thousands			1 Months Ended	12 Months Ended
Business Combinations - Narrative (Details) $ in Thousands	Jul. 31, 2025 USD ($) vote	Feb. 03, 2023 USD ($)	Nov. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Business Combination, Separately Recognized Transaction [Line Items]
Holdback consideration liability (see Note 4)				$ 2,353	$ 0
Number of earn-outs \| vote	2
Contingent consideration liability				3,677	0
Acquisition related costs				4,000
Goodwill				154,706	123,523
TransactPay Business
Business Combination, Separately Recognized Transaction [Line Items]
Holdback consideration	$ 3,500		$ 1,100
Contingent consideration liability	1,300			3,700
Acquisition related costs				$ 3,000	1,000
Base purchase price less contingent consideration	54,016
Fair value of total consideration	59,900
Net assets acquired	245,087
Goodwill	29,914
TransactPay Business \| Customer relationships
Business Combination, Separately Recognized Transaction [Line Items]
Estimated useful life (in years)				2 years
TransactPay Business \| Digital Products Earn-out
Business Combination, Separately Recognized Transaction [Line Items]
Contingent consideration liability	3,400
TransactPay Business \| Indemnification Purposes
Business Combination, Separately Recognized Transaction [Line Items]
Holdback consideration	2,301			$ 2,300
TransactPay Business \| Indemnification Purposes \| Regulatory Improvement Earn-out
Business Combination, Separately Recognized Transaction [Line Items]
Contingent consideration liability	2,300
TransactPay Business \| Post-Closing Adjustments
Business Combination, Separately Recognized Transaction [Line Items]
Holdback consideration	$ 1,200		$ 1,200
Holdback consideration liability (see Note 4)				2,400
Power Finance, Inc.
Business Combination, Separately Recognized Transaction [Line Items]
Contingent consideration liability		$ 53,100					$ 53,100
Estimated useful life (in years)		7 years
Acquisition related costs						$ 3,300
Base purchase price less contingent consideration		$ 221,933
Post-combination compensation		117,600		7,100	$ 39,700	$ 36,400
Non-cash postcombination compensation		32,400
Post-combination cash combination liability, subject to continuous employment		$ 85,100
Post-combination cash combination liability, subject to continuous employment, weighted average (in years)		2 years 2 months 12 days
Fair value of total consideration		$ 163,600
Other intangible assets		41,000
Deferred tax liabilities		8,000
Net assets acquired		7,100
Goodwill		123,500
Earn-out was remeasured		$ (53,067)
Power Finance, Inc. \| Post-Combination Compensation
Business Combination, Separately Recognized Transaction [Line Items]
Post-combination compensation remained unrecognized				$ 1,000

Business Overview and Basis of Presentation	12 Months Ended
Business Overview and Basis of Presentation	Dec. 31, 2025
Accounting Policies [Abstract]
Business Overview and Basis of Presentation	Business Overview and Basis of Presentation Marqeta, Inc. (“the Company”) was incorporated in the state of Delaware in 2010 and creates digital payment technology for innovation leaders. The Company's modern card issuing platform empowers its customers to create customized and innovative payment card programs, giving them the configurability and flexibility to build better payment experiences. The Company provides all of its customers issuer processor services and for most of its customers it also acts as a card program manager. The Company primarily earns revenue from processing card transactions for its customers. Basis of Presentation The accompanying Consolidated Financial Statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make various estimates and assumptions relating to reported amounts of assets and liabilities, disclosure of contingent liabilities, and reported amounts of revenue and expenses. Significant estimates and assumptions include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with customers, the cumulative network incentive rate the Company expects to earn during the annual measurement period, and valuation of income taxes. Actual results could differ materially from these estimates. Business Risks and Uncertainties The Company has incurred net losses except for the year ended December 31, 2024, during which it reported net income of $27.3 million, which was primarily due to the forfeiture of the Executive Chairman Long-Term Incentive Award. For the year ended December 31, 2025, the Company incurred a net loss of $13.9 million, resulting in an accumulated deficit of $811.8 million as of December 31, 2025. The Company believes that its cash and cash equivalents of $709.4 million and short-term investments of $62.5 million as of December 31, 2025 are sufficient to fund its operations through at least the next twelve months from the issuance of these financial statements.

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 3,391
2027	2,898
2028	1,195
2029	348
2030 and thereafter	1,626
Total lease payments	9,458
Less imputed interest	(901)
Total operating lease liabilities	$ 8,557
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities

Stock Incentive Plans - Schedule of RSUs and PSUs Activity (Details) - Restricted Stock Units and Performance Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Units
Beginning balance (in shares)	33,806,000	38,178,000
Granted (in shares)	24,589,000	22,442,000
Vested (in shares)	(18,805,000)	(18,274,000)
Canceled and forfeited (in shares)	(10,504,000)	(8,540,000)
Ending balance (in shares)	29,086,000	33,806,000
Weighted-average grant date fair value per share
Beginning balance (in dollars per share)	$ 5.96	$ 6.64
Grant (in dollars per share)	4.41	5.63
Vested (in dollars per share)	5.78	6.66
Canceled and forfeited (in dollars per share)	5.60	6.63
Ending balance (in dollars per share)	$ 4.88	$ 5.96

Short-term Investments

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Short-term Investments

The amortized cost, unrealized gain, and estimated fair value of the Company's short-term investments consisted of the following:


	December 31, 2025
	Amortized Cost		Unrealized Gain		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	55,955	$	132	$	56,087


Asset-backed securities	6,364		32		6,396


Total short-term investments	$	62,319	$	164	$	62,483


	December 31, 2024
	Amortized Cost		Unrealized Gain		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	168,504	$	396	$	168,900


Asset-backed securities	10,444		65		10,509

Total short-term investments	$	178,948	$	461	$	179,409

The Company did not have any short-term investments in unrealized loss positions as of December 31, 2025 and 2024. Generally, the Company does not intend to sell any short-term investments that have unrealized losses, and it is not more likely than not that the Company will be required to sell such securities before any anticipated recovery of the entire amortized cost basis.

There were no material realized gains or losses from short-term investments that were reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2025 and 2024. The Company determined that for its short-term investments, there were no material credit or non-credit related impairments as of December 31, 2025 and 2024.

The following table summarizes the stated maturities of the Company’s short-term investments:


	December 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

Due within one year	$	55,955	$	56,087	$	112,750	$	113,015
Due after one year through five years	6,364		6,396		66,198		66,394
Total	$	62,319	$	62,483	$	178,948	$	179,409

Certain Balance Sheet Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract assets, noncurrent	$ 6,688	$ 10,981
Deferred tax assets	542	396
Other noncurrent assets	8,209	8,998
Other assets	$ 15,439	$ 20,375

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of (loss) income before income taxes by tax jurisdiction were as follows:


	Year Ended December 31,
	2025		2024		2023
United States	$	(13,386)	$	28,872	$	(231,790)
Foreign	57		(792)		1,215
(Loss) income before income tax expense (benefit)	$	(13,329)	$	28,080	$	(230,575)

The components of income tax expense (benefit) were as follows:


	Year Ended December 31,
	2025		2024		2023
Current tax expense (benefit):
US federal	$	—	$	—	$	—
US state and local	15		126		83
Foreign	853		569		(139)
Total current tax expense (benefit)	868		695		(56)
Deferred tax (benefit) expense:
US federal	—		—		(6,347)
US state and local	—		—		(2,025)
Foreign	(272)		98		815
Total deferred tax (benefit) expense	(272)		98		(7,557)
Total Income tax expense (benefit)
US federal	—		—		(6,347)
US state and local	15		126		(1,942)
Foreign	581		667		676
Total Income tax expense (benefit)	$	596	$	793	$	(7,613)

The Company adopted ASU 2023-09, “Improvements to Income Tax Disclosures” as of December 31, 2025 and the Company applied this guidance prospectively. Accordingly, the effective tax rate reconciliation for the year ended December 31, 2025 is presented in accordance with the new standard, while those for the years ended December 31, 2024 and 2023 are presented under the previous guidance and have not been retrospectively adjusted.

The reconciliation of the U.S. federal statutory rate to the Company's effective income tax rate for the year ended December 31, 2025 under ASU 2023-09 is as follows:


	Year Ended December 31, 2025
	Amount		Percent
US Federal Statutory Tax Rate	$	(2,800)	21.0	%
Domestic Federal:
Tax Credits
Research and development tax credits (1)	(2,410)		18.1	%
Nontaxable or deductible Items
Executive compensation	6,968		(52.3)	%
Share-based payment awards	3,309		(24.8)	%
Non-deductible compensation	619		(4.6)	%
Non-deductible M&A	355		(2.7)	%
Other	129		(1.0)	%


Change in Valuation Allowance	(6,158)		46.2	%
Domestic State and Local Income Taxes, Net of Federal Income Tax Effect (2)	15		(0.1)	%
Foreign Tax Effects:
United Kingdom
Shared-based payment awards	230		(1.7)	%
Other	64		(0.5)	%
Canada
Non-deductible compensation	508		(3.8)	%
Research and development tax credits (1)	(494)		3.7	%
Other	132		(1.0)	%
Other Jurisdictions
Other	129		(1.0)	%

Effective Tax Rate	$	596	(4.5)	%

(1) Presented net of related unrecognized tax benefits in the current year. Also includes immaterial changes in unrecognized tax benefits related to prior year tax positions.

(2) The tax effects attributable to state taxes in Oregon and Texas for the year ended December 31, 2025 represent the majority (greater than 50%) of the total in this category.

The reconciliation of the Company's effective tax rate to the statutory federal rate for the years ended December 31, 2024 and 2023 under the previous guidance is as follows:


	Year Ended December 31,
	2024		2023
Taxes at federal statutory rate	21.0	%	21.0	%
State taxes, net of federal effect	5.9	%	6.5	%
Share-based compensation	14.0	%	(3.1)	%
Executive compensation	(77.2)	%	(11.0)	%
Research and development credits	(32.5)	%	17.0	%
Change in uncertain tax positions	8.1	%	(4.2)	%
Mergers and acquisitions	1.7	%	3.5	%
Nondeductible compensation	33.3	%	(7.4)	%
Other	1.6	%	(1.6)	%


Change in valuation allowance	26.9	%	(17.4)	%


Effective tax rate	2.8	%	3.3	%

Income taxes paid by jurisdiction for the year ended December 31, 2025 are summarized as follows:


	December 31, 2025
US Federal	$	—
US State and Local	78
Foreign
United Kingdom	405
Canada	54
Poland	31
Other	27
Total Foreign	517
Total	$	595

Deferred tax assets and liabilities consist of the following:



	December 31, 2025		December 31, 2024
Deferred tax assets:
Federal and state net operating losses	$	53,398	$	46,108
Research and development credits	40,008		34,556
Research and development capitalization expenditures	23,643		40,453
Accruals and other	11,721		10,675
Share-based compensation	5,137		8,087
Lease liability	1,478		1,277
Property and equipment	1,092		940
Deferred revenue	635		1,174
Reserve for contract contingencies and processing errors	—		465
Total deferred tax assets	137,112		143,735
Less valuation allowance	(129,569)		(135,697)
Total deferred tax assets, net of valuation allowance	7,543		8,038
Deferred tax liabilities:
Intangibles	(8,845)		(7,061)
Right-of-use asset	(1,159)		(581)
Total deferred tax liabilities	(10,004)		(7,642)
Net deferred tax (liabilities) assets	$	(2,461)	$	396

In accordance with ASC 740 and based on all available evidence on a jurisdictional basis, the Company believes that it is more likely than not that its U.S. deferred tax assets will not be utilized and has recorded a full valuation allowance against its net deferred tax assets in the U.S. jurisdiction. The Company assesses on a periodic basis the likelihood that it will be able to recover its deferred tax assets. The Company considers all available evidence, both positive and negative, including historical levels of income or losses and expectations and risks associated with estimates of future taxable income in assessing the need for the valuation allowance. If it is not more likely than not that the Company expects to recover its deferred tax assets, the Company will increase its provision for taxes by recording a valuation allowance against the deferred tax assets that it estimates will not ultimately be recoverable. The available negative evidence at December 31, 2025 and 2024 included historical and projected future operating losses. As a result, the Company concluded that a decrease of $6.1 million and an increase of $7.5 million was required to reflect the change in its deferred tax assets prior to valuation allowance during 2025 and 2024, respectively. As of December 31, 2025 and 2024, the Company considered it more likely than not that substantially all of its deferred tax assets would not be realized.

As of December 31, 2025, the Company had net operating loss carryforwards of approximately $205.2 million and $172.9 million for federal and state tax purposes, respectively. Of the Company's federal net operating loss carryforwards as of December 31, 2025, $180.3 million can be carried forward indefinitely but are limited to 80% of taxable income. If not utilized, the federal and state net operating carryforwards will begin to expire in 2035 and 2025, respectively.

In addition, the Company had research and development tax credit carryforwards of approximately $39.7 million for federal income tax purposes and $16.9 million for California state tax purposes. If not utilized, the federal research and development tax credit carryforwards will begin to expire in 2031. The California state research credit can be carried forward indefinitely.

Under Section 382 of the Internal Revenue Code of 1986, as amended, the Company's ability to utilize net operating loss carryforwards or other tax attributes in any taxable year may be limited if the Company has experienced an ownership change. As of December 31, 2025, the Company has concluded that it has experienced ownership changes since inception and that its utilization of net operating loss carryforwards and other tax attributes will be subject to annual limitations.

The Company files federal, state, and foreign income tax returns in jurisdictions with varying statutes of limitations. To the extent the Company has tax attributes carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state, or foreign tax authorities to the extent utilized in a future period.

The Company made an accounting policy election to provide for the Global Intangible Low-Taxed Income (GILTI) tax expense in the year the tax is incurred as a period cost. The Company elected and applied the tax law ordering approach when considering GILTI as part of its valuation allowance.

In July 2025, Congress passed and the President signed into law H.R. 1, the One Big Beautiful Bill Act (the "Tax Act"), which addresses certain business tax provisions enacted as a part of the 2017 Tax Cuts and Jobs Act including restoration of 100% bonus depreciation under Section 168(k) and Section 174 expensing for US-based research. Accounting Standards Codification Topic 740, Income Taxes, (“Topic 740”) requires the tax impacts to be included in the reporting period that includes the date the Tax Act was signed into law. As the Tax Act was enacted in the third quarter of fiscal year 2025, the Company reflected the impacts of the Tax Act in its income tax expense beginning in the third quarter of fiscal year 2025. Due to the Company's full valuation allowance on its deferred tax assets, these tax law changes did not have a significant effect on the Company's financial position or results of operations.

The Company recognizes tax benefits from uncertain tax positions only if the Company believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Company makes adjustments to the reserves in accordance with the income tax accounting guidance when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate.

A reconciliation of the total amounts of unrecognized tax benefits was as follows:


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	12,199	$	9,800	$	—
Additions based on uncertain tax positions related to the current period	6,515		2,399		3,238
Additions based on uncertain tax positions related to the prior periods	106		—		6,562
Ending balance	$	18,820	$	12,199	$	9,800

The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the Company’s tax provision for income tax expenses. During the year ended December 31, 2025, the Company accrued $0.3 million of interest and penalties related to unrecognized tax benefits.

As of December 31, 2025, the Company had gross unrecognized tax benefits of $18.8 million. If recognized, $4.6 million of unrecognized tax benefits would affect the Company's effective tax rate. The remaining $14.2 million would not impact the effective tax rate due to the offsetting effect of the Company's valuation allowance.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Schedule of Components Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 2,596	$ 3,372	$ 3,372
Variable lease cost	633	643	490
Short-term lease cost	836	483	247
Operating lease impairment	0	1,443	0
Total lease cost	$ 4,065	$ 5,941	$ 4,109

Concentration of Risks and Significant Customers (Tables)

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Schedules of Net Revenue

The following provides net revenue as a percentage of total net revenue and customers' receivables as a percentage of total customers receivables for our significant customers:


	Percent of Net Revenue for the Year Ended December 31,
	2025	2024	2023
Customer A	45%	47%	68%


	Percent of Customers' Receivables as of December 31,
	2025	2024
Customer A	*	10%
Customer B	12%	*
Customer C	*	13%
Customer D	12%	*

* - Did not exceed 10% in the reporting period presented

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized during the period	$ 13.2	$ 9.0

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-lived Intangible assets:
Total finite-lives Intangible assets gross	$ 48,059	$ 41,000
Accumulated amortization	(18,554)	(11,226)
Total finite-lived Intangible assets, net	29,505	29,774
Indefinite-lived Intangible assets:
Total Intangibles assets, net	51,388	29,774
EMI licenses
Indefinite-lived Intangible assets:
EMI licenses	21,883	0
Developed technology
Finite-lived Intangible assets:
Total finite-lives Intangible assets gross	41,000	41,000
Customer relationships
Finite-lived Intangible assets:
Total finite-lives Intangible assets gross	$ 7,059	$ 0

Business Combinations

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

TransactPay

On July 31, 2025, the Company completed its acquisition of Transact Payments Limited (collectively, with its affiliates “TransactPay”). TransactPay provides BIN sponsorship, E-money Licensing, and virtual Account services in the UK, Gibraltar, and the EEA. The Company’s acquisition of TransactPay strengthens its card program management in Europe and bolsters its digital payment capabilities in the UK, Gibraltar, and the EEA, where EMI licenses are required for issuing and managing electronic money.

The preliminary purchase price was denominated in euros and translated into U.S. dollars using the exchange rate in effect on the acquisition date. Subsequent changes to the preliminary purchase price and its components reflect cash payments and net working capital adjustments made from the acquisition date through December 31, 2025. The preliminary purchase price consisted the following:



Cash paid (1)	$	54,016
Holdback consideration	2,301
Fair value of contingent consideration	3,595
Other	(12)
Total preliminary purchase price	$	59,900

(1) Cash paid includes a $1.1 million cash payment to the sellers during the quarter ended December 31, 2025 in accordance with the merger agreement for post-closing adjustments.

Holdback Consideration

Pursuant to the terms of the merger agreement, the Company retained $3.5 million in holdback consideration, with $2.3 million for indemnification purposes and $1.2 million for post-closing adjustments, collectively, the “Holdbacks”. These Holdbacks serve to secure the sellers’ obligations with respect to pre-closing representations and warranties, potential indemnification claims, and post-closing purchase price adjustments.

In November 2025, upon finalization of the post-closing purchase price adjustment procedures, the Company paid the sellers approximately $1.1 million of the $1.2 million originally retained for post-closing adjustments. As of December 31, 2025, $2.4 million of the original holdbacks remains outstanding, retained solely for general indemnification purposes. The Company has recorded the remaining holdback consideration within accrued expenses and other current liabilities on the Consolidated Balance Sheet. The increase in the remaining general indemnification holdback from the $2.3 million retained at the closing date to $2.4 million as of December 31, 2025 is due to changes in foreign currency exchange rates. This amount is expected to be settled in the third quarter of fiscal 2026, subject to any valid indemnification claims asserted prior to the scheduled release date.

Contingent Consideration

As part of the acquisition, the Company agreed to provide additional contingent consideration in the form of two earn-out arrangements (collectively “the earn-outs”), which would be payable to the sellers upon satisfaction of specified post-closing performance conditions through December 31, 2025:

•Regulatory Improvement Earn-out - $2.3 million payable on an all or nothing basis if no enforcement actions, investigations, or proceedings are pending against TransactPay by any relevant regulatory authorities in Malta, Gibraltar, and/or the United States as of December 31, 2025.

•Digital Products Earn-out - Up to $3.4 million payable based on the achievement of escalating gross profit thresholds for TransactPay’s digital products in the year ended December 31, 2025.

In determining the fair value of the Earn-out liabilities at Closing, the Company evaluated the probability of achieving the respective performance conditions, considering the short time frame from closing to the December 31, 2025 measurement date, along with historical and projected operational metrics. For the Regulatory Improvement Earn-Out, a high probability of success was assigned based on the lack of material regulatory issues resulting in inclusion of the full $2.3 million in the purchase price. For the Digital Products Earn-Out, a Monte Carlo simulation model was utilized, incorporating actual digital products gross profit performance through the quarter ended September 30, 2025, and forward-looking projections for the remainder of 2025, which yielded an estimated fair value of $1.3 million.

As the performance period concluded on December 31, 2025, the earn-out liabilities were remeasured based on actual results achieved. The aggregate fair value of the earn-outs was $3.7 million as of December 31, 2025, reflecting insignificant changes from the initial fair value measurement that were recorded in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The earn-outs are recorded in accrued expenses and other current liabilities in the Consolidated Balance Sheet. With the performance conditions now resolved, no significant further adjustments to the fair value of the earn-outs are expected.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date. Amounts are presented in U.S. dollars, translated from euros using the exchange rate in effect on the acquisition date. This preliminary purchase price allocation reflects the measurement period adjustments recorded from the acquisition date through December 31, 2025:



Cash and cash equivalents	$	8,353
Restricted cash	229,650
Accounts receivable	2,903
Prepaid expenses and other current assets	1,300
Operating lease right-of-use assets	2,484
Other assets	397
Total tangible assets acquired	245,087
Funds payable and amounts due to customers	229,635
Accounts payable	1,220
Operating lease liabilities	2,541
Accrued expenses and other current liabilities	5,900
Other liabilities	4,106
Total liabilities assumed	243,402
Net tangible assets acquired	1,684
Customer relationships	6,903
EMI licenses	21,399
Goodwill	29,914
Total intangible assets acquired	58,216
Total purchase price	$	59,900

The purchase price allocation for the TransactPay acquisition remains preliminary as of December 31, 2025, and is subject to revision for certain acquired assets and assumed liabilities. In particular, the Company continues to evaluate facts and circumstances that existed as of the closing date, which may result in adjustments to provisional amounts for identifiable intangible assets, deferred tax assets and/or liabilities, and purchase consideration. Any measurement period adjustments will be recognized prospectively in the period in which the adjustments are determined, with the measurement period ending as soon as sufficient information is obtained or no later than one year from the closing date.

Restricted cash and Funds payable and amounts due to customers

The restricted cash acquired consists of funds held on behalf of customers in segregated accounts as part of program management activities for card and e-money wallet programs. These funds function as collateral or settlement balances to facilitate timely transaction processing, and the Company is subject to restrictions on their use to ensure compliance with regulatory safeguarding requirements. Notwithstanding these restrictions, the Company bears the associated credit risk and retains the right to earn interest on the balances. Accordingly, the Company has concluded that these funds qualify as its assets and are classified as restricted cash on the Consolidated Balance Sheet. Corresponding obligations to the customers are recognized as funds payable and amounts due to customers within current liabilities on the Consolidated Balance Sheet, reflecting the Company's custodial role.

Customer Relationships

The customer relationships intangible asset, which represents established relationships with program managers and end-users, was determined to have an estimated useful life of two years. The fair value was estimated using the replacement cost method, which considers the hypothetical costs to recreate these relationships.

EMI Licenses

The EMI licenses, which permit the issuance of e-money in relevant jurisdictions, have no fixed expiration date and can be renewed indefinitely, provided ongoing regulatory requirements, such as periodic filings and payment of required fees, are met. Accordingly, these are classified as indefinite-lived intangible assets and are not subject to amortization but will be tested for impairment annually or more frequently if indicators exist. The fair value of the EMI licenses was determined using the income approach, specifically the “with-and-without” method, which estimates the incremental economic benefit attributable to the licenses by comparing the present value of projected cash flows with and without the licenses in place.

Goodwill

The goodwill is attributable to expected synergies. The acquisition is a non-taxable business combination and goodwill recognized in the acquisition is not deductible for tax purposes.

Acquisition Costs

The Company incurred approximately $4.0 million acquisition related costs, of which $1.0 million was recognized during the year ended December 31, 2024 and $3.0 million was recognized during the year ended December 31, 2025, respectively, and are primarily included in professional services on the Consolidated Statements of Operations and Comprehensive (Loss) Income.

The results of operations of TransactPay have been included in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income from the acquisition date of July 31, 2025, through December 31, 2025. The results of operations of TransactPay for periods prior to the acquisition date were not material to the Company’s consolidated statements of operations. Accordingly, supplemental pro forma financial information has not been presented.

Power Finance Inc.

On February 3, 2023, the Company acquired all outstanding stock of Power Finance Inc. (“Power Finance”) for a base cash purchase price of $221.9 million. The purchase price does not include $53.1 million of contingent consideration tied to performance-based goals which were expected to be achieved within 12 months from the date of acquisition. The Company determined the acquisition-date fair value of the contingent consideration liability, based on the likelihood of payment related to the contingent earn-out clauses, as part of the consideration transferred.

Power Finance’s cloud-based platform offers credit card program management services for companies creating new credit card programs. The acquisition of Power Finance will accelerate the Company’s credit product capabilities and allow the Company’s customers to launch a wide range of credit products and constructs.

The following table summarizes the components of the purchase consideration transferred:


Base purchase price less contingent consideration	$	221,933
Less: postcombination cash, non-cash expense and other purchase adjustments	118,447
Plus: cash acquired on acquisition date	7,089
Total purchase consideration, excluding contingent consideration	110,575
Contingent consideration	53,067
Purchase consideration	$	163,642

Of the $117.6 million postcombination compensation excluded from purchase consideration, approximately $32.4 million was recognized as non-cash postcombination compensation cost at closing as a result of the vesting provisions of the employee replacement awards on the acquisition date. The remaining $85.1 million is subject to continuous employment and will be recognized as postcombination cash compensation cost over a weighted-average period of 2.2 years. Postcombination expense recognized was $7.1 million, $39.7 million and $36.4 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is included within Compensation and benefits in the Consolidated Statements of Operations and Comprehensive (Loss) Income. As of December 31, 2025, approximately $1.0 million of this post-combination compensation remained unrecognized and is expected to be fully recognized during the year ending December 31, 2026.

The assets acquired and liabilities assumed were recorded at fair value as of the acquisition date. The final $163.6 million purchase consideration was attributed to $41.0 million of developed technology intangible assets (to be amortized over an estimated useful life of 7 years), $8.0 million of deferred tax liabilities, and $7.1 million of net assets acquired, with the $123.5 million excess of purchase consideration over the fair value of assets acquired and liabilities assumed recorded as goodwill. The fair value of the developed technology intangible assets was estimated using the multi-period excess earnings method (“MPEEM”), a form of the income approach. The principle behind this method is that the value of the intangible asset is equal to the present value of the after-tax cash flows attributable to the intangible asset. The Company applied judgment which involved the use of certain assumptions with respect of the revenue and EBITDA forecasts, obsolescence rate, and discount rate. The goodwill recognized was primarily attributable to the expected synergies from integrating Power Finance’s technology into the Company’s platform. Goodwill was not considered deductible for tax purposes.

The financial results of Power Finance are included in the Company’s Consolidated Financial Statements from the date of acquisition. Separate operating results and pro forma results of operations for Power Finance have not been presented as the effect of this acquisition was not material to the Company’s financial results. Acquisition-related third-party transaction costs were $3.3 million for the year ended December 31, 2023 and were included in Professional services in the Consolidated Statement of Operations and Comprehensive (Loss) Income. Transaction costs for the Power Finance acquisition were immaterial for the year ended December 31, 2024.

During the third quarter of 2023, the Company paid $53.1 million in contingent consideration upon achievement of the related performance-based milestones during the second quarter of 2023.

- Definition

The entire disclosure for business combination.

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+ Details

Certain Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31, 2025		December 31, 2024
Prepaid expenses	$	8,619	$	7,193
Contract assets	4,021		1,605
Prepaid hosting and data costs	3,850		4,247
Inventory	1,949		3,676
Prepaid insurance	1,739		1,786
Accrued interest receivable	1,387		4,018
Other current assets	13,713		2,880
Prepaid expenses and other current assets	$	35,278	$	25,405

Schedule of Property and Equipment, Net

Property and Equipment, net

Property and equipment consisted of the following:


	December 31, 2025		December 31, 2024
Internally developed and purchased software	$	86,435	$	47,300
Computer equipment	9,678		9,415
Leasehold improvements	9,666		8,110
Furniture and fixtures	2,442		2,525
Total property and equipment, gross	108,221		67,350
Accumulated depreciation and amortization	(48,311)		(29,827)
Property and equipment, net	$	59,910	$	37,523

Schedule of Other Assets

Other assets consisted of the following:


	December 31, 2025		December 31, 2024
Contract assets, noncurrent	$	6,688	$	10,981
Deferred tax assets	542		396
Other noncurrent assets	8,209		8,998
Other assets	$	15,439	$	20,375

Schedule of Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31, 2025		December 31, 2024
Accrued costs of revenue	$	103,882	$	85,745
Accrued compensation and benefits	47,702		45,754
Deferred revenue	11,762		13,593

Accrued tax liabilities	8,966		5,434
Due to Issuing Banks	7,721		7,721
Contingent consideration liability (see Note 4)	3,677		—
Operating lease liabilities, current portion	3,022		4,627
Holdback consideration liability (see Note 4)	2,353		—
Accrued professional services	2,308		3,567
Reserve for contract contingencies and processing errors	—		1,862
Other accrued liabilities	24,400		8,756
Accrued expenses and other current liabilities	$	215,793	$	177,059

Schedule of Other Liabilities

Other Liabilities

Other liabilities consisted of the following:


	December 31, 2025		December 31, 2024
Deferred revenue, net of current portion	$	2,640	$	4,779
Other long-term liabilities	5,844		1,552
Other liabilities	$	8,484	$	6,331

Business Overview and Basis of Presentation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Risks and Uncertainties
Net income	$ (13,925)	$ 27,287	$ (222,962)
Net loss	13,925	(27,287)	222,962
Accumulated deficit	811,833	797,908
Cash and cash equivalents	709,443	$ 923,016	$ 980,972
Short-term investments	$ 62,500

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Segment Information - Narrative (Details) - vote	12 Months Ended
Segment Information - Narrative (Details) - vote	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Number of reportable segments	1
Number of operating segments	1
Revenue Benchmark \| Geographic Concentration Risk \| Non-US
Segment Reporting Information [Line Items]
Concentration risk, percentage	14.00%	10.00%	5.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities at Fair Value

The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:


	December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
U.S. treasury bills	$	292,381	$	—	$	—	$	292,381
Money market funds	96,042		—		—		96,042
Commercial paper	—		41,450		—		41,450
Certificates of deposit	—		35,213		—		35,213
Corporate debt securities	—		16,059		—		16,059
Short-term investments
U.S. treasury securities	56,087		—		—		56,087


Asset-backed securities	—		6,396		—		6,396


Restricted cash
Money market funds	45,786		—		—		45,786
Total assets measured at fair value	$	490,296	$	99,118	$	—	$	589,414


	December 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	458,195	$	—	$	—	$	458,195
U.S. treasury bills	214,189		—		—		214,189
Corporate debt securities	—		53,238		—		53,238
Certificates of deposit	—		25,779		—		25,779
Commercial paper	—		8,028		—		8,028
Short-term investments
U.S. treasury securities	168,900		—		—		168,900


Asset-backed securities	—		10,509		—		10,509


Total assets measured at fair value	$	841,284	$	97,554	$	—	$	938,838

Net (Loss) Income Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Denominator
Weighted-average shares used in computing basic net (loss) income share attributable to common stockholders (in shares)	462,168,000	511,065,000	532,540,000
Weighted-average shares used in computing diluted net (loss) income per share attributable to common stockholders (in shares)	462,168,000	518,845,000	532,540,000
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (0.03)	$ 0.05	$ (0.42)
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (0.03)	$ 0.05	$ (0.42)
Class A
Numerator
Net (loss) income attributable to common stockholders, basic	$ (12,925)	$ 24,938	$ (199,108)
Net (loss) income attributable to common stockholders, diluted	$ (12,925)	$ 24,808	$ (199,108)
Denominator
Weighted-average shares used in computing basic net (loss) income share attributable to common stockholders (in shares)	428,988,000	467,071,000	475,564,000
Effect of dilutive potential shares of common stock (in shares)	0	4,646,000	0
Weighted-average shares used in computing diluted net (loss) income per share attributable to common stockholders (in shares)	428,988,000	471,717,000	475,564,000
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (0.03)	$ 0.05	$ (0.42)
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (0.03)	$ 0.05	$ (0.42)
Class B
Numerator
Net (loss) income attributable to common stockholders, basic	$ (1,000)	$ 2,349	$ (23,854)
Net (loss) income attributable to common stockholders, diluted	$ (1,000)	$ 2,479	$ (23,854)
Denominator
Weighted-average shares used in computing basic net (loss) income share attributable to common stockholders (in shares)	33,180,000	43,993,000	56,976,000
Effect of dilutive potential shares of common stock (in shares)	0	3,135,000	0
Weighted-average shares used in computing diluted net (loss) income per share attributable to common stockholders (in shares)	33,180,000	47,128,000	56,976,000
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (0.03)	$ 0.05	$ (0.42)
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (0.03)	$ 0.05	$ (0.42)

Short-term Investments - Narrative (Details)	12 Months Ended
Short-term Investments - Narrative (Details)	Dec. 31, 2025 USD ($) investment	Dec. 31, 2024 USD ($) investment
Investments [Abstract]
Number of positions in unrealized loss positions \| investment	0	0
Realized gains or losses reclassified out of accumulated other comprehensive loss \| $	$ 0	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net (loss) income	$ (13,925)	$ 27,287	$ (222,962)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Share-based compensation expense	104,788	136,562	127,525
Depreciation and amortization	27,163	17,460	10,741
Non-cash operating leases expense	2,266	1,756	2,527
Amortization of premium on short-term investments	(755)	(3,232)	(4,495)
Executive chairman long-term performance award	0	(144,617)	53,214
Non-cash postcombination compensation expense	0	0	32,430
Other	558	1,669	736
Changes in operating assets and liabilities:
Accounts receivable	(8,864)	(11,202)	(4,556)
Settlements receivable	(1,834)	13,719	(11,894)
Network incentives receivable	5,717	(12,969)	(11,146)
Prepaid expenses and other assets	(2,092)	462	7,900
Accounts payable	(81)	(350)	(1,956)
Revenue share payable	31,127	19,754	31,451
Accrued expenses and other liabilities	22,710	15,112	14,983
Operating lease liabilities	(4,155)	(3,241)	(3,394)
Net cash provided by operating activities	162,623	58,170	21,104
Cash flows from investing activities:
Restricted cash acquired in business combination	229,650	0	0
Maturities of short-term investments	120,885	92,000	501,534
Cash paid for business acquisition, net of cash acquired	(45,663)	0	(135,777)
Capitalization of internal-use software	(28,425)	(18,794)	(11,889)
Purchases of short-term investments	(3,501)	0	(892,430)
Purchases of property and equipment	(1,835)	(2,418)	(762)
Sales of short-term investments	0	0	577,934
Realized loss on investments	0	0	(94)
Net cash provided by investing activities	271,111	70,788	38,516
Cash flows from financing activities:
Repurchase of common stock	(391,366)	(154,425)	(190,420)
Taxes paid related to net share settlement of restricted stock units	(36,973)	(35,407)	(26,662)
Change in funds payable and amounts due to customers	77,256	0	0
Proceeds from shares issued in connection with employee stock purchase plan	2,101	2,715	3,066
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options	1,663	203	5,289
Payment of acquisition-related contingent consideration	0	0	(53,067)
Net cash used in financing activities	(347,319)	(186,914)	(261,794)
Increase (decrease) in cash, cash equivalents, and restricted cash	86,415	(57,956)	(202,174)
Cash, cash equivalents, and restricted cash - Beginning of period	931,516	989,472	1,191,646
Cash, cash equivalents, and restricted cash - End of period	1,017,931	931,516	989,472
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	709,443	923,016	980,972
Restricted cash	307,593	8,500	8,500
Restricted cash, included in Other assets	895	0	0
Total cash, cash equivalents, and restricted cash	1,017,931	931,516	989,472
Supplemental disclosures of cash flow information:
Cash paid for operating lease liabilities	4,995	4,581	4,239
Cash paid for income taxes	595	396	430
Supplemental disclosures of non-cash investing and financing activities:
Share-based compensation capitalized to internal-use software	11,176	7,059	4,492
Contingent and holdback considerations, not yet paid	6,030	0	0
Operating lease right-of-use assets in exchange for lease liabilities	5,345	577	0
Repurchase of common stock, including excise tax, accrued and not yet paid	3,506	906	991
Purchase of property and equipment accrued and not yet paid	$ 1,192	$ 2,129	$ 113

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Purchase Price



Cash paid (1)	$	54,016
Holdback consideration	2,301
Fair value of contingent consideration	3,595
Other	(12)
Total preliminary purchase price	$	59,900

(1) Cash paid includes a $1.1 million cash payment to the sellers during the quarter ended December 31, 2025 in accordance with the merger agreement for post-closing adjustments.

The following table summarizes the components of the purchase consideration transferred:


Base purchase price less contingent consideration	$	221,933
Less: postcombination cash, non-cash expense and other purchase adjustments	118,447
Plus: cash acquired on acquisition date	7,089
Total purchase consideration, excluding contingent consideration	110,575
Contingent consideration	53,067
Purchase consideration	$	163,642

Schedule of Assets Acquired and Liabilities Assumed



Cash and cash equivalents	$	8,353
Restricted cash	229,650
Accounts receivable	2,903
Prepaid expenses and other current assets	1,300
Operating lease right-of-use assets	2,484
Other assets	397
Total tangible assets acquired	245,087
Funds payable and amounts due to customers	229,635
Accounts payable	1,220
Operating lease liabilities	2,541
Accrued expenses and other current liabilities	5,900
Other liabilities	4,106
Total liabilities assumed	243,402
Net tangible assets acquired	1,684
Customer relationships	6,903
EMI licenses	21,399
Goodwill	29,914
Total intangible assets acquired	58,216
Total purchase price	$	59,900

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Operating Lease Costs

The Company's operating lease costs are as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	2,596	$	3,372	$	3,372
Variable lease cost	633		643		490
Short-term lease cost	836		483		247
Operating lease impairment	—		1,443		—
Total lease cost	$	4,065	$	5,941	$	4,109

Schedule of Future Minimum Lease Payments

The weighted average remaining operating lease term and the weighted average discount rate used in the calculation of the Company's lease assets and lease liabilities were as follows:


	December 31, 2025	December 31, 2024
Weighted average remaining operating lease term (in years)	4.1	1.1
Weighted average discount rate	4.5%	7.6%

Maturities of operating lease liabilities by year are as follows as of December 31, 2025:





2026	$	3,391
2027	2,898
2028	1,195
2029	348
2030 and thereafter	1,626
Total lease payments	$	9,458
Less imputed interest	(901)
Total operating lease liabilities	$	8,557

Income Taxes - Schedule of Significant Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current tax expense (benefit):
US federal	$ 0	$ 0	$ 0
US state and local	15	126	83
Foreign	853	569	(139)
Total current tax expense (benefit)	868	695	(56)
Deferred tax (benefit) expense:
US federal	0	0	(6,347)
US state and local	0	0	(2,025)
Foreign	(272)	98	815
Total deferred tax (benefit) expense	(272)	98	(7,557)
Total Income tax expense (benefit)
US federal	0	0	(6,347)
US state and local	15	126	(1,942)
Foreign	581	667	676
Income tax expense (benefit)	$ 596	$ 793	$ (7,613)

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net revenue	$ 624,884	$ 506,995	$ 676,171
Costs of revenue	187,612	155,146	346,657
Gross profit	437,272	351,849	329,514
Operating expenses (benefit):
Compensation and benefits	340,419	397,595	446,381
Technology	65,005	60,059	55,612
Professional services	21,879	20,057	21,679
Occupancy	3,766	5,995	4,361
Depreciation and amortization	27,163	17,460	10,741
Marketing and advertising	5,073	2,986	2,566
Other operating expenses	20,397	16,780	17,975
Executive chairman long-term performance award	0	(144,617)	53,214
Total operating expenses	483,702	376,315	612,529
Loss from operations	(46,430)	(24,466)	(283,015)
Other income, net	33,101	52,546	52,440
(Loss) income before income tax expense (benefit)	(13,329)	28,080	(230,575)
Income tax expense (benefit)	596	793	(7,613)
Net (loss) income	(13,925)	27,287	(222,962)
Net (loss) income attributable to common stockholders, basic	(13,925)	27,287	(222,962)
Net (loss) income attributable to common stockholders, diluted	(13,925)	27,287	(222,962)
Other comprehensive income (loss), net of taxes:
Change in foreign currency translation adjustment	2,066	(468)	(40)
Net change in unrealized (loss) gain on short-term investments	(243)	(608)	8,039
Net other comprehensive income (loss)	1,823	(1,076)	7,999
Comprehensive (loss) income	$ (12,102)	$ 26,211	$ (214,963)
Net (loss) income per share attributable to Class A and Class B common stockholders
Basic (in dollars per share)	$ (0.03)	$ 0.05	$ (0.42)
Diluted (in dollars per share)	$ (0.03)	$ 0.05	$ (0.42)
Weighted-average shares used in computing net (loss) income per share attributable to Class A and Class B common stockholders
Basic (in shares)	462,168,000	511,065,000	532,540,000
Diluted (in shares)	462,168,000	518,845,000	532,540,000

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Information about Disaggregation of Revenue from Customers

Disaggregation of Revenue

The following table provides information about disaggregated revenue from customers:


	Year Ended December 31,
	2025		2024		2023
Platform services revenue, net	$	594,137	$	481,665	$	654,553
Other services revenue	30,747		25,330		21,618
Total net revenue	$	624,884	$	506,995	$	676,171

Schedule of Contract Balances for Contract Assets and Deferred Revenue

Contract Balances

The following table provides information about contract assets and deferred revenue:


Contract balance	Balance sheet line reference	December 31, 2025		December 31, 2024
Contract assets - current	Prepaid expenses and other current assets	$	4,021	$	1,605
Contract assets - non-current	Other assets	6,688		10,981
Total contract assets		$	10,709	$	12,586
Deferred revenue - current	Accrued expenses and other current liabilities	$	11,762	$	13,593
Deferred revenue - non-current	Other liabilities	2,640		4,779
Total deferred revenue		$	14,402	$	18,372

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Taxes at federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal effect	(0.10%)	5.90%	6.50%
Share-based compensation		14.00%	(3.10%)
Executive compensation	(0.523)	(0.772)	(0.110)
Research and development credits		(32.50%)
Research and development credits			17.00%
Change in uncertain tax positions		8.10%	(4.20%)
Mergers and acquisitions		1.70%	3.50%
Nondeductible compensation	(4.60%)	33.30%	(7.40%)
Other	(1.00%)	1.60%	(1.60%)
Change in valuation allowance		26.90%	(17.40%)
Effective tax rate	(4.50%)	2.80%	3.30%

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit and Restricted Cash In connection with the Oakland lease, the Company is required to provide the landlord a letter of credit in the amount of $1.5 million. The Company has secured this letter of credit by depositing $1.5 million with the issuing financial institution. In April 2025, the lease was amended, which extended the lease for a reduced amount of office space by two years. As part of the extension, the letter of credit will be reduced to $0.9 million effective on March 1, 2026, with an expiration date of February 2028. As of December 31, 2025, $0.9 million of restricted cash is recorded in other assets on the Consolidated Balance Sheet to reflect the extended obligation, while the remaining $0.6 million, not required after February 2026, is recorded in current assets as restricted cash. As previously disclosed in Note 2, “Summary of Significant Accounting Policies” and Note 4, “Business Combinations”, restricted cash also includes customer funds held by TransactPay in segregated accounts held to meet its safeguarding, collateral, or settlement requirements. As of December 31, 2025, the balance of restricted cash associated with these customer funds was $306.9 million, of which $45.8 million is invested in money market funds. Purchase Obligations As of December 31, 2025, the Company had non-cancellable purchase commitments with certain service providers and Issuing Banks of $107.1 million, payable over the next 3 years. These purchase obligations include $92.4 million related to minimum commitments as part of a cloud-computing service agreement. The remaining obligations are related to various service providers and Issuing Banks processing fees over the fixed, non-cancellable respective contract terms. Defined Contribution Plans During the years ended December 31, 2025, 2024, and 2023, the Company contributed a total of $5.5 million, $5.0 million, and $5.5 million to its defined contribution plans, respectively. Legal Contingencies From time to time in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. Given the unpredictable nature of legal proceedings, the Company bases its assessment on the information available at the time the financials are available to be issued. As additional information becomes available, the Company reassesses the probability of the loss contingency and the potential liability, and may revise the estimate. The Company is currently involved in the following matters: On December 9, 2024, a putative securities class action lawsuit, captioned Wai v. Marqeta, Inc., et al., Case No. 24-cv-08874 (N.D. Cal.), was filed in federal court in the Northern District of California (“Court”) against the Company and certain of its current and former officers (“Defendants”) alleging violations of federal securities laws. The lawsuit asserts that during the putative class period of between August 7, 2024 and November 4, 2024, Defendants made false or misleading statements relating to the Company’s performance or revenue and gross profit expectations in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On December 10, 2024, a second putative securities class action lawsuit, captioned Ford v. Marqeta, Inc., et al., Case No. 24-cv-08892 (N.D. Cal.), was filed in the same Court against the same Defendants alleging violations of the same federal securities laws. The second lawsuit asserts similar theories of liability as the first lawsuit but alleges a broader putative class period of between May 7, 2024 and November 4, 2024 and some additional and/or different allegations on which the claims are based. Both lawsuits (collectively, the “Securities Actions”) seek to recover damages on behalf of shareholders who acquired shares of the Company’s common stock during their respective putative class periods. The Securities Actions have been consolidated into one consolidated securities litigation captioned In re Marqeta, Inc. Securities Litigation, Case No. 24-08874-YGR (N.D. Cal) and the Court has appointed a lead plaintiff and lead plaintiff’s counsel in the matter. On April 10, 2025, the lead plaintiff filed a consolidated amended complaint, which alleges a putative class period of between February 28, 2024 and November 4, 2024. We and the other Defendants filed a motion to dismiss the consolidated amended complaint on May 15, 2025. On November 3, 2025, a settlement was reached, in principle, with the lead plaintiff’s counsel to resolve the Securities Actions for payments totaling $13.0 million, subject to further documentation and judicial approvals. The Company’s Directors and Officers insurance policy includes a $5.0 million self-insured retention that applies to covered losses related to the Securities Actions, including legal defense fees and settlement payments. If finalized, the settlement will be funded by insurance less the self-insured retention. For the year ended December 31, 2025, the Company recognized $5.0 million of legal and litigation expenses related to this matter, which are included in other operating expenses within the Consolidated Statement of Operations and Comprehensive (Loss) Income. This amount represents the Company’s probable loss corresponding to its $5.0 million self-insured retention. As of December 31, 2025, the Company recorded a $13.0 million settlement liability within accrued expenses and other current liabilities and a corresponding $9.3 million insurance recovery receivable within prepaid expenses and other current assets on the Consolidated Balance Sheet. The receivable represents the portion of settlement expected to be covered by insurance, determined by applying legal fees incurred through December 31, 2025, toward the self-insured retention. As additional legal fees are incurred beyond this date, they will further reduce the remaining self-insured retention, resulting in a corresponding increase to the receivable balance. On February 4, 2025, a putative shareholder derivative lawsuit, captioned Smith v. Khalaf, et al., Case No. 25-cv-01174 (N.D. Cal.), was filed in the same Court against certain of the Company’s current and former officers and its Board of Directors (as then constituted), and named the Company as a nominal defendant. This lawsuit asserts claims for breach of fiduciary duties and violations of federal securities laws, among other claims, between the time period of May 7, 2024 and November 4, 2024 under similar theories as the Securities Actions. Two other substantially similar putative shareholder derivative lawsuit, captioned Ojserkis v. Khalaf, et al., Case No. 25-cv-01883 (N.D. Cal.) and Preciado v. Khalaf, et al., Case No. 3:25-cv-02100 (N.D. Cal.) were filed on February 21, 2025 and February 27, 2025, respectively. All three putative shareholder derivative suits have been consolidated into one lawsuit captioned In re Marqeta, Inc. Derivative Litigation, Case No. 4:25-cv-01174-YGR (N.D. Cal). The consolidated derivative action is currently stayed pending developments in the consolidated Securities Actions. Settlement of Payment Transactions As described in Note 2, “Summary of Significant Accounting Policies,” pre-funding amounts deposited by program management customers into accounts maintained at Issuing Banks may only be used to settle customers’ payment transactions, and are not subject to the same safeguarding regulations as TransactPay’s customer funds, and as such, are not considered assets of the Company. Accordingly, the funds held in customers’ accounts at Issuing Banks are not reflected on the Company’s Consolidated Balance Sheets. If a customer does not have sufficient funds to settle a transaction, the Company is liable to the Issuing Bank to settle the transaction and would therefore incur losses if such amounts cannot be subsequently recovered from the customer. The Company did not incur losses of this nature during the years ended December 31, 2025, 2024 and 2023. Indemnifications In the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, Card Networks, Issuing Banks, vendors, lessors, and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. With respect to Issuing Banks, the Company has received requests for indemnification from time to time and may indemnify the Issuing Bank for losses such Issuing Bank may incur for non-compliance with applicable law and regulations, if those losses resulted from the Company’s failure to perform under its program agreement. No significant claims have been incurred during the years ended December 31, 2025, 2024 and 2023. In addition, the Company has entered into indemnification agreements with its directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers, or employees. As of December 31, 2025 and 2024, no demands have been made upon the Company to provide indemnification under such agreements, and the Company is not aware of any claims that could have a material effect on its Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive (Loss) Income, or Consolidated Statements of Cash Flows. The Company also includes service level commitments to its customers, warranting certain levels of performance and permitting those customers to receive credits in the event the Company fails to meet those levels outlined in their respective agreements. No material credits were issued during the years ended December 31, 2025, 2024 and 2023.

Leases - Schedule of Weighted Average Lease Term and Weighted Average Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining operating lease term (in years)	4 years 1 month 6 days	1 year 1 month 6 days
Weighted average discount rate	4.50%	7.60%

Business Combinations - Schedule of Purchase Price (Details) - TransactPay Business - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2025	Nov. 30, 2025	Dec. 31, 2025	Dec. 31, 2025
Business Combination, Separately Recognized Transaction [Line Items]
Cash paid	$ 54,016
Holdback consideration	3,500	$ 1,100
Fair value of contingent consideration	3,595
Other	(12)
Total preliminary purchase price	59,900
Payments of merger related costs			$ 1,100
Indemnification Purposes
Business Combination, Separately Recognized Transaction [Line Items]
Holdback consideration	$ 2,301			$ 2,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue - Revenue Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 42.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	70.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	30.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	5 years

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 709,443	$ 923,016
Restricted cash	307,593	8,500
Short-term investments	62,483	179,409
Accounts receivable, net	41,422	29,988
Settlements receivable, net	18,037	16,203
Network incentives receivable	61,059	66,776
Prepaid expenses and other current assets	35,278	25,405
Total current assets	1,235,315	1,249,297
Operating lease right-of-use assets, net	8,275	2,712
Property and equipment, net	59,910	37,523
Intangible assets, net	51,388	29,774
Goodwill	154,706	123,523
Other assets	15,439	20,375
Total assets	1,525,033	1,463,204
Current liabilities:
Accounts payable	1,847	527
Revenue share payable	224,526	193,399
Funds payable and amounts due to customers	306,891	0
Accrued expenses and other current liabilities	215,793	177,059
Total current liabilities	749,057	370,985
Operating lease liabilities, net of current portion	5,535	870
Other liabilities	8,484	6,331
Total liabilities	763,076	378,186
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000 and 100,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0
Common stock, $0.0001 par value: 1,500,000 and 1,500,000 Class A shares authorized, 399,392 and 470,824 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively. 600,000 and 600,000 Class B shares authorized, 32,864 and 33,472 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	43	50
Additional paid-in capital	1,572,238	1,883,190
Accumulated other comprehensive income (loss)	1,509	(314)
Accumulated deficit	(811,833)	(797,908)
Total stockholders’ equity	761,957	1,085,018
Total liabilities and stockholders’ equity	$ 1,525,033	$ 1,463,204

Stock Incentive Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plans

The Company grants share-based awards to employees, non-employee directors, and other service providers of the Company under the 2021 Stock Option and Incentive Plan (“2021 Plan”). The Amended and Restated 2011 Equity Incentive Plan (“2011 Plan”) had been terminated, and no new awards are granted under it. However, previously granted awards that remain outstanding continue to be governed by the terms of the 2011 Plan. Additionally, the Company offers an ESPP, which allows employees to purchase shares of common stock at 85% of the fair value of the Company’s Class A common stock on the first or last day of the offering period, whichever is lower. The offering periods are six months long and start in May and November of each year.

The following table presents the share-based compensation expense recognized within the following line items in the Consolidated Statements of Operations and Comprehensive (Loss) Income and Consolidated Balance Sheet in the periods presented:


	Year Ended December 31,
	2025		2024		2023
Restricted stock units	$	94,428	$	107,699	$	99,648
Stock options	6,001		23,732		26,323
Performance restricted stock units	3,562		4,041		—
Employee Stock Purchase Plan	797		1,090		1,554
Share-based compensation recorded within Compensation and benefits	104,788		136,562		127,525
Executive chairman long-term performance award	—		(144,617)		53,214
Property and equipment (capitalized internal-use software)	11,176		7,059		4,492
Total share-based compensation expense (benefit)	$	115,964	$	(996)	$	185,231

Restricted Stock Units

The Company grants RSUs to employees, directors, and certain consultants. RSUs vest solely upon the satisfaction of service-based conditions and are generally subject to a vesting schedule of three or four years.

All RSUs granted on or after the Company’s IPO in 2021, as well as any remaining pre-IPO RSU grants, contain only service-based vesting condition. The liquidity-based vesting condition that previously applied to RSUs granted before April 1, 2021 was fully satisfied upon the Company’s IPO in 2021.

The fair value of RSUs is based on the closing price of the Company’s Class A common stock on the grant date and is recognized as share-based compensation over the requisite service period on straight-line basis for awards with only a service vesting condition.

Performance Restricted Stock Units

The Company grants PSUs under the 2021 Plan to certain employees of the Company based on an initial target number. The final number of PSUs that may vest and settle depend upon the Company’s performance against pre-established performance metrics over a predefined performance period, contingent on the compensation committee’s approval of the level of achievement against the pre-established performance targets at the end of the fiscal year. The PSUs granted vest over three years and have a one year performance period with one-third of the PSUs subject to cliff vesting following the completion of the performance period then vesting in equal quarterly installments thereafter. Over the performance period, the number of PSUs that may be issued and the related share-based compensation expense that is recognized is adjusted upward or downward based upon the probability of achieving the approved performance targets against the performance metrics. Depending on the probability of achieving the pre-established performance targets, the number of PSUs issued could range from 0% to 200% of the target amount.

A summary of the Company's RSUs and PSUs activity under the Plans was as follows:


	Number of Units	Weighted-average grant date fair value per share
Balance as of December 31, 2023	38,178	$	6.64
Granted	22,442	5.63
Vested	(18,274)	6.66
Canceled and forfeited	(8,540)	6.63
Balance as of December 31, 2024	33,806	$	5.96
Granted	24,589	4.41
Vested	(18,805)	5.78
Canceled and forfeited	(10,504)	5.60
Balance as of December 31, 2025	29,086	$	4.88

As of December 31, 2025, unrecognized compensation costs related to unvested RSUs and PSUs was $124.1 million. These costs are expected to be recognized over a weighted-average period of 1.7 years.

Stock Options

Under the Plans, the exercise price of a stock option shall not be less than the fair market value per share of the Company’s common stock on the date of grant (and not less than 110% of the fair market value per share of common stock for grants to stockholders owning more than 10% of the total combined voting power of all classes of stock of the Company, or a 10% stockholder). Options are exercisable over periods not to exceed ten years from the date of grant (five years for incentive stock options granted to 10% stockholders).

A summary of the Company's stock option activity under the Plans is as follows:


	Number of Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value(1)




Balance as of December 31, 2023	36,670	$	16.09	7.45	$	24,481
Granted	—	—
Exercised	(185)	1.10
Canceled and forfeited	(21,523)	21.01
Balance as of December 31, 2024	14,962	$	9.19	5.82	$	5,819
Granted	—	—
Exercised	(506)	3.30
Canceled and forfeited	(6,259)	12.72
Balance as of December 31, 2025	8,197	$	6.86	5.73	$	7,321
Exercisable as of December 31, 2025(2)	7,567	$	6.96	5.61	$	7,321
Vested as of December 31, 2025	7,533	$	6.96	5.61	$	7,120

(1) Intrinsic value is calculated based on the difference between the exercise price of in-the-money-stock options and the fair value of the common stock as of the respective balance sheet dates.

(2) The 2011 Plan allows for early exercise of stock options. Accordingly, options granted under this plan are included as exercisable stock options regardless of vesting status.

The total intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023, was $0.7 million, $0.8 million, and $12.2 million, respectively.

The total grant-date fair value of options vested during the years ended December 31, 2025, 2024, and 2023, was $25.2 million, $42.4 million, and $61.8 million, respectively.

As of December 31, 2025, aggregate unrecognized compensation costs related to unvested outstanding stock options was $2.3 million. These costs are expected to be recognized over a weighted-average period of 0.9 years.

The Company did not grant any stock options during the years ended December 31, 2025 and 2024.

Executive Chairman Long-Term Performance Award

In April and May 2021, the Company’s board of directors granted the Company’s Executive Chairman and then-Chief Executive Officer (“CEO”) performance-based stock options to purchase an aggregate of 19,740,923 and 47,267 shares of the Company’s Class B common stock with an exercise price of $21.49 and $23.40 per share, respectively, (collectively, the “Executive Chairman Long-Term Performance Award”). The Executive Chairman Long-Term Performance Award would vest only upon the satisfaction of both a service condition and the achievement of certain stock price hurdles over a seven-year performance period following the expiration of the lock-up period associated with the Company’s IPO in 2021.

In the second quarter of 2024, the Executive Chairman stepped down from his executive officer role and transitioned to a non-employee director role on the board of directors causing the Executive Chairman Long-Term Performance Award to be forfeited per its terms. As a result of the forfeiture, the Company reversed all previously recognized share-based compensation expense associated with the award, resulting in a one-time credit of $167.3 million, of which $144.6 million related to expense recognized in prior years. The Company accounts for forfeitures as they occur.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

Goodwill consisted of the following:





Balance as of December 31, 2023 and 2024	$	123,523
Goodwill from acquisition of TransactPay	29,914
Foreign currency adjustment	1,269
Balance as of December 31, 2025	$	154,706

There were no changes to goodwill during the year ended December 31, 2024.

Intangibles Assets, net

Intangible assets consisted of the following as of the dates presented:


	December 31, 2025		December 31, 2024
Finite-lived Intangible assets:
Developed technology	$	41,000	$	41,000
Customer relationships(1)	7,059		—
Total finite-lives Intangible assets gross	48,059		41,000
Accumulated amortization	(18,554)		(11,226)
Total finite-lived Intangible assets, net	29,505		29,774
Indefinite-lived Intangible assets:
EMI licenses(1)	21,883		—
Total Intangibles assets, net	51,388		29,774

(1) The customer relationships and EMI licenses acquired in the TransactPay acquisition are denominated in euros. The difference between the U.S. dollar amounts initially recorded at the acquisition date as disclosed in Note 4, Business Combinations, and the balances reported as of December 31, 2025 is attributable to changes in the foreign currency exchange rate.

The amortization period for developed technology intangible assets is 7 years. Amortization expense for developed technology was $5.9 million for the years ended December 31, 2025 and 2024 and $5.4 million for the year ended December 31, 2023. The amortization period for customer relationships is 2 years. Amortization expense for customer relationships was $1.5 million for the year ended December 31, 2025.

Expected future amortization expense for intangible assets was as follows as of December 31, 2025:


2026	$	9,394
2027	7,909
2028	5,857
2029	5,857
2030	488
Total expected future amortization expense for intangible assets	$	29,505

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Additional valuation allowance	$ (6,100)	$ 7,500
Federal and state net operating losses	53,398	46,108
Income tax penalties and interest expense	300
Unrecognized tax benefits	18,820	$ 12,199	$ 9,800	$ 0
Unrecognized tax benefits that would impact the effective tax rate	4,600
Unrecognized tax benefits that would not impact the effective tax rate	14,200
Domestic Federal:
Tax Credit Carryforward [Line Items]
Federal and state net operating losses	205,200
Operating loss carryforwards, carried forward indefinitely	180,300
Domestic Federal: \| Research Tax Credit Carryforward \| Internal Revenue Service (IRS)
Tax Credit Carryforward [Line Items]
Tax credit carryforward	39,700
State and Local Jurisdiction
Tax Credit Carryforward [Line Items]
Federal and state net operating losses	172,900
State and Local Jurisdiction \| Research Tax Credit Carryforward \| California Franchise Tax Board
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ 16,900

Net (Loss) Income Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net (Loss) Income Per Share Attributable to Common Stockholders

Basic net (loss) income per share is computed by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) income per share is computed by dividing net (loss) income by the weighted-average number of shares of common stock outstanding adjusted for the dilutive effect of all potential shares of common stock. In periods when the Company reported a net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive.

The Company calculated basic and diluted net (loss) income per share attributable to common stockholders as follows:


	Year Ended December 31,
	2025				2024				2023
	Class A		Class B		Class A		Class B		Class A		Class B
Numerator
Net (loss) income attributable to common stockholders, basic	$	(12,925)	$	(1,000)	$	24,938	$	2,349	$	(199,108)	$	(23,854)
Net (loss) income attributable to common stockholders, diluted	$	(12,925)	$	(1,000)	$	24,808	$	2,479	$	(199,108)	$	(23,854)
Denominator
Weighted-average shares used in computing basic Net (loss) income per share attributable to common stockholders	428,988		33,180		467,071		43,993		475,564		56,976
Effect of dilutive potential shares of common stock	—		—		4,646		3,135		—		—
Weighted-average shares used in computing diluted Net (loss) income per share attributable to common stockholders	428,988		33,180		471,717		47,128		475,564		56,976

Net (loss) income per share attributable to common stockholders, basic	$	(0.03)	$	(0.03)	$	0.05	$	0.05	$	(0.42)	$	(0.42)
Net (loss) income per share attributable to common stockholders, diluted	$	(0.03)	$	(0.03)	$	0.05	$	0.05	$	(0.42)	$	(0.42)

As liquidation and dividend rights are identical for Class A common stock and Class B common stock, the undistributed earnings are allocated on a proportionate basis and the resulting income (loss) per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis.

The following potentially dilutive securities were excluded from the computation of diluted net loss per share during the years ended December 31, 2025 and 2023 because including them would have had an anti-dilutive effect as the Company was in a loss position during those periods:


	Year Ended December 31,
	2025		2023
	Class A	Class B		Class A	Class B
Warrants to purchase Class B common stock	—	—		—	1,900

Stock options, restricted stock, and employee stock purchase plan	33,437	3,846		46,236	28,864

Total	33,437	3,846		46,236	30,764

Potentially dilutive securities that were excluded from the computation of diluted net income per share during the year ended December 31, 2024 because including them would have had an anti-dilutive effect were as follows:


	Year Ended December 31, 2024
		Class A	Class B

Stock options outstanding, including early exercise of options		8,136	13,880
Unvested RSUs outstanding		21,111	259

Total		29,247	14,139

Short-term Investments - Schedule of Unrealized Gain (Loss) on Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 62,319	$ 178,948
Unrealized Gain	164	461
Estimated Fair Value	62,483	179,409
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	55,955	168,504
Unrealized Gain	132	396
Estimated Fair Value	56,087	168,900
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,364	10,444
Unrealized Gain	32	65
Estimated Fair Value	$ 6,396	$ 10,509

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (aa)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Certain Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Certain Balance Sheet Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31, 2025		December 31, 2024
Prepaid expenses	$	8,619	$	7,193
Contract assets	4,021		1,605
Prepaid hosting and data costs	3,850		4,247
Inventory	1,949		3,676
Prepaid insurance	1,739		1,786
Accrued interest receivable	1,387		4,018
Other current assets	13,713		2,880
Prepaid expenses and other current assets	$	35,278	$	25,405

Property and Equipment, net

Property and equipment consisted of the following:


	December 31, 2025		December 31, 2024
Internally developed and purchased software	$	86,435	$	47,300
Computer equipment	9,678		9,415
Leasehold improvements	9,666		8,110
Furniture and fixtures	2,442		2,525
Total property and equipment, gross	108,221		67,350
Accumulated depreciation and amortization	(48,311)		(29,827)
Property and equipment, net	$	59,910	$	37,523

Depreciation and amortization expense related to property and equipment was $19.8 million, $11.6 million, and $5.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company capitalized $39.8 million and $25.9 million as internal-use software development costs during the years ended December 31, 2025 and 2024, respectively.

Other Assets

Other assets consisted of the following:


	December 31, 2025		December 31, 2024
Contract assets, noncurrent	$	6,688	$	10,981
Deferred tax assets	542		396
Other noncurrent assets	8,209		8,998
Other assets	$	15,439	$	20,375

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31, 2025		December 31, 2024
Accrued costs of revenue	$	103,882	$	85,745
Accrued compensation and benefits	47,702		45,754
Deferred revenue	11,762		13,593

Accrued tax liabilities	8,966		5,434
Due to Issuing Banks	7,721		7,721
Contingent consideration liability (see Note 4)	3,677		—
Operating lease liabilities, current portion	3,022		4,627
Holdback consideration liability (see Note 4)	2,353		—
Accrued professional services	2,308		3,567
Reserve for contract contingencies and processing errors	—		1,862
Other accrued liabilities	24,400		8,756
Accrued expenses and other current liabilities	$	215,793	$	177,059

Other Liabilities

Other liabilities consisted of the following:


	December 31, 2025		December 31, 2024
Deferred revenue, net of current portion	$	2,640	$	4,779
Other long-term liabilities	5,844		1,552
Other liabilities	$	8,484	$	6,331

Stock Incentive Plans - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	May 31, 2021 $ / shares shares	Apr. 30, 2021 $ / shares shares	Jun. 30, 2024 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Total intrinsic value of options exercised				$ 0.7	$ 0.8	$ 12.2
Grants in period, grant date intrinsic value				25.2	$ 42.4	$ 61.8
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Compensation costs related to unvested outstanding stock options				$ 2.3
Compensation costs related to unvested outstanding stock options, period for recognition (in years)				10 months 24 days
Stock options \| 2011 and 2021 Stock Option and Incentive Plan \| Class A
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price of common stock, percent				85.00%
Restricted Stock Units with Service Condition \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)				3 years
Restricted Stock Units with Service Condition \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)				4 years
Unvested RSUs outstanding
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)				3 years
Service condition satisfaction period (in years)				1 year
Unvested RSUs outstanding \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Pre-established performance target percentages				0
Unvested RSUs outstanding \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Pre-established performance target percentages				2
Restricted Stock Units and Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation costs related to unvested outstanding stock options				$ 124.1
Compensation costs related to unvested outstanding stock options, period for recognition (in years)				1 year 8 months 12 days
Stock options outstanding, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares				0	0
Granted (in dollars per share) \| $ / shares				$ 0	$ 0
Stock options outstanding, including early exercise of options \| 2011 and 2021 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Fair market value of one share of common stock threshold				110.00%
Stock options outstanding, including early exercise of options \| 2011 and 2021 Stock Option and Incentive Plan \| Class A
Share-based Compensation Arrangement by Share-based Payment Award
Fair market value of one share of common stock threshold				110.00%
Combined voting power of stockholder, 10% Stockholder				10.00%
Expiration period (in years)				10 years
Stock options, 10% Stockholders \| 2011 and 2021 Stock Option and Incentive Plan \| Class A
Share-based Compensation Arrangement by Share-based Payment Award
Combined voting power of stockholder, 10% Stockholder				10.00%
Expiration period (in years)				5 years
Performance restricted stock units \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)				7 years
Granted (in shares) \| shares		19,740,923
Granted (in dollars per share) \| $ / shares	$ 23.40	$ 21.49
Performance restricted stock units \| Class B \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares	47,267
Performance restricted stock units \| 2021 Stock Option And Incentive Plan \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Forfeitures			$ 167.3
Forfeitures related to expenses recognized in prior periods			$ 144.6

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Increased in goodwill		$ 0.0
Amortization expense	$ 5.9	$ 5.9	$ 5.4
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization period (in years)	7 years	7 years	7 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization period (in years)	2 years
Amortization expense	$ 1.5

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- Definition

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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company leases office space under non-cancelable operating lease agreements, which are classified as operating leases. The most significant lease relates to the Company’s headquarters in Oakland, California (the “Oakland Lease”). Lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. The Company is responsible for operating expenses that exceed the amount of base operating expenses as defined in the original lease agreement.

Oakland Headquarters Lease

In the fourth quarter of 2024, the Company decided to permanently cease using two leased floors of its Oakland headquarters. This decision represented a triggering event that required the Company to test the related asset group, consisting primarily of the right-of-use asset and leasehold improvements, for impairment. As a result of this assessment, the Company recognized an impairment charge of $1.4 million, which was included within Occupancy expense in the Consolidated Statement of Operations and Comprehensive (Loss) Income for the year ended December 31, 2024. The estimated fair value of the right-of-use asset was measured on a nonrecurring basis determined using Level 3 inputs under the income approach, incorporating probability-weighted discounted cash flow projections over the remaining lease term.

In the second quarter of 2025, the Company amended its Oakland Lease, extending the term for certain retained floors by 24 months. The lease modification was not accounted for as a separate contract, and the extension has been accounted for as an operating lease. Accordingly, the Company recorded an increase to the Operating lease right-of-use assets, net and Operating lease liabilities, net of current portion in the Consolidated Balance Sheet of approximately $3.5 million, representing the present value of the additional lease payments associated with the 24-month extension.

TransactPay Assumed Leases

In connection with the acquisition of TransactPay (see Note 4, “Business Combinations,” for further details), the Company assumed two operating leases for office space in Malta and Gibraltar expiring in October 2029 and October 2035, respectively. These lease arrangements consist primarily of fixed rental payments in exchange for the right to use the underlying leased assets over the respective lease terms, with no significant variable lease payments or purchase options. As of the acquisition date, the Company recognized right-of-use assets and corresponding operating lease liabilities of $2.5 million based on the present value of the remaining lease payments.

The Company's operating lease costs are as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	2,596	$	3,372	$	3,372
Variable lease cost	633		643		490
Short-term lease cost	836		483		247
Operating lease impairment	—		1,443		—
Total lease cost	$	4,065	$	5,941	$	4,109

The Company does not have any sublease income and the Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants.

The weighted average remaining operating lease term and the weighted average discount rate used in the calculation of the Company's lease assets and lease liabilities were as follows:


	December 31, 2025	December 31, 2024
Weighted average remaining operating lease term (in years)	4.1	1.1
Weighted average discount rate	4.5%	7.6%

Maturities of operating lease liabilities by year are as follows as of December 31, 2025:





2026	$	3,391
2027	2,898
2028	1,195
2029	348
2030 and thereafter	1,626
Total lease payments	$	9,458
Less imputed interest	(901)
Total operating lease liabilities	$	8,557

Concentration of Risks and Significant Customers - Schedules of Net Revenue (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Customer A \| Revenue
Concentration Risk [Line Items]
Concentration risk, percentage	45.00%	47.00%	68.00%
Customer A \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage		10.00%
Customer B \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%
Customer C \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage		13.00%
Customer D \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

+ References + Details

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accounting Policies and Supplemental Information [Line Items]
Reclassification of restricted cash to cash and cash equivalents	$ 7.0
Allowance for doubtful accounts receivable	$ 2.9	$ 2.4
Revenue from contract with customer, standard contract automatic renewal, term (in years)	1 year
Revenue from contract with customer, card network, fees recognized	$ 1.5
Advertising costs	$ 4.2	2.3	$ 1.5
Company matching contribution, percent	50.00%
Employer matching contribution, percent of employees' gross pay	6.00%
Unvested RSUs outstanding
Accounting Policies and Supplemental Information [Line Items]
Award vesting period (in years)	3 years
Service condition satisfaction period (in years)	1 year
Compensation and Benefits and Technology Expenses
Accounting Policies and Supplemental Information [Line Items]
Research and development costs	$ 144.5	$ 141.4	$ 148.0
Minimum
Accounting Policies and Supplemental Information [Line Items]
Revenue from contract with customer, standard contract term (in years)	3 years
Revenue from contract with customer, card network, term (in years)	3 years
Revenue from contract with customer, card network renewal, term (in years)	1 year
Minimum \| Unvested RSUs outstanding
Accounting Policies and Supplemental Information [Line Items]
Pre-established performance target percentages	0
Minimum \| Computer equipment, and furniture and fixtures
Accounting Policies and Supplemental Information [Line Items]
Property, plant and equipment, useful life (in years)	3 years
Minimum \| Internally developed and purchased software
Accounting Policies and Supplemental Information [Line Items]
Property, plant and equipment, useful life (in years)	3 years
Maximum
Accounting Policies and Supplemental Information [Line Items]
Revenue from contract with customer, standard contract term (in years)	5 years
Revenue from contract with customer, card network, term (in years)	5 years
Revenue from contract with customer, card network renewal, term (in years)	2 years
Maximum \| Unvested RSUs outstanding
Accounting Policies and Supplemental Information [Line Items]
Pre-established performance target percentages	2
Maximum \| Computer equipment, and furniture and fixtures
Accounting Policies and Supplemental Information [Line Items]
Property, plant and equipment, useful life (in years)	5 years

Stock Incentive Plans - Schedule of Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Options
Beginning balance (in shares)	14,962,000	36,670,000
Granted (in shares)	0	0
Exercised (in shares)	(506,000)	(185,000)
Canceled and forfeited (in shares)	(6,259,000)	(21,523,000)
Ending balance (in shares)	8,197,000	14,962,000	36,670,000
Exercisable (in shares)	7,567,000
Vested (in shares)	7,533,000
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 9.19	$ 16.09
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	3.30	1.10
Canceled and forfeited (in dollars per share)	12.72	21.01
Ending balance (in dollars per share)	6.86	$ 9.19	$ 16.09
Exercisable (in dollars per share)	6.96
Vested (in dollars per share)	$ 6.96
Weighted - Average remaining Contractual Life (Years) / Aggregate Intrinsic Value
Options outstanding, Weighted Average Remaining Contractual Life (in years)	5 years 8 months 23 days	5 years 9 months 25 days	7 years 5 months 12 days
Exercisable, Weighted Average Remaining Contractual Life (in years)	5 years 7 months 9 days
Options Vested, Weighted Average Remaining Contractual Life (in years)	5 years 7 months 9 days
Options outstanding, Aggregate Intrinsic Value (in USD)	$ 7,321	$ 5,819	$ 24,481
Exercisable, Aggregate Intrinsic Value (in USD)	7,321
Options Vested, Aggregate Intrinsic Value (in USD)	$ 7,120

Stockholders’ Equity Transactions	12 Months Ended
Stockholders’ Equity Transactions	Dec. 31, 2025
Equity [Abstract]
Stockholders’ Equity Transactions	Stockholders’ Equity Transactions Warrants to Purchase Common Stock In 2021 and 2020, the Company issued warrants to certain customers to purchase up to 1.2 million and 0.8 million shares of the Company’s common stock, respectively. These warrants vest based on certain performance conditions that include issuing a specific percentage of new cards on the Company’s platform over a defined measurement period and reaching certain annual transaction count thresholds over the contract term, respectively. All warrants have an exercise price of $0.01 per share. These warrants are classified as equity instruments and are treated as consideration payable to a customer. The grant date fair values of these warrants were determined using Black-Scholes option-pricing model with key assumptions including the fair value of the underlying common stock on the grant date, expected term, expected volatility and risk-free rate. The grant date fair values are being recorded as a reduction to net revenue over the term of the respective customer contract based on the expected pattern of processing volume generated by the customer and the probability of vesting conditions being met. As of December 31, 2025 and 2024, 1.3 million and 1.2 million warrants were vested, respectively. The Company recorded $2.1 million and $1.7 million as a reduction of net revenue related to these warrants during the years ended December 31, 2025 and 2024, respectively. Upon vesting, the fair value of the vested warrants was recorded into the Company’s additional paid-in capital. Timing differences caused by the pattern of processing volume generated by the customer over the original terms of the contract and the vesting schedules of the warrants can cause differences in the amount of grant date fair value that is credited to additional paid in capital upon vesting and the amount recorded as a reduction in net revenue during any particular reporting period. As of December 31, 2025, there were no warrants outstanding, as all previously issued warrants which fully vested had expired unexercised. Share Repurchase Programs On September 14, 2022, the Company’s Board of Directors authorized a share repurchase program of up to $100 million of the Company’s Class A common stock beginning September 15, 2022 (“2022 Share Repurchase Program”). Under the repurchase program, the Company was authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). The number of shares repurchased and the timing of purchases were based on general business and market conditions, and other factors, including legal requirements. Repurchases under the program were completed as of March 31, 2023. During the year ended December 31, 2023, the Company repurchased and subsequently retired 3.2 million shares for $21.0 million under the 2022 Share Repurchase Program, for an average price of $6.46. On May 8, 2023, the Company’s board of directors authorized a share repurchase program of up to $200 million of the Company’s Class A common stock (“2023 Share Repurchase Program”). Under the 2023 Share Repurchase Program, the Company was authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases were based on general business and market conditions, and other factors, including legal requirements. During the year ended December 31, 2023, the Company repurchased 31.3 million shares in the open market for $169.4 million under the 2023 Share Repurchase Program, for an average price of $5.41. During the year ended December 31, 2024 the Company repurchased 5.2 million shares in the open market for $32.8 million, including transaction costs and excise taxes, at an average price of $6.27 under the 2023 Share Repurchase Program. Repurchases under the 2023 Share Repurchase Program were completed as of March 31, 2024. On May 6, 2024, the Company’s board of directors authorized a share repurchase program of up to $200 million of the Company’s Class A common stock (the “2024 Share Repurchase Program”). Under the 2024 Share Repurchase Program, the Company was authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases were based on general business and market conditions, and other factors, including legal requirements. During the year ended December 31, 2024, the Company repurchased approximately 23.2 million shares in the open market and in privately negotiated transactions for $119.5 million under the 2024 Share Repurchase Program, for an average price of $5.16, respectively. The total price of the shares repurchased and the related transaction costs and excise taxes of $1.2 million during the year ended December 31, 2024 are reflected as a reduction to Common stock and Additional paid-in capital on the Company’s Consolidated Balance Sheets. During the year ended December 31, 2025, the Company repurchased approximately 19.2 million shares in the open market and in privately negotiated transactions for $80.5 million under the 2024 Share Repurchase Program, for an average price of $4.20, respectively. The total price of the shares repurchased and the related transaction costs and excise taxes of $1.1 million during the year ended December 31, 2025 are reflected as a reduction to Common stock and Additional paid-in capital on the Company’s Consolidated Balance Sheets. Repurchases under the 2024 Share Repurchase Program were completed as of March 31, 2025. On February 25, 2025, the Company’s Board of Directors authorized an additional share repurchase program of up to $300 million of the Company’s Class A common stock (the “February 2025 Share Repurchase Program”). Under the February 2025 Share Repurchase Program, the Company was authorized to repurchase shares through open market purchases, in privately negotiated transactions, or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases were based on general business and market conditions, and other factors, including legal requirements. The February 2025 Share Repurchase Program had no set expiration date. During the year ended December 31, 2025, the Company repurchased approximately 63.9 million shares under the February 2025 Share Repurchase Program for $300.0 million, at an average price of $4.69 per share. The aggregate cost of the shares repurchased and the related transaction costs and excise taxes of $3.8 million during the year ended December 31, 2025, respectively, are reflected as a reduction to Common stock and Additional paid-in capital on the Company’s Consolidated Balance Sheet. Repurchases under the February 2025 Share Repurchase Program were completed during the fourth quarter of 2025. On December 4, 2025, the Company’s Board of Directors authorized an additional share repurchase program of up to $100 million of the Company’s Class A common stock (the “December 2025 Share Repurchase Program”). Under the December 2025 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions, or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases are based on general business and market conditions, and other factors, including legal requirements. The December 2025 Share Repurchase Program has no set expiration date. During the year ended December 31, 2025, the Company repurchased approximately 1.7 million shares under the December 2025 Share Repurchase Program for $8.5 million, at an average price of $4.89 per share. The aggregate cost of the shares repurchased and the related transaction costs and excise taxes of $0.1 million during the year ended December 31, 2025, respectively, are reflected as a reduction to Common stock and Additional paid-in capital on the Company’s Consolidated Balance Sheet. As of December 31, 2025, $91.5 million remained available for future share repurchases under the December 2025 Share Repurchase Program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company's chief operating decision maker (“CODM”) is its Chief Executive Officer, who regularly reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company provides a single, global, cloud-based, open API platform for modern card issuing and transaction processing, and primarily earns revenue from processing card transactions for its customers. As such, the Company operates as a single operating segment and reporting unit.

The CODM assesses performance and decides how to allocate resources based on consolidated net (loss) income as the measure of profit and loss and consolidated total assets. The measure of segment assets is reported on the balance sheet as total assets. The CODM uses net (loss) income in the annual budgeting process and subsequent monitoring of budget versus actual results, as well as in assessing the return on consolidated total assets.

The following is the information used by the CODM in assessing segment performance:


	Year Ended December 31,
	2025		2024		2023
Net revenue	$	624,884	$	506,995	$	676,171




Cost of revenue	187,612		155,146		346,657
Gross profit	437,272		351,849		329,514
Significant expenses:
Employee compensation and benefits	235,631		261,033		318,856
Share based compensation	104,788		136,562		127,525
Professional services	21,879		20,057		21,679
Technology	65,005		60,059		55,612
Occupancy and equipment	3,766		5,995		4,361
Depreciation and amortization	27,163		17,460		10,741
Marketing and advertising	5,073		2,986		2,566
Other operating expenses	20,397		16,780		17,975
Executive Chairman Long-Term Performance Award	—		(144,617)		53,214


Interest income	33,216		53,411		52,613
Other expense	(115)		(865)		(173)

Income tax expense (benefit)	596		793		(7,613)
Segment and consolidated net (loss) income(1)	$	(13,925)	$	27,287	$	(222,962)

(1) The Company operates as a single reportable segment that is managed on a consolidated basis, therefore the Company’s segment net (loss) income is the same as the Company’s consolidated net (loss) income.

For the years ended December 31, 2025, 2024, and 2023, net revenue outside of the United States, based on the billing address of the customer, was 14%, 10%, and 5%, respectively.

As of December 31, 2025 and 2024, tangible long-lived assets located outside of the United States were not material and not used by the CODM in assessing and evaluating financial performance and allocating resources.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Elaine Paul [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 20, 2025, Elaine Paul, a member of our board of directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 37,330 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until November 30, 2026, or earlier if all transactions under the trading arrangement are completed, but in no case earlier than one year, or later than two years, from November 20, 2025.
Name	Elaine Paul
Title	board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 20, 2025
Expiration Date	November 30, 2026
Arrangement Duration	375 days
Aggregate Available	37,330

Business Combinations - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Business Combination, Separately Recognized Transaction [Line Items]
Goodwill	$ 154,706		$ 123,523
TransactPay Business
Business Combination, Separately Recognized Transaction [Line Items]
Cash and cash equivalents		$ 8,353
Restricted cash		229,650
Accounts receivable		2,903
Prepaid expenses and other current assets		1,300
Operating lease right-of-use assets		2,484
Other assets		397
Total tangible assets acquired		245,087
Funds payable and amounts due to customers		229,635
Accounts payable		1,220
Operating lease liabilities		2,541
Accrued expenses and other current liabilities		5,900
Other liabilities		4,106
Total liabilities assumed		243,402
Net tangible assets acquired		1,684
Goodwill		29,914
Total intangible assets acquired		58,216
Total purchase price		59,900
TransactPay Business \| Customer relationships
Business Combination, Separately Recognized Transaction [Line Items]
Intangible assets		6,903
TransactPay Business \| EMI licenses
Business Combination, Separately Recognized Transaction [Line Items]
Intangible assets		$ 21,399

Leases - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) floor	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2025 USD ($) lease	Jun. 30, 2025 USD ($)	Apr. 30, 2025
Lessee, Lease, Description [Line Items]
Lease termination, number of floors \| floor	2
Operating lease impairment		$ 0	$ 1,443	$ 0
Operating lease, renewal term (in years)							2 years
Operating lease right-of-use assets, net	$ 2,712	8,275	2,712
Operating lease liabilities, net of current portion	$ 870	5,535	$ 870
Total operating lease liabilities		$ 8,557
TransactPay Business
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net					$ 2,500
Number of lease acquired \| lease					2
Total operating lease liabilities					$ 2,500
Oakland Lease
Lessee, Lease, Description [Line Items]
Operating lease, renewal term (in years)						24 months
Operating lease right-of-use assets, net						$ 3,500
Operating lease liabilities, net of current portion						$ 3,500

Certain Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued costs of revenue	$ 103,882	$ 85,745
Accrued compensation and benefits	47,702	45,754
Deferred revenue	11,762	13,593
Accrued tax liabilities	8,966	5,434
Due to Issuing Banks	7,721	7,721
Contingent consideration liability (see Note 4)	3,677	0
Operating lease liabilities, current portion	3,022	4,627
Holdback consideration liability (see Note 4)	2,353	0
Accrued professional services	2,308	3,567
Reserve for contract contingencies and processing errors	0	1,862
Other accrued liabilities	24,400	8,756
Accrued expenses and other current liabilities	$ 215,793	$ 177,059
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities

Commitments and Contingencies (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 03, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 01, 2026	Apr. 30, 2025
Guarantor Obligations
Operating lease, renewal term (in years)						2 years
Restricted cash, included in Other assets		$ 895	$ 0	$ 0
Restricted cash, current		600
Purchase commitment		$ 107,100
Purchase commitment period (in years)		3 years
Employer contribution amount		$ 5,500	$ 5,000	$ 5,500
Securities Actions
Guarantor Obligations
Directors and Officers insurance policy deductible, amount	$ 5,000	5,000
Insurance recovery receivable		9,300
Securities Actions \| Settled Litigation
Guarantor Obligations
Payments for legal settlements	$ 13,000
Loss Contingency Accrual		13,000
Cloud Computing Service Agreement
Guarantor Obligations
Purchase commitment		92,400
Letter of Credit
Guarantor Obligations
Letters of credit, amount		1,500
Letter of Credit \| Forecast
Guarantor Obligations
Maximum borrowing capacity as amended					$ 900
Letter of Credit \| Restricted Cash
Guarantor Obligations
Deposit assets		1,500
Card and E-money Wallet Programs
Guarantor Obligations
Restricted cash		306,900
Card and E-money Wallet Programs \| Money market funds
Guarantor Obligations
Restricted cash		$ 45,800

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Short-term investments	$ 62,483	$ 179,409
Total assets measured at fair value	589,414	938,838
U.S. treasury securities
Assets
Short-term investments	56,087	168,900
Asset-backed securities
Assets
Short-term investments	6,396	10,509
U.S. treasury bills
Assets
Cash equivalents	292,381	214,189
Money market funds
Assets
Cash equivalents	96,042	458,195
Restricted cash	45,786
Commercial paper
Assets
Cash equivalents	41,450	8,028
Certificate of deposits
Assets
Cash equivalents	35,213	25,779
Corporate debt securities
Assets
Cash equivalents	16,059	53,238
Level 1
Assets
Total assets measured at fair value	490,296	841,284
Level 1 \| U.S. treasury securities
Assets
Short-term investments	56,087	168,900
Level 1 \| Asset-backed securities
Assets
Short-term investments	0	0
Level 1 \| U.S. treasury bills
Assets
Cash equivalents	292,381	214,189
Level 1 \| Money market funds
Assets
Cash equivalents	96,042	458,195
Restricted cash	45,786
Level 1 \| Commercial paper
Assets
Cash equivalents	0	0
Level 1 \| Certificate of deposits
Assets
Cash equivalents	0	0
Level 1 \| Corporate debt securities
Assets
Cash equivalents	0	0
Level 2
Assets
Total assets measured at fair value	99,118	97,554
Level 2 \| U.S. treasury securities
Assets
Short-term investments	0	0
Level 2 \| Asset-backed securities
Assets
Short-term investments	6,396	10,509
Level 2 \| U.S. treasury bills
Assets
Cash equivalents	0	0
Level 2 \| Money market funds
Assets
Cash equivalents	0	0
Restricted cash	0
Level 2 \| Commercial paper
Assets
Cash equivalents	41,450	8,028
Level 2 \| Certificate of deposits
Assets
Cash equivalents	35,213	25,779
Level 2 \| Corporate debt securities
Assets
Cash equivalents	16,059	53,238
Level 3
Assets
Total assets measured at fair value	0	0
Level 3 \| U.S. treasury securities
Assets
Short-term investments	0	0
Level 3 \| Asset-backed securities
Assets
Short-term investments	0	0
Level 3 \| U.S. treasury bills
Assets
Cash equivalents	0	0
Level 3 \| Money market funds
Assets
Cash equivalents	0	0
Restricted cash	0
Level 3 \| Commercial paper
Assets
Cash equivalents	0	0
Level 3 \| Certificate of deposits
Assets
Cash equivalents	0	0
Level 3 \| Corporate debt securities
Assets
Cash equivalents	$ 0	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of (Loss) Income Before Income Taxes

The components of (loss) income before income taxes by tax jurisdiction were as follows:


	Year Ended December 31,
	2025		2024		2023
United States	$	(13,386)	$	28,872	$	(231,790)
Foreign	57		(792)		1,215
(Loss) income before income tax expense (benefit)	$	(13,329)	$	28,080	$	(230,575)

Schedule of Significant Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) were as follows:


	Year Ended December 31,
	2025		2024		2023
Current tax expense (benefit):
US federal	$	—	$	—	$	—
US state and local	15		126		83
Foreign	853		569		(139)
Total current tax expense (benefit)	868		695		(56)
Deferred tax (benefit) expense:
US federal	—		—		(6,347)
US state and local	—		—		(2,025)
Foreign	(272)		98		815
Total deferred tax (benefit) expense	(272)		98		(7,557)
Total Income tax expense (benefit)
US federal	—		—		(6,347)
US state and local	15		126		(1,942)
Foreign	581		667		676
Total Income tax expense (benefit)	$	596	$	793	$	(7,613)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the U.S. federal statutory rate to the Company's effective income tax rate for the year ended December 31, 2025 under ASU 2023-09 is as follows:


	Year Ended December 31, 2025
	Amount		Percent
US Federal Statutory Tax Rate	$	(2,800)	21.0	%
Domestic Federal:
Tax Credits
Research and development tax credits (1)	(2,410)		18.1	%
Nontaxable or deductible Items
Executive compensation	6,968		(52.3)	%
Share-based payment awards	3,309		(24.8)	%
Non-deductible compensation	619		(4.6)	%
Non-deductible M&A	355		(2.7)	%
Other	129		(1.0)	%


Change in Valuation Allowance	(6,158)		46.2	%
Domestic State and Local Income Taxes, Net of Federal Income Tax Effect (2)	15		(0.1)	%
Foreign Tax Effects:
United Kingdom
Shared-based payment awards	230		(1.7)	%
Other	64		(0.5)	%
Canada
Non-deductible compensation	508		(3.8)	%
Research and development tax credits (1)	(494)		3.7	%
Other	132		(1.0)	%
Other Jurisdictions
Other	129		(1.0)	%

Effective Tax Rate	$	596	(4.5)	%

(1) Presented net of related unrecognized tax benefits in the current year. Also includes immaterial changes in unrecognized tax benefits related to prior year tax positions.

(2) The tax effects attributable to state taxes in Oregon and Texas for the year ended December 31, 2025 represent the majority (greater than 50%) of the total in this category.

The reconciliation of the Company's effective tax rate to the statutory federal rate for the years ended December 31, 2024 and 2023 under the previous guidance is as follows:


	Year Ended December 31,
	2024		2023
Taxes at federal statutory rate	21.0	%	21.0	%
State taxes, net of federal effect	5.9	%	6.5	%
Share-based compensation	14.0	%	(3.1)	%
Executive compensation	(77.2)	%	(11.0)	%
Research and development credits	(32.5)	%	17.0	%
Change in uncertain tax positions	8.1	%	(4.2)	%
Mergers and acquisitions	1.7	%	3.5	%
Nondeductible compensation	33.3	%	(7.4)	%
Other	1.6	%	(1.6)	%


Change in valuation allowance	26.9	%	(17.4)	%


Effective tax rate	2.8	%	3.3	%

Schedule of Income Taxes Paid

Income taxes paid by jurisdiction for the year ended December 31, 2025 are summarized as follows:


	December 31, 2025
US Federal	$	—
US State and Local	78
Foreign
United Kingdom	405
Canada	54
Poland	31
Other	27
Total Foreign	517
Total	$	595

Schedule of Components of Deferred Taxes

Deferred tax assets and liabilities consist of the following:



	December 31, 2025		December 31, 2024
Deferred tax assets:
Federal and state net operating losses	$	53,398	$	46,108
Research and development credits	40,008		34,556
Research and development capitalization expenditures	23,643		40,453
Accruals and other	11,721		10,675
Share-based compensation	5,137		8,087
Lease liability	1,478		1,277
Property and equipment	1,092		940
Deferred revenue	635		1,174
Reserve for contract contingencies and processing errors	—		465
Total deferred tax assets	137,112		143,735
Less valuation allowance	(129,569)		(135,697)
Total deferred tax assets, net of valuation allowance	7,543		8,038
Deferred tax liabilities:
Intangibles	(8,845)		(7,061)
Right-of-use asset	(1,159)		(581)
Total deferred tax liabilities	(10,004)		(7,642)
Net deferred tax (liabilities) assets	$	(2,461)	$	396

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the total amounts of unrecognized tax benefits was as follows:


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	12,199	$	9,800	$	—
Additions based on uncertain tax positions related to the current period	6,515		2,399		3,238
Additions based on uncertain tax positions related to the prior periods	106		—		6,562
Ending balance	$	18,820	$	12,199	$	9,800

Certain Balance Sheet Components - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue, net of current portion	$ 2,640	$ 4,779
Other long-term liabilities	5,844	1,552
Other liabilities	$ 8,484	$ 6,331

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Federal and state net operating losses	$ 53,398	$ 46,108
Research and development credits	40,008	34,556
Research and development capitalization expenditures	23,643	40,453
Accruals and other	11,721	10,675
Share-based compensation	5,137	8,087
Lease liability	1,478	1,277
Property and equipment	1,092	940
Deferred revenue	635	1,174
Reserve for contract contingencies and processing errors	0	465
Total deferred tax assets	137,112	143,735
Less valuation allowance	(129,569)	(135,697)
Total deferred tax assets, net of valuation allowance	7,543	8,038
Deferred tax liabilities
Intangibles	(8,845)	(7,061)
Right-of-use asset	(1,159)	(581)
Total deferred tax liabilities	(10,004)	(7,642)
Net deferred tax (liabilities) assets	$ (2,461)
Net deferred tax (liabilities) assets		$ 396

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	San Francisco, California

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make various estimates and assumptions relating to reported amounts of assets and liabilities, disclosure of contingent liabilities, and reported amounts of revenue and expenses. Significant estimates and assumptions include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with customers, the cumulative network incentive rate the Company expects to earn during the annual measurement period, and valuation of income taxes. Actual results could differ materially from these estimates.
Business Combinations	Business Combinations The Company allocates the purchase consideration for acquired companies to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill. These estimates are inherently uncertain and subject to refinement. Based on information not available at the acquisition date but received during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Statements of Operations and Comprehensive (Loss) Income. Acquisition-related expenses and postcombination integration and employee compensation costs are recognized separately from the business combination and are expensed as incurred.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash deposits with certain financial institutions and highly liquid investments. The Company considers all highly liquid investments and investments with original maturities of three months or less from the date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash As of December 31, 2025, restricted cash primarily consisted of (i) cash used to secure a letter of credit for the Company’s office lease in Oakland, California, and (ii) funds held by TransactPay on behalf of its customers related to card and electronic money (“e-money”) wallet programs. The restricted cash associated with these customer funds arose from the Company’s acquisition of TransactPay on July 31, 2025 (see Note 4, “Business Combinations,” for further details). These funds represent program collateral, safeguarded funds, or settlement balances required to support timely transaction settlement. In the normal course of business, TransactPay receives customer funds in exchange for e-money issued or spent funds within the transaction settlement period for payments to the card networks. TransactPay must comply with applicable safeguarding requirements for customer funds, which are generally satisfied by maintaining cash or cash equivalents in segregated bank accounts. Accordingly, cash and cash equivalents held to meet TransactPay’s safeguarding, collateral, or settlement requirements are classified as restricted cash on the Company’s Consolidated Balance Sheet. Corresponding obligations to the TransactPay customers are recognized as funds payable and amounts due to customers within current liabilities on the Consolidated Balance Sheet, reflecting the Company's custodial role. The restricted cash acquired in the TransactPay acquisition is reflected as an investing inflow in the Consolidated Statement of Cash Flows. Settlement of Payment Transactions Generally, customers deposit a certain amount of pre-funding into accounts maintained at Issuing Banks to settle their payment transactions. For Marqeta's operations, these pre-funding amounts may only be used to settle customers' payment transactions and are not considered assets of the Company. Unlike TransactPay’s operations in Gibraltar and Malta, which are subject to safeguarding requirements for customer funds under the applicable jurisdictional regulations, Marqeta’s operations in other geographies, including the United States, are not required to comply with such regulations as there are no equivalent safeguarding rules. Accordingly, the funds held in customers’ accounts at Issuing Banks are not reflected on the Company’s Consolidated Balance Sheets. Previously, the Company maintained cash balances as collateral with certain issuing bank partners in the event customers funds were not deposited at the Issuing Banks in time to settle customer transactions with the Card Networks. These deposits are no longer subject to such collateral requirements, and as such, the Company reclassified $7.0 million of cash held at Issuing Banks from restricted cash to cash and cash equivalents during the year ended December 31, 2025.
Funds payable and amounts due to customers, Revenue Recognition and Contract Assets and Deferred Revenue	Funds payable and amounts due to customers Following the acquisition of TransactPay on July 31, 2025, the Company recognizes liabilities related to the customer funds held in connection with card and e-money wallet programs that are classified as restricted cash. Program managers and corporate customers prefund the prepaid cards issued by TransactPay. Upon receipt of the prefunding from these program managers and the issuance of e-money, TransactPay records a liability equal to the value of the prefunding and the e-money issued. This liability remains outstanding until the funds are redeemed or utilized by the end-users. These obligations are presented as Funds payable and amounts due to customers in the Company’s Consolidated Balance Sheet. Prior to the TransactPay acquisition, the Company did not hold such customer funds or recognize the related liabilities. Changes in funds payable and amounts due to customers are presented as cash flows from financing activities in the Company’s Consolidated Statement of Cash Flows. This classification aligns with the underlying nature of these balances, which represent funds received in exchange for electronic money and advances received by the Company on behalf of program managers and end-users. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Contracts with customers are evaluated on a contract-by-contract basis as contracts may include the transfer of multiple services. The Company’s contracts with customers typically include multiple performance obligations: 1) providing access to the Company's payment processing platform, 2) providing program management or value added services, or 3) providing card fulfillment services. The Company accounts for individual services as a separate performance obligation if they are distinct because the service is separately identifiable from other items in the arrangement and a customer can benefit from the good or service on its own or with other resources that are readily available to the customer. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation. Certain customer contracts require the Company to allocate the transaction price of the contract based on the relative stand-alone selling price of the performance obligations which are based on prices at which the Company separately sells each service or estimated using an analysis of the Company’s historical contract pricing and costs incurred to fulfill its services. The Company generates revenue from providing platform services and other services as described below. Platform Services The Company delivers an integrated payment processing platform to its customers. The Company’s primary performance obligation is to provide customers continuous access to the Company’s platform used to process all customers’ transactions as needed. This obligation includes authorizing, settling, clearing, and reconciling all transactions. Additionally, for certain customer arrangements, the performance obligations also include managing the interactions with Card Networks and/or the Issuing Banks on behalf of its customers, or other value added services, including dispute management, fraud scoring, and cardholder support services. The Company’s platform services revenue is derived from Interchange Fees generated by customer card transactions. The Company accounts for these Interchange Fees as revenue earned from its customers for performance obligations where the Company controls the services before delivery to the customer. The Company’s platform services revenue also includes processing and other transaction fees from transactions that are based on either a percentage of processing volume or a fee per transaction basis. The Company’s platform services revenue primarily consists of stand-ready obligations which are satisfied over time and are accounted for as a series of distinct services that are substantially the same and have the same pattern of transfer to customers. The Company recognizes revenue when the promised services are complete, and its performance obligations are satisfied. Platform services are considered complete when the Company has authorized the transaction, validated that the transaction has no errors, and accepted and posted the data to its records. The Company allocates variable consideration to the distinct period in which the platform services are delivered. When pricing terms are not consistent throughout the entire term of the contract, the Company estimates variable consideration in its customer contracts primarily using the expected value method. The standard term of the customer contracts ranges from three to five years, with automatic renewal for successive one-year periods thereafter unless either party provides written notice of its intent not to renew. The Company develops estimates of variable consideration on the basis of both historical information and current trends and does not expect or anticipate significant reversal of revenue in the future periods. For net revenue generated from customer arrangements that involve third parties, the Company determines whether it has promised to provide the specified service itself (as principal) or to arrange for the specified service to be provided by another party (as an agent). This determination depends on the facts and circumstance of each arrangement, and in some instances, involves significant judgment. In order to deliver an integrated payment processing platform to its customers, the Company works with Issuing Banks and Card Networks in various capacities. The Company is considered the principal in customer arrangements where the Company controls the services performed by the Issuing Banks and Card Networks before delivery of the promised services to its customers, it is primarily responsible for the delivery of the services to customers, and it has discretion in vendor selection. As such, the Company records fees paid to the Issuing Banks and Card Networks as Costs of Revenue within the Consolidated Statements of Operations and Comprehensive (Loss) Income. In instances where the Company is considered an agent in providing services to the customer, fees for services paid to Issuing Banks and Card Networks, if any, are recorded within Net Revenue such that Net Revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income reflects the net amount of consideration that the Company retains. Revenue Share The Company’s contracts with customers typically include provisions under which the Company shares a portion of the Interchange Fees as consideration payable to its customers, referred to as Revenue Share. Revenue Share payments are incentives paid monthly to customers to increase their processing volume on the Company’s platform. These payments are computed as a percentage of the Interchange Fees earned or processing volume. The Company records Revenue Share as a reduction to net revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company records the amount due to the customer as Revenue Share payable on the Consolidated Balance Sheets. Other Services Revenue The Company earns revenue from customers through card fulfillment services. Card fulfillment fees are generally billed to customers upon ordering card inventory and recognized as revenue when the ordered cards are shipped to customers. The Company offers certain customers the option to purchase physical cards at a discount. The Company has concluded that the discount does not constitute a future material right because the discount is within a range typically offered to the class of customers. Therefore, the Company accounts for the discount as a reduction to revenue when the Company delivers the ordered cards to the customers. Contract Assets and Deferred Revenue Contract assets are reported in Prepaid expenses and other current assets and Other assets in the Consolidated Balance Sheets. The Company records contract assets primarily due to upfront payments provided to certain customers or variable consideration from customer contracts, where pricing terms are not consistent throughout the entire term of the contract. Deferred revenue is reported within Accrued expenses and other current liabilities and Other liabilities in the Consolidated Balance Sheets, and arises when customers pay for services in advance of the Company's revenue recognition. The Company recognizes deferred revenue primarily due to undelivered card fulfillment services, variable consideration from customer contracts where pricing terms are not consistent throughout the entire term of the contract, or non-refundable upfront setup fees are billed at contract inception. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. This material right is valued by estimating the discount that will be redeemed by the customer during the optional renewal period.
Short-term Investments	Short-term Investments The Company's short-term investments can include U.S. treasury securities, U.S. agency securities, commercial paper, asset-backed securities, certificates of deposits, and corporate debt securities. The Company's short-term investments are classified as available-for-sale securities. Although certain of these securities have stated maturities beyond one year, the Company classifies all available-for-sale investments within current assets in the Consolidated Balance Sheets. This classification reflects the Company’s ability and intent to sell these securities as needed to support ongoing operations, even prior to their contractual maturities. The Company carries these short-term investments at fair value and periodically evaluates them for unrealized losses. For securities in an unrealized loss position that the Company intends to hold and believes it is more likely than not that the securities will not be required to be sold before recovery, the Company further evaluates whether declines in fair value below amortized cost are due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. The Company considers credit related impairments to be changes in value that are driven by a change in the creditor’s ability to meet its payment obligations, and records an allowance in the Consolidated Balance Sheets with a corresponding loss in Other income, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income when the impairment is incurred. Unrealized non-credit related losses and unrealized gains are recorded as a separate component in Accumulated other comprehensive income (loss), a component of stockholders’ equity, until realized. The Company records any realized gains or losses on the sale of short-term investments in Other income, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses and do not earn interest. The Company estimates an allowance for accounts receivable based on its assessment of the collectability of accounts by considering its historical accounts receivable collection experience for each customer, the age of each outstanding invoice, and an evaluation of current expected risk of credit loss based on current economic conditions and reasonable and supportable forecasts of future economic conditions over the life of the receivable. The Company assesses collectability on an individual basis when it identifies specific customers with collectability issues, and on an aggregated basis by reviewing accounts receivable where similar characteristics exist.
Settlements Receivable	Settlements Receivable Settlements receivable represent Interchange Fees earned on customers’ card transactions, net of pass through Card Network fees, that are due from Issuing Banks. Interchange Fees are typically received within one or two business days of the transaction date. The Company has not experienced any historical collection issues with the Issuing Banks, and as such, no allowance has been established. The Company does not generate revenue from Issuing Banks.
Lease Obligations	Lease Obligations The Company measures lease liabilities based on the present value of the total lease payments not yet paid discounted based on the Company’s incremental borrowing rate, which is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. The Company measures right-of-use assets based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs the Company incurs and (iii) tenant incentives under the lease. The Company begins to recognize rent expense when the lessor makes the underlying asset available to the Company. For short-term leases, the Company records rent expense in the Consolidated Statements of Operations and Comprehensive (Loss) Income on a straight-line basis over the lease term and records variable lease payments as incurred. The Company has no finance leases.
Property and Equipment	Property and Equipment Property and equipment is stated at cost, less accumulated depreciation and amortization. The Company uses the straight-line method of depreciation and amortization over the estimated useful lives of the assets; generally three to five years for computer equipment, and furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term, excluding renewal periods, or the estimated useful life of the leasehold improvement. The Company capitalizes internal and external direct costs incurred related to obtaining or developing internal-use software. Costs incurred during the application development stage are capitalized and are amortized using the straight-line method over the estimated useful lives of the software, generally three years commencing on the first day of the month following when the software is ready for its intended use. Costs related to planning and other preliminary project activities and post-implementation activities are expensed as incurred. The depreciation and amortization of property and equipment is recorded within Depreciation and amortization expense in the Consolidated Statements of Operations and Comprehensive (Loss) Income.
Goodwill and Impairment	Goodwill The excess purchase price over the fair value of identifiable net assets acquired is recorded as goodwill. Goodwill amounts are not amortized. Impairment The Company reviews the valuation of long-lived assets, including property and equipment and finite and indefinite-lived intangible assets, whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future undiscounted cash flow the asset is expected to generate. Impairment testing for goodwill is performed annually in the fourth quarter or more frequently whenever events or changes in circumstances indicate its carrying value may not be recoverable. Such testing is performed at the reporting unit level. Management has the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of the reporting unit is less than the carrying amount, a quantitative assessment is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company also has the option to bypass the qualitative assessment and perform the quantitative assessment. Based on management's assessment, the Company did not recognize any material impairment losses on its goodwill or finite and indefinite-lived intangible assets during the periods presented herein. See Note 9 for discussion of the Company’s operating lease impairment recorded during the year ended December 31, 2024.
Intangible Assets	Intangible Assets Intangible assets are carried at cost less accumulated amortization and impairment losses, if any. Intangible assets with finite useful lives are amortized over their estimated useful lives on a straight-line basis. The amortization of these assets is recorded within Depreciation and amortization expense on the Consolidated Statements of Operations and Comprehensive (Loss) Income. Intangible assets with indefinite useful lives, consisting primarily of acquired electronic money institution (“EMI”) licenses, are not amortized, but are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired.
Cost of Revenue	Costs of Revenue Costs of revenue consist of Card Network fees, Issuing Bank fees, and card fulfillment costs for customer arrangements where we are the principal in providing services to the customer and excludes depreciation and amortization, which is reported separately within the Consolidated Statements of Operations and Comprehensive (Loss) Income. Card Network fees are equal to a specified percentage of processing volume or a fixed amount per transaction routed through the respective Card Network. Issuing Bank fees compensate our Issuing Banks for issuing cards to our customers and sponsoring our card programs with the Card Networks and are typically equal to a specified percentage of processing volume or a fixed amount per transaction. Card fulfillment costs include physical cards, packaging, and other fulfillment costs. The Company has marketing and incentive arrangements with Card Networks that provide the Company with monetary incentives for establishing customer card programs with and routing transaction volume through the respective Card Networks. These incentives are typically calculated as a percentage of the processed transaction volume or the number of transactions routed through the Card Network. The Company accounts for these incentives as a reduction of Card Network fees within Costs of Revenue in customer arrangements where the Company acts as the principal. As processing volumes increase, the Company earns a higher cumulative incentive rate, subject to achieving specific cumulative volume thresholds within an annual measurement period. For certain incentive arrangements, the annual measurement period may not align with the Company’s fiscal year. Prior to the second quarter of fiscal year 2025, the Company recognized network incentives in the period when cumulative transaction volume thresholds were met, which was due to insufficient data to reliably estimate the incentives the Card Networks would ultimately earn over the respective annual period. This approach resulted in fluctuations in Card Network fees, particularly when thresholds were reached, as higher incentive rates were applied retroactively to the entire measurement period. Historically, the Company has earned the highest incentive rates in the first quarter of its fiscal year, when annual measurement periods are nearing completion and higher cumulative transaction volume thresholds are achieved. Conversely, the second quarter generally reflected the lowest incentive rates, as the annual measurement periods and cumulative transaction volume thresholds reset to lower levels. Effective in the second quarter of fiscal year 2025, the Company revised its accounting policy for estimating and recognizing network incentives. The Company now estimates and recognizes network incentives based on the cumulative incentive rates it expects to earn over the annual measurement period. The Company estimates the cumulative incentive rates based on its forecasts for the annual measurement periods, which incorporate both historical experience and our expectations of future events, in addition to other qualitative considerations. The cumulative incentive rates are applied to the volume and/or number of transactions processed during the reporting period to calculate the quarterly network incentives recognized. As a result of this policy revision, the Card Network incentives recognized during the year ended December 31, 2025 were $1.5 million higher compared to the amount that would have been recognized under the previous policy. Uncollected incentives are included in Network incentives receivable in the Consolidated Balance Sheets. The Company's contracts with Card Networks and Issuing Banks typically have terms ranging from three to five years, which may be renewed in one-year to two-year increments as agreed by both parties.
Advertising Costs	Advertising Costs The Company expenses advertising costs as they are incurred.
Research and Development Costs	Research and Development Costs Research and development costs, which consist primarily of salaries, employee benefits, share-based compensation, third-party hosting fees, and software licenses were $144.5 million, $141.4 million, and $148.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. Research and development costs are expensed as incurred, and are included in Compensation and benefits and Technology expenses in the Consolidated Statements of Operations and Comprehensive (Loss) Income.
Share-based Compensation	Share-based Compensation The primary types of share-based compensation utilized by the Company are restricted share units (“RSUs”), stock options, performance-based restricted stock units (“PSUs”), and the use of the employee stock purchase plan (“ESPP”). The Company determines compensation expense associated with RSUs based on the estimated fair value of its common stock on the date of grant. The compensation expense associated with stock options is determined based on the estimated grant date fair value using the Black-Scholes option pricing model. The Company generally recognizes compensation expense using a straight-line amortization method over the respective vesting period. The PSUs granted vest over three years and have a one year performance period with one-third of the PSUs subject to cliff vesting following the completion of the performance period, then vesting in equal quarterly installments thereafter. Over the performance period, the number of PSUs that may be issued and the related share-based compensation expense that is recognized is adjusted upward or downward based upon the probability of achieving the approved performance targets against the performance metrics. Depending on the probability of achieving the pre-established performance targets, the number of PSUs issued could range from 0% to 200% of the target amount. The Company accounts for forfeitures as they occur.
Defined Contribution Plans	Defined Contribution Plans The Company maintains defined contribution plans for eligible employees, including a 401(k) plan that covers substantially all of its U.S. based employees and to which the Company provides a matching contribution of 50% of the first 6% of compensation that an employee contributes. The matching contribution vests immediately.
Restructuring	Restructuring Restructuring costs arise from employee related severance charges and include both cash and non-cash compensation. The Company generally recognizes restructuring costs when it is committed to a restructuring plan and the related liabilities are probable and can be reasonably estimated, or pursuant to an established plan for ongoing benefit arrangements. For one-time termination benefits, recognition generally occurs upon communication of the plan details to the affected employees, in accordance with the plan’s specific terms. Timing of recognition may vary depending on the region in which an employee works and appliable local laws. Restructuring liabilities are classified in Accrued expenses and other current liabilities in the Consolidated Balance Sheets as these liabilities are generally settled within less than one year of recognition.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers the available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. If the Company determines that it is able to realize its deferred tax assets in the future in excess of the net recorded amount, the Company decreases the deferred tax asset valuation allowance, which reduces the income tax expense. Uncertain tax positions are recognized only when the Company believes it is more likely than not that the tax position will be upheld on examination by the taxing authorities based on the merits of the position. The Company recognizes interest and penalties, if any, related to uncertain tax positions in Income tax expense (benefit) in the Consolidated Statements of Operations and Comprehensive (Loss) Income.
Net Income (Loss) Per Share Attributable to Common Stockholders	Net (Loss) Income Per Share Attributable to Common Stockholders The Company presents basic and diluted net (loss) income per share attributable to common stockholders in conformity with the two-class method. The Company calculates basic net (loss) income per share attributable to common stockholders by dividing net (loss) income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) income per share attributable to common stockholders gives effect to all potential shares of common stock, including common stock issuable upon conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants, stock options, RSUs, PSUs and common stock warrants to the extent these are dilutive.
Loss Contingencies	Loss Contingencies The Company may be involved in various lawsuits, claims, and proceedings that arise in the ordinary course of business. The Company records a liability for these when it believes it is probable that it has incurred a loss, and the Company can reasonably estimate the loss. The Company regularly evaluates current information to determine whether it should adjust a recorded liability or record a new one. If a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss in the accompanying notes to the Consolidated Financial Statements. Judgment is required to determine both the probability and the estimated amount.
Fair Value Measurement	Fair Value Measurements Fair value is an exit price, representing the price that would be received to sell the financial asset or paid to transfer the financial liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy includes a three-level classification, which is based on whether the inputs to the valuation methodology used for measurement are observable: •Level 1 ‑ Inputs are quoted prices in active markets for identical assets as of the reporting date; •Level 2 ‑ Inputs other than Level 1 that are observable, either directly or indirectly; or •Level 3 ‑ Unobservable pricing inputs in the market. When developing fair value measurements, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. In instances where the Company lacks observable inputs in the market to measure the fair value of an asset or liability, the Company may use unobservable inputs which requires greater judgment in measuring fair value. In instances where there is limited or no observable market data, fair value measurements for assets and liabilities are based primarily upon the Company’s own estimates, and the measurements reflect information and assumptions that management believes a market participant would use in pricing the asset or liability. The Company’s financial instruments consist of cash equivalents, restricted cash, short-term investments, accounts receivable, settlements receivable, accounts payable, revenue share payable, contingent consideration liability, and accrued liabilities. Cash equivalents are stated at amortized cost, which approximates fair value at the balance sheet dates, due to the short period of time to maturity. Short-term investments and contingent consideration liability are carried at fair value. Accounts receivable, settlements receivable, accounts payable, revenue share payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short period of time to the expected receipt or payment date.
Foreign Currency	Foreign Currency The functional currency of the Company’s foreign subsidiaries is its respective local currency. For these foreign entities, the Company translates the financial statements into U.S. dollars using average exchange rates for the period for income statement amounts and using end-of-period exchange rates for assets and liabilities. There translation adjustments are included in Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets and the Consolidated Statements of Stockholders’ Equity. Foreign currency transaction gains and losses are included in Other income, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The Company adopted the standard prospectively for the year ended December 31, 2025, resulting in expanded disclosures related to the effective tax rate reconciliation and income taxes paid by jurisdiction in Note 15. Recently Issued Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures” (“ASU 2024-03”). ASU 2024-03 is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The amendments in this ASU are effective for the Company in fiscal 2027 on a retrospective basis, with early adoption permitted. The Company is currently evaluating the operational and financial reporting implications of this standard. In September 2025, the FASB issued Accounting Standards Update No. 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” ("ASU 2025-06"). ASU 2025-06 modernizes the accounting for internal-use software costs by increasing the operability of the recognition guidance considering different methods of software development. ASU 2025-06 can be applied prospectively, retrospectively, or with a modified transition approach, and is effective for the Company for annual reporting as well as interim period reporting beginning in fiscal year 2028 with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table provides information about disaggregated revenue from customers:


	Year Ended December 31,
	2025		2024		2023
Platform services revenue, net	$	594,137	$	481,665	$	654,553
Other services revenue	30,747		25,330		21,618
Total net revenue	$	624,884	$	506,995	$	676,171

Contract Balances

The following table provides information about contract assets and deferred revenue:


Contract balance	Balance sheet line reference	December 31, 2025		December 31, 2024
Contract assets - current	Prepaid expenses and other current assets	$	4,021	$	1,605
Contract assets - non-current	Other assets	6,688		10,981
Total contract assets		$	10,709	$	12,586
Deferred revenue - current	Accrued expenses and other current liabilities	$	11,762	$	13,593
Deferred revenue - non-current	Other liabilities	2,640		4,779
Total deferred revenue		$	14,402	$	18,372

Net revenue recognized during the years ended December 31, 2025 and 2024 that was included in the deferred revenue balances at the beginning of the respective periods was $13.2 million and $9.0 million, respectively.

Remaining Performance Obligations

The Company has performance obligations associated with commitments in customer contracts for future stand-ready obligations to process transactions throughout the contractual term. As of December 31, 2025, the aggregate amount of the transaction price allocated to our remaining performance obligations was $42.2 million. The Company expects to recognize approximately 70% within two years and the remaining 30% over the next three to five years.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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-Topic 606
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Restructuring (Details) $ in Millions	12 Months Ended
Restructuring (Details) $ in Millions	Dec. 31, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring expense	$ 8.7
Severance costs	14.6
Net reduction of stock-based compensation	2.9
Restructuring reserve, accrual adjustment	$ 2.9
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Compensation and benefits

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Restructuring	12 Months Ended
Restructuring	Dec. 31, 2025
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the second quarter of 2023, the Company approved a restructuring plan (the “Restructuring Plan”) intended to reduce operating expenses and improve profitability by reducing the Company’s workforce. The net restructuring charges incurred in connection with the Restructuring Plan was approximately $8.7 million, which was completed as of December 31, 2023. The Company recorded $8.7 million in restructuring charges during the year ended December 31, 2023, which consisted of $14.6 million primarily related to one-time severance and benefit payments, as well as a net reduction of stock-based compensation of $2.9 million related to the vesting of certain equity awards and the forfeiture of certain equity awards which were accounted for as it occurred. Additionally, the Company reduced previously accrued bonuses for impacted employees of $2.9 million due to the terms of the Restructuring Plan. These costs were included in Compensation and benefits in the Consolidated Statement of Operations and Comprehensive (Loss) Income. As the Restructuring Plan was completed in 2023 and no further costs are expected, there were no material restructuring charges or related liabilities remaining as of December 31, 2025 or 2024.

Net (Loss) Income Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net (Loss) Income Per Share

The Company calculated basic and diluted net (loss) income per share attributable to common stockholders as follows:


	Year Ended December 31,
	2025				2024				2023
	Class A		Class B		Class A		Class B		Class A		Class B
Numerator
Net (loss) income attributable to common stockholders, basic	$	(12,925)	$	(1,000)	$	24,938	$	2,349	$	(199,108)	$	(23,854)
Net (loss) income attributable to common stockholders, diluted	$	(12,925)	$	(1,000)	$	24,808	$	2,479	$	(199,108)	$	(23,854)
Denominator
Weighted-average shares used in computing basic Net (loss) income per share attributable to common stockholders	428,988		33,180		467,071		43,993		475,564		56,976
Effect of dilutive potential shares of common stock	—		—		4,646		3,135		—		—
Weighted-average shares used in computing diluted Net (loss) income per share attributable to common stockholders	428,988		33,180		471,717		47,128		475,564		56,976

Net (loss) income per share attributable to common stockholders, basic	$	(0.03)	$	(0.03)	$	0.05	$	0.05	$	(0.42)	$	(0.42)
Net (loss) income per share attributable to common stockholders, diluted	$	(0.03)	$	(0.03)	$	0.05	$	0.05	$	(0.42)	$	(0.42)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Income (Loss) Per Share


	Year Ended December 31,
	2025		2023
	Class A	Class B		Class A	Class B
Warrants to purchase Class B common stock	—	—		—	1,900

Stock options, restricted stock, and employee stock purchase plan	33,437	3,846		46,236	28,864

Total	33,437	3,846		46,236	30,764


	Year Ended December 31, 2024
		Class A	Class B

Stock options outstanding, including early exercise of options		8,136	13,880
Unvested RSUs outstanding		21,111	259

Total		29,247	14,139

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 123,523
Goodwill from acquisition of TransactPay	29,914
Foreign currency adjustment	1,269
Ending balance	$ 154,706

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Short-term Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Schedule of Short-term Investments

The amortized cost, unrealized gain, and estimated fair value of the Company's short-term investments consisted of the following:


	December 31, 2025
	Amortized Cost		Unrealized Gain		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	55,955	$	132	$	56,087


Asset-backed securities	6,364		32		6,396


Total short-term investments	$	62,319	$	164	$	62,483


	December 31, 2024
	Amortized Cost		Unrealized Gain		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	168,504	$	396	$	168,900


Asset-backed securities	10,444		65		10,509

Total short-term investments	$	178,948	$	461	$	179,409

Schedule of Available-for-sale Securities Reconciliation

The following table summarizes the stated maturities of the Company’s short-term investments:


	December 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

Due within one year	$	55,955	$	56,087	$	112,750	$	113,015
Due after one year through five years	6,364		6,396		66,198		66,394
Total	$	62,319	$	62,483	$	178,948	$	179,409

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:


	December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
U.S. treasury bills	$	292,381	$	—	$	—	$	292,381
Money market funds	96,042		—		—		96,042
Commercial paper	—		41,450		—		41,450
Certificates of deposit	—		35,213		—		35,213
Corporate debt securities	—		16,059		—		16,059
Short-term investments
U.S. treasury securities	56,087		—		—		56,087


Asset-backed securities	—		6,396		—		6,396


Restricted cash
Money market funds	45,786		—		—		45,786
Total assets measured at fair value	$	490,296	$	99,118	$	—	$	589,414


	December 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	458,195	$	—	$	—	$	458,195
U.S. treasury bills	214,189		—		—		214,189
Corporate debt securities	—		53,238		—		53,238
Certificates of deposit	—		25,779		—		25,779
Commercial paper	—		8,028		—		8,028
Short-term investments
U.S. treasury securities	168,900		—		—		168,900


Asset-backed securities	—		10,509		—		10,509


Total assets measured at fair value	$	841,284	$	97,554	$	—	$	938,838

The Company classifies money market funds, U.S. treasury bills, U.S. treasury securities, U.S. agency securities, asset-backed securities, certificates of deposit, commercial paper and corporate debt securities within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

There were no transfers of financial instruments between the fair value hierarchy levels during the years ended December 31, 2025 and 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
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+ Details

Certain Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 8,619	$ 7,193
Contract assets	4,021	1,605
Prepaid hosting and data costs	3,850	4,247
Inventory	1,949	3,676
Prepaid insurance	1,739	1,786
Accrued interest receivable	1,387	4,018
Other current assets	13,713	2,880
Prepaid expenses and other current assets	$ 35,278	$ 25,405

Revenue - Schedule of Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Contract assets - current	$ 4,021	$ 1,605
Contract assets - non-current	6,688	10,981
Total contract assets	10,709	12,586
Deferred revenue - current	11,762	13,593
Deferred revenue - non-current	2,640	4,779
Total deferred revenue	14,402	18,372
Prepaid expenses and other current assets
Disaggregation of Revenue [Line Items]
Contract assets - current	4,021	1,605
Other assets
Disaggregation of Revenue [Line Items]
Contract assets - non-current	6,688	10,981
Accrued expenses and other current liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - current	11,762	13,593
Other liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - non-current	$ 2,640	$ 4,779

Stock Incentive Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	$ 104,788	$ 136,562	$ 127,525
Executive chairman long-term performance award	0	(144,617)	53,214
Property and equipment (capitalized internal-use software)	11,176	7,059	4,492
Total share-based compensation expense (benefit)	115,964	(996)	185,231
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	94,428	107,699	99,648
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	6,001	23,732	26,323
Performance restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	3,562	4,041	0
Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	$ 797	$ 1,090	$ 1,554

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000
Common stock, shares issued (in shares)	399,392,000	470,824,000
Common stock, shares, outstanding (in shares)	399,392,000	470,824,000
Class B
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	32,864,000	33,472,000
Common stock, shares, outstanding (in shares)	32,864,000	33,472,000

Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
US Federal Statutory Tax Rate	$ (2,800)
Executive compensation	6,968
Non-deductible compensation	619
Non-deductible M&A	355
Other	129
Domestic State and Local Income Taxes, Net of Federal Income Tax Effect	15
Income tax expense (benefit)	$ 596	$ 793	$ (7,613)
Percent
Taxes at federal statutory rate	21.00%	21.00%	21.00%
Research and development tax credits (1)		(32.50%)
Executive compensation	(0.523)	(0.772)	(0.110)
Share-based payment awards		14.00%	(3.10%)
Non-deductible compensation	(4.60%)	33.30%	(7.40%)
Non-deductible M&A	(0.027)
Other	(1.00%)	1.60%	(1.60%)
Change in valuation allowance		26.90%	(17.40%)
Domestic State and Local Income Taxes, Net of Federal Income Tax Effect	(0.10%)	5.90%	6.50%
Effective tax rate	(4.50%)	2.80%	3.30%
United States
Amount
Research and development tax credits (1)	$ (2,410)
Share-based payment awards	3,309
Change in Valuation Allowance	$ (6,158)
Percent
Research and development tax credits (1)	18.10%
Share-based payment awards	(24.80%)
Change in valuation allowance	46.20%
United Kingdom
Amount
Share-based payment awards	$ 230
Other	$ 64
Percent
Share-based payment awards	(1.70%)
Other	(0.50%)
Canada
Amount
Research and development tax credits (1)	$ (494)
Non-deductible compensation	508
Other	$ 132
Percent
Research and development tax credits (1)	3.70%
Non-deductible compensation	(3.80%)
Other	(1.00%)
Other
Amount
Other	$ 129
Percent
Other	(1.00%)
OREGON
Percent
State and local income taxes, aggregate effect on the total	50.00%
TEXAS
Percent
State and local income taxes, aggregate effect on the total	50.00%

Certain Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 108,221	$ 67,350
Accumulated depreciation and amortization	(48,311)	(29,827)
Property and equipment, net	59,910	37,523
Internally developed and purchased software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	86,435	47,300
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	9,678	9,415
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	9,666	8,110
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 2,442	$ 2,525

Net (Loss) Income Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	33,437,000	29,247,000	46,236,000
Class A \| Warrants to purchase Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0		0
Class A \| Stock options outstanding, including early exercise of options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	33,437,000	8,136,000	46,236,000
Class A \| Unvested RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)		21,111,000
Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3,846,000	14,139,000	30,764,000
Class B \| Warrants to purchase Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0		1,900,000
Class B \| Stock options outstanding, including early exercise of options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3,846,000	13,880,000	28,864,000
Class B \| Unvested RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)		259,000

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total net revenue	$ 624,884	$ 506,995	$ 676,171
Platform services revenue, net
Disaggregation of Revenue [Line Items]
Total net revenue	594,137	481,665	654,553
Other services revenue
Disaggregation of Revenue [Line Items]
Total net revenue	$ 30,747	$ 25,330	$ 21,618

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following is the information used by the CODM in assessing segment performance:


	Year Ended December 31,
	2025		2024		2023
Net revenue	$	624,884	$	506,995	$	676,171




Cost of revenue	187,612		155,146		346,657
Gross profit	437,272		351,849		329,514
Significant expenses:
Employee compensation and benefits	235,631		261,033		318,856
Share based compensation	104,788		136,562		127,525
Professional services	21,879		20,057		21,679
Technology	65,005		60,059		55,612
Occupancy and equipment	3,766		5,995		4,361
Depreciation and amortization	27,163		17,460		10,741
Marketing and advertising	5,073		2,986		2,566
Other operating expenses	20,397		16,780		17,975
Executive Chairman Long-Term Performance Award	—		(144,617)		53,214


Interest income	33,216		53,411		52,613
Other expense	(115)		(865)		(173)

Income tax expense (benefit)	596		793		(7,613)
Segment and consolidated net (loss) income(1)	$	(13,925)	$	27,287	$	(222,962)

Business Combinations - Schedule of Components of Purchase Consideration (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 03, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Separately Recognized Transaction [Line Items]
Purchase consideration		$ 45,663	$ 0	$ 135,777
Power Finance, Inc.
Business Combination, Separately Recognized Transaction [Line Items]
Base purchase price less contingent consideration	$ 221,933
Less: postcombination cash, non-cash expense and other purchase adjustments	118,447
Plus: cash acquired on acquisition date	7,089
Total purchase consideration, excluding contingent consideration	110,575
Contingent consideration	53,067
Purchase consideration	$ 163,642

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense Recognized in the Period


	Year Ended December 31,
	2025		2024		2023
Restricted stock units	$	94,428	$	107,699	$	99,648
Stock options	6,001		23,732		26,323
Performance restricted stock units	3,562		4,041		—
Employee Stock Purchase Plan	797		1,090		1,554
Share-based compensation recorded within Compensation and benefits	104,788		136,562		127,525
Executive chairman long-term performance award	—		(144,617)		53,214
Property and equipment (capitalized internal-use software)	11,176		7,059		4,492
Total share-based compensation expense (benefit)	$	115,964	$	(996)	$	185,231

Schedule of Activity Under the Plans

A summary of the Company's RSUs and PSUs activity under the Plans was as follows:


	Number of Units	Weighted-average grant date fair value per share
Balance as of December 31, 2023	38,178	$	6.64
Granted	22,442	5.63
Vested	(18,274)	6.66
Canceled and forfeited	(8,540)	6.63
Balance as of December 31, 2024	33,806	$	5.96
Granted	24,589	4.41
Vested	(18,805)	5.78
Canceled and forfeited	(10,504)	5.60
Balance as of December 31, 2025	29,086	$	4.88

A summary of the Company's stock option activity under the Plans is as follows:


	Number of Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value(1)




Balance as of December 31, 2023	36,670	$	16.09	7.45	$	24,481
Granted	—	—
Exercised	(185)	1.10
Canceled and forfeited	(21,523)	21.01
Balance as of December 31, 2024	14,962	$	9.19	5.82	$	5,819
Granted	—	—
Exercised	(506)	3.30
Canceled and forfeited	(6,259)	12.72
Balance as of December 31, 2025	8,197	$	6.86	5.73	$	7,321
Exercisable as of December 31, 2025(2)	7,567	$	6.96	5.61	$	7,321
Vested as of December 31, 2025	7,533	$	6.96	5.61	$	7,120

(1) Intrinsic value is calculated based on the difference between the exercise price of in-the-money-stock options and the fair value of the common stock as of the respective balance sheet dates.

(2) The 2011 Plan allows for early exercise of stock options. Accordingly, options granted under this plan are included as exercisable stock options regardless of vesting status.

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 12,199	$ 9,800	$ 0
Additions based on uncertain tax positions related to the current period	6,515	2,399	3,238
Additions based on uncertain tax positions related to the prior periods	106	0	6,562
Ending balance	$ 18,820	$ 12,199	$ 9,800

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our industry is subject to various cybersecurity risks that could adversely affect our business, financial condition, and results of operations. While we have not, as of the date of this Annual Report on Form 10-K, experienced a cybersecurity threat or incident that resulted in a material adverse impact to our business or operations, there can be no guarantee that we will not experience such an incident in the future. See Item 1A, “Risk Factors,” in this Annual Report on Form 10-K for additional information regarding the risks related to cybersecurity threats. Our Chief Information Security Officer (“CISO”) is responsible for Marqeta’s information security posture and cybersecurity program. We believe our CISO is qualified to assess and manage our material risks from cybersecurity threats based on over 15 years of cybersecurity and risk management expertise as a security and risk management leader at various public and private companies and as a cyber threat intelligence analyst for a branch of the United States military. Our CISO oversees a team of cybersecurity professionals in areas including Governance, Risk, and Compliance, Product and Infrastructure Security, Security Operations, Business Continuity, Crisis Management, Business Technology, and Identity Security. Our cybersecurity program is designed to align with certain industry standards and best practices, such as ISO 27001 and the National Institute of Standards and Technology Cybersecurity Framework. We have a Cyber Incident Response Plan which defines roles and responsibilities in the event of a cybersecurity incident, as well as the processes for keeping the CISO, senior management, and the board of directors informed about the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee. Our CISO provides quarterly and as-needed briefings to the audit committee regarding cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity program health, and activities of third-party consultants. Our audit committee provides quarterly and as-needed updates to the board of directors on such reports and management provides annual and as-needed updates to the board of directors regarding our cybersecurity program. We have policies and processes in place for assessing, identifying, and managing material cybersecurity risks, and integrate these processes into our overall risk management systems. We conduct periodic assessments to identify reasonably foreseeable internal and external cybersecurity risks, the criticality of such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks. We develop risk-informed strategies, policies, standards, and action plans to minimize identified risks and reasonably address identified gaps in existing safeguards. These safeguards include vulnerability management, shift-left secure product design, data encryption, endpoint security, network security, limiting and authorizing access controls, and multi-factor authentication for access to systems with data. We also employ limited system monitoring, logging, and alerting to retain and analyze the security state of our corporate and production infrastructure. As part of our overall risk management system, all employees are required to complete annual cybersecurity training and relevant employees are trained at least annually on applicable safeguards. We periodically engage consultants in connection with our risk management processes to help us design and implement our cybersecurity policies, procedures, and controls, as well as to monitor and test our safeguards. We manage third party service providers using a risk-based approach intended to determine if the relevant third parties have the ability to implement and maintain appropriate security measures, consistent with all applicable laws, to implement and maintain reasonable security measures in connection with their work with us, and to promptly report any suspected breach of their security measures that may affect our business. The maturation and scaling of our cybersecurity program is ongoing and despite our investments in our cybersecurity program, there will always be residual risk and the potential for control failure or bypass by a determined cyber threat actor.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our industry is subject to various cybersecurity risks that could adversely affect our business, financial condition, and results of operations. While we have not, as of the date of this Annual Report on Form 10-K, experienced a cybersecurity threat or incident that resulted in a material adverse impact to our business or operations, there can be no guarantee that we will not experience such an incident in the future. See Item 1A, “Risk Factors,” in this Annual Report on Form 10-K for additional information regarding the risks related to cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Chief Information Security Officer (“CISO”) is responsible for Marqeta’s information security posture and cybersecurity program. We believe our CISO is qualified to assess and manage our material risks from cybersecurity threats based on over 15 years of cybersecurity and risk management expertise as a security and risk management leader at various public and private companies and as a cyber threat intelligence analyst for a branch of the United States military. Our CISO oversees a team of cybersecurity professionals in areas including Governance, Risk, and Compliance, Product and Infrastructure Security, Security Operations, Business Continuity, Crisis Management, Business Technology, and Identity Security. Our cybersecurity program is designed to align with certain industry standards and best practices, such as ISO 27001 and the National Institute of Standards and Technology Cybersecurity Framework. We have a Cyber Incident Response Plan which defines roles and responsibilities in the event of a cybersecurity incident, as well as the processes for keeping the CISO, senior management, and the board of directors informed about the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee. Our CISO provides quarterly and as-needed briefings to the audit committee regarding cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity program health, and activities of third-party consultants. Our audit committee provides quarterly and as-needed updates to the board of directors on such reports and management provides annual and as-needed updates to the board of directors regarding our cybersecurity program. We have policies and processes in place for assessing, identifying, and managing material cybersecurity risks, and integrate these processes into our overall risk management systems. We conduct periodic assessments to identify reasonably foreseeable internal and external cybersecurity risks, the criticality of such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO provides quarterly and as-needed briefings to the audit committee regarding cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity program health, and activities of third-party consultants. Our audit committee provides quarterly and as-needed updates to the board of directors on such reports and management provides annual and as-needed updates to the board of directors regarding our cybersecurity program. We have policies and processes in place for assessing, identifying, and managing material cybersecurity risks, and integrate these processes into our overall risk management systems. We conduct periodic assessments to identify reasonably foreseeable internal and external cybersecurity risks, the criticality of such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks. We develop risk-informed strategies, policies, standards, and action plans to minimize identified risks and reasonably address identified gaps in existing safeguards. These safeguards include vulnerability management, shift-left secure product design, data encryption, endpoint security, network security, limiting and authorizing access controls, and multi-factor authentication for access to systems with data. We also employ limited system monitoring, logging, and alerting to retain and analyze the security state of our corporate and production infrastructure. As part of our overall risk management system, all employees are required to complete annual cybersecurity training and relevant employees are trained at least annually on applicable safeguards.
Cybersecurity Risk Role of Management [Text Block]	Our Chief Information Security Officer (“CISO”) is responsible for Marqeta’s information security posture and cybersecurity program. We believe our CISO is qualified to assess and manage our material risks from cybersecurity threats based on over 15 years of cybersecurity and risk management expertise as a security and risk management leader at various public and private companies and as a cyber threat intelligence analyst for a branch of the United States military. Our CISO oversees a team of cybersecurity professionals in areas including Governance, Risk, and Compliance, Product and Infrastructure Security, Security Operations, Business Continuity, Crisis Management, Business Technology, and Identity Security. Our cybersecurity program is designed to align with certain industry standards and best practices, such as ISO 27001 and the National Institute of Standards and Technology Cybersecurity Framework. We have a Cyber Incident Response Plan which defines roles and responsibilities in the event of a cybersecurity incident, as well as the processes for keeping the CISO, senior management, and the board of directors informed about the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee. Our CISO provides quarterly and as-needed briefings to the audit committee regarding cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity program health, and activities of third-party consultants. Our audit committee provides quarterly and as-needed updates to the board of directors on such reports and management provides annual and as-needed updates to the board of directors regarding our cybersecurity program. We have policies and processes in place for assessing, identifying, and managing material cybersecurity risks, and integrate these processes into our overall risk management systems. We conduct periodic assessments to identify reasonably foreseeable internal and external cybersecurity risks, the criticality of such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks. We develop risk-informed strategies, policies, standards, and action plans to minimize identified risks and reasonably address identified gaps in existing safeguards. These safeguards include vulnerability management, shift-left secure product design, data encryption, endpoint security, network security, limiting and authorizing access controls, and multi-factor authentication for access to systems with data. We also employ limited system monitoring, logging, and alerting to retain and analyze the security state of our corporate and production infrastructure. As part of our overall risk management system, all employees are required to complete annual cybersecurity training and relevant employees are trained at least annually on applicable safeguards.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CISO oversees a team of cybersecurity professionals in areas including Governance, Risk, and Compliance, Product and Infrastructure Security, Security Operations, Business Continuity, Crisis Management, Business Technology, and Identity Security.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	15 years
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our audit committee provides quarterly and as-needed updates to the board of directors on such reports and management provides annual and as-needed updates to the board of directors regarding our cybersecurity program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Stockholders’ Equity Transactions (Details) - USD ($)	12 Months Ended
Stockholders’ Equity Transactions (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 04, 2025	Feb. 25, 2025	May 06, 2024	May 08, 2023	Sep. 14, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Repurchase of early exercised stock options (in shares)	$ 393,966,000	$ 153,525,000	$ 190,348,000
2022 Share Repurchase Program
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount								$ 100,000,000
Repurchase of early exercised stock options (in shares)			3,200,000
Repurchase of early exercised stock options (in shares)			$ 21,000,000.0
Shares repurchased, average price per share (in dollars per share)			$ 6.46
2023 Share Repurchase Program
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount							$ 200,000,000
Repurchase of early exercised stock options (in shares)		5,200,000	31,300,000
Repurchase of early exercised stock options (in shares)		$ 32,800,000	$ 169,400,000
Shares repurchased, average price per share (in dollars per share)		$ 6.27	$ 5.41
2024 Share Repurchase Program
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount						$ 200,000,000
Repurchase of early exercised stock options (in shares)	19,200,000	23,200,000
Repurchase of early exercised stock options (in shares)	$ 80,500,000	$ 119,500,000
Shares repurchased, average price per share (in dollars per share)	$ 4.20	$ 5.16
Stock repurchased and retired during period, transaction costs	$ 1,100,000	$ 1,200,000
February 2025 Share Repurchase Program
Class of Warrant or Right [Line Items]
Repurchase of early exercised stock options (in shares)	63,900,000
Repurchase of early exercised stock options (in shares)	$ 300,000,000.0
Shares repurchased, average price per share (in dollars per share)	$ 4.69
Stock repurchased and retired during period, transaction costs	$ 3,800,000
Share repurchase program, authorized number of shares (in shares)					300,000,000
December 2025 Share Repurchase Program
Class of Warrant or Right [Line Items]
Repurchase of early exercised stock options (in shares)	1,700,000
Repurchase of early exercised stock options (in shares)	$ 8,500,000
Shares repurchased, average price per share (in dollars per share)	$ 4.89
Stock repurchased and retired during period, transaction costs	$ 100,000
Share repurchase program, authorized number of shares (in shares)				100,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 91,500,000
Common Stock Warrants
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)									1,200,000	800,000
Exercise price of warrants (in dollars per share)									$ 0.01	$ 0.01
Vested warrants outstanding (in shares)	1,300,000	1,200,000
Class of warrant or right, reduction to net revenues in the period	$ (2,100,000)	$ 1,700,000

Income Taxes - Schedule of Components of (Loss) Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (13,386)	$ 28,872	$ (231,790)
Foreign	57	(792)	1,215
(Loss) income before income tax expense (benefit)	$ (13,329)	$ 28,080	$ (230,575)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Certain Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 27,163	$ 17,460	$ 10,741
Capitalized internal-use software costs	39,800	25,900
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 19,800	$ 11,600	$ 5,400

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Event	18. Subsequent Event

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		541,364,000
Beginning balance at Dec. 31, 2022	$ 1,472,956	$ 53	$ 2,082,373	$ (7,237)	$ (602,233)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		3,353,000
Issuance of common stock upon exercise of options	5,399	$ 1	5,398
Repurchase of early exercised stock options (in shares)		(3,000)
Issuance of common stock under employee stock purchase plan (in shares)		792,000
Issuance of common stock under employee stock purchase plan	3,066		3,066
Issuance of common stock upon net settlement of restricted stock units (in shares)		9,347,000
Issuance of common stock upon net settlement of restricted stock units	(26,661)	$ 1	(26,662)
Vesting of common stock warrants	8,715		8,715
Share-based compensation expense	132,017		132,017
Executive chairman long-term performance award	53,214		53,214
Repurchase and retirement of common stock, including excise tax (in shares)		(34,511,000)
Repurchase and retirement of common stock, including excise tax	(190,348)	$ (3)	(190,345)
Change in accumulated other comprehensive income (loss)	7,999			7,999
Net (loss) income	(222,962)				(222,962)
Ending balance (in shares) at Dec. 31, 2023		520,343,000
Ending balance at Dec. 31, 2023	1,243,395	$ 52	2,067,776	762	(825,195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		185,000
Issuance of common stock upon exercise of options	203		203
Issuance of common stock under employee stock purchase plan (in shares)		656,000
Issuance of common stock under employee stock purchase plan	2,715		2,715
Issuance of common stock upon net settlement of restricted stock units (in shares)		11,505,000
Issuance of common stock upon net settlement of restricted stock units	(35,407)	$ 1	(35,408)
Vesting of common stock warrants	2,422		2,422
Share-based compensation expense	143,621		143,621
Executive chairman long-term performance award	(144,617)		(144,617)
Repurchase and retirement of common stock, including excise tax (in shares)		(28,393,000)
Repurchase and retirement of common stock, including excise tax	(153,525)	$ (3)	(153,522)
Change in accumulated other comprehensive income (loss)	(1,076)			(1,076)
Net (loss) income	27,287				27,287
Ending balance (in shares) at Dec. 31, 2024		504,296,000
Ending balance at Dec. 31, 2024	1,085,018	$ 50	1,883,190	(314)	(797,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		506,000
Issuance of common stock upon exercise of options	1,663		1,663
Issuance of common stock under employee stock purchase plan (in shares)		567,000
Issuance of common stock under employee stock purchase plan	2,101		2,101
Issuance of common stock upon net settlement of restricted stock units (in shares)		11,544,000
Issuance of common stock upon net settlement of restricted stock units	(36,973)	$ 1	(36,974)
Issuance of common stock upon exercise of common stock warrants (in shares)		135,000
Issuance of common stock upon exercise of common stock warrants	0
Vesting of common stock warrants	252		252
Share-based compensation expense	115,964		115,964
Repurchase and retirement of common stock, including excise tax (in shares)		(84,793,000)
Repurchase and retirement of common stock, including excise tax	(393,966)	$ (8)	(393,958)
Change in accumulated other comprehensive income (loss)	1,823			1,823
Net (loss) income	(13,925)				(13,925)
Ending balance (in shares) at Dec. 31, 2025		432,256,000
Ending balance at Dec. 31, 2025	$ 761,957	$ 43	$ 1,572,238	$ 1,509	$ (811,833)

Segment Information - Schedule of Information Used by the CODM (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net revenue	$ 624,884	$ 506,995	$ 676,171
Costs of revenue	187,612	155,146	346,657
Gross profit	437,272	351,849	329,514
Share based compensation	104,788	136,562	127,525
Professional services	21,879	20,057	21,679
Technology	65,005	60,059	55,612
Occupancy and equipment	3,766	5,995	4,361
Depreciation and amortization	27,163	17,460	10,741
Marketing and advertising	5,073	2,986	2,566
Other operating expenses	20,397	16,780	17,975
Executive Chairman Long-Term Performance Award		(144,617)	53,214
Income tax expense (benefit)	596	793	(7,613)
Segment and consolidated net (loss) income	(13,925)	27,287	(222,962)
Reportable Segment
Segment Reporting Information [Line Items]
Net revenue	624,884	506,995	676,171
Costs of revenue	187,612	155,146	346,657
Gross profit	437,272	351,849	329,514
Employee compensation and benefits	235,631	261,033	318,856
Share based compensation	104,788	136,562	127,525
Professional services	21,879	20,057	21,679
Technology	65,005	60,059	55,612
Occupancy and equipment	3,766	5,995	4,361
Depreciation and amortization	27,163	17,460	10,741
Marketing and advertising	5,073	2,986	2,566
Other operating expenses	20,397	16,780	17,975
Executive Chairman Long-Term Performance Award	0	(144,617)	53,214
Interest income	33,216	53,411	52,613
Other expense	(115)	(865)	(173)
Income tax expense (benefit)	596	793	(7,613)
Segment and consolidated net (loss) income	$ (13,925)	$ 27,287	$ (222,962)

Goodwill and Intangible Assets - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 9,394
2027	7,909
2028	5,857
2029	5,857
2030	488
Total finite-lived Intangible assets, net	$ 29,505	$ 29,774

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill consisted of the following:





Balance as of December 31, 2023 and 2024	$	123,523
Goodwill from acquisition of TransactPay	29,914
Foreign currency adjustment	1,269
Balance as of December 31, 2025	$	154,706

Schedule of Intangible Assets

Intangible assets consisted of the following as of the dates presented:


	December 31, 2025		December 31, 2024
Finite-lived Intangible assets:
Developed technology	$	41,000	$	41,000
Customer relationships(1)	7,059		—
Total finite-lives Intangible assets gross	48,059		41,000
Accumulated amortization	(18,554)		(11,226)
Total finite-lived Intangible assets, net	29,505		29,774
Indefinite-lived Intangible assets:
EMI licenses(1)	21,883		—
Total Intangibles assets, net	51,388		29,774

Schedule of Future Amortization Expense for Intangible Assets

Expected future amortization expense for intangible assets was as follows as of December 31, 2025:


2026	$	9,394
2027	7,909
2028	5,857
2029	5,857
2030	488
Total expected future amortization expense for intangible assets	$	29,505

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Short-term Investments - Schedule of Stated Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost
Due within one year	$ 55,955	$ 112,750
Due after one year through five years	6,364	66,198
Amortized Cost	62,319	178,948
Estimated Fair Value
Due within one year	56,087	113,015
Due after one year through five years	6,396	66,394
Estimated Fair Value	$ 62,483	$ 179,409

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Cover page - USD ($) $ in Billions	12 Months Ended
Cover page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-40465
Entity Registrant Name	Marqeta, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-4306690
Entity Address, Address Line One	180 Grand Avenue
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Oakland
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94612
City Area Code	510
Local Phone Number	671-5437
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	MQ
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2.3
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
Entity CIK	0001522540
Document Fiscal Year Focus	2025
Amendment Flag	false
Document Fiscal Period Focus	FY
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		394,378,510
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		32,833,382

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Business Combinations The Company allocates the purchase consideration for acquired companies to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill. These estimates are inherently uncertain and subject to refinement. Based on information not available at the acquisition date but received during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Statements of Operations and Comprehensive (Loss) Income. Acquisition-related expenses and postcombination integration and employee compensation costs are recognized separately from the business combination and are expensed as incurred. Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash deposits with certain financial institutions and highly liquid investments. The Company considers all highly liquid investments and investments with original maturities of three months or less from the date of purchase to be cash equivalents. Restricted Cash As of December 31, 2025, restricted cash primarily consisted of (i) cash used to secure a letter of credit for the Company’s office lease in Oakland, California, and (ii) funds held by TransactPay on behalf of its customers related to card and electronic money (“e-money”) wallet programs. The restricted cash associated with these customer funds arose from the Company’s acquisition of TransactPay on July 31, 2025 (see Note 4, “Business Combinations,” for further details). These funds represent program collateral, safeguarded funds, or settlement balances required to support timely transaction settlement. In the normal course of business, TransactPay receives customer funds in exchange for e-money issued or spent funds within the transaction settlement period for payments to the card networks. TransactPay must comply with applicable safeguarding requirements for customer funds, which are generally satisfied by maintaining cash or cash equivalents in segregated bank accounts. Accordingly, cash and cash equivalents held to meet TransactPay’s safeguarding, collateral, or settlement requirements are classified as restricted cash on the Company’s Consolidated Balance Sheet. Corresponding obligations to the TransactPay customers are recognized as funds payable and amounts due to customers within current liabilities on the Consolidated Balance Sheet, reflecting the Company's custodial role. The restricted cash acquired in the TransactPay acquisition is reflected as an investing inflow in the Consolidated Statement of Cash Flows. Settlement of Payment Transactions Generally, customers deposit a certain amount of pre-funding into accounts maintained at Issuing Banks to settle their payment transactions. For Marqeta's operations, these pre-funding amounts may only be used to settle customers' payment transactions and are not considered assets of the Company. Unlike TransactPay’s operations in Gibraltar and Malta, which are subject to safeguarding requirements for customer funds under the applicable jurisdictional regulations, Marqeta’s operations in other geographies, including the United States, are not required to comply with such regulations as there are no equivalent safeguarding rules. Accordingly, the funds held in customers’ accounts at Issuing Banks are not reflected on the Company’s Consolidated Balance Sheets. Previously, the Company maintained cash balances as collateral with certain issuing bank partners in the event customers funds were not deposited at the Issuing Banks in time to settle customer transactions with the Card Networks. These deposits are no longer subject to such collateral requirements, and as such, the Company reclassified $7.0 million of cash held at Issuing Banks from restricted cash to cash and cash equivalents during the year ended December 31, 2025. Funds payable and amounts due to customers Following the acquisition of TransactPay on July 31, 2025, the Company recognizes liabilities related to the customer funds held in connection with card and e-money wallet programs that are classified as restricted cash. Program managers and corporate customers prefund the prepaid cards issued by TransactPay. Upon receipt of the prefunding from these program managers and the issuance of e-money, TransactPay records a liability equal to the value of the prefunding and the e-money issued. This liability remains outstanding until the funds are redeemed or utilized by the end-users. These obligations are presented as Funds payable and amounts due to customers in the Company’s Consolidated Balance Sheet. Prior to the TransactPay acquisition, the Company did not hold such customer funds or recognize the related liabilities. Changes in funds payable and amounts due to customers are presented as cash flows from financing activities in the Company’s Consolidated Statement of Cash Flows. This classification aligns with the underlying nature of these balances, which represent funds received in exchange for electronic money and advances received by the Company on behalf of program managers and end-users. Short-term Investments The Company's short-term investments can include U.S. treasury securities, U.S. agency securities, commercial paper, asset-backed securities, certificates of deposits, and corporate debt securities. The Company's short-term investments are classified as available-for-sale securities. Although certain of these securities have stated maturities beyond one year, the Company classifies all available-for-sale investments within current assets in the Consolidated Balance Sheets. This classification reflects the Company’s ability and intent to sell these securities as needed to support ongoing operations, even prior to their contractual maturities. The Company carries these short-term investments at fair value and periodically evaluates them for unrealized losses. For securities in an unrealized loss position that the Company intends to hold and believes it is more likely than not that the securities will not be required to be sold before recovery, the Company further evaluates whether declines in fair value below amortized cost are due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. The Company considers credit related impairments to be changes in value that are driven by a change in the creditor’s ability to meet its payment obligations, and records an allowance in the Consolidated Balance Sheets with a corresponding loss in Other income, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income when the impairment is incurred. Unrealized non-credit related losses and unrealized gains are recorded as a separate component in Accumulated other comprehensive income (loss), a component of stockholders’ equity, until realized. The Company records any realized gains or losses on the sale of short-term investments in Other income, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Accounts Receivable Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses and do not earn interest. The Company estimates an allowance for accounts receivable based on its assessment of the collectability of accounts by considering its historical accounts receivable collection experience for each customer, the age of each outstanding invoice, and an evaluation of current expected risk of credit loss based on current economic conditions and reasonable and supportable forecasts of future economic conditions over the life of the receivable. The Company assesses collectability on an individual basis when it identifies specific customers with collectability issues, and on an aggregated basis by reviewing accounts receivable where similar characteristics exist. As of December 31, 2025 and 2024, the combined general and specific allowance for accounts receivable was $2.9 million and $2.4 million, respectively. Settlements Receivable Settlements receivable represent Interchange Fees earned on customers’ card transactions, net of pass through Card Network fees, that are due from Issuing Banks. Interchange Fees are typically received within one or two business days of the transaction date. The Company has not experienced any historical collection issues with the Issuing Banks, and as such, no allowance has been established. The Company does not generate revenue from Issuing Banks. Lease Obligations The Company measures lease liabilities based on the present value of the total lease payments not yet paid discounted based on the Company’s incremental borrowing rate, which is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. The Company measures right-of-use assets based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs the Company incurs and (iii) tenant incentives under the lease. The Company begins to recognize rent expense when the lessor makes the underlying asset available to the Company. For short-term leases, the Company records rent expense in the Consolidated Statements of Operations and Comprehensive (Loss) Income on a straight-line basis over the lease term and records variable lease payments as incurred. The Company has no finance leases. Property and Equipment Property and equipment is stated at cost, less accumulated depreciation and amortization. The Company uses the straight-line method of depreciation and amortization over the estimated useful lives of the assets; generally three to five years for computer equipment, and furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term, excluding renewal periods, or the estimated useful life of the leasehold improvement. The Company capitalizes internal and external direct costs incurred related to obtaining or developing internal-use software. Costs incurred during the application development stage are capitalized and are amortized using the straight-line method over the estimated useful lives of the software, generally three years commencing on the first day of the month following when the software is ready for its intended use. Costs related to planning and other preliminary project activities and post-implementation activities are expensed as incurred. The depreciation and amortization of property and equipment is recorded within Depreciation and amortization expense in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Goodwill The excess purchase price over the fair value of identifiable net assets acquired is recorded as goodwill. Goodwill amounts are not amortized. Intangible Assets Intangible assets are carried at cost less accumulated amortization and impairment losses, if any. Intangible assets with finite useful lives are amortized over their estimated useful lives on a straight-line basis. The amortization of these assets is recorded within Depreciation and amortization expense on the Consolidated Statements of Operations and Comprehensive (Loss) Income. Intangible assets with indefinite useful lives, consisting primarily of acquired electronic money institution (“EMI”) licenses, are not amortized, but are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Impairment The Company reviews the valuation of long-lived assets, including property and equipment and finite and indefinite-lived intangible assets, whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future undiscounted cash flow the asset is expected to generate. Impairment testing for goodwill is performed annually in the fourth quarter or more frequently whenever events or changes in circumstances indicate its carrying value may not be recoverable. Such testing is performed at the reporting unit level. Management has the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of the reporting unit is less than the carrying amount, a quantitative assessment is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company also has the option to bypass the qualitative assessment and perform the quantitative assessment. Based on management's assessment, the Company did not recognize any material impairment losses on its goodwill or finite and indefinite-lived intangible assets during the periods presented herein. See Note 9 for discussion of the Company’s operating lease impairment recorded during the year ended December 31, 2024. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Contracts with customers are evaluated on a contract-by-contract basis as contracts may include the transfer of multiple services. The Company’s contracts with customers typically include multiple performance obligations: 1) providing access to the Company's payment processing platform, 2) providing program management or value added services, or 3) providing card fulfillment services. The Company accounts for individual services as a separate performance obligation if they are distinct because the service is separately identifiable from other items in the arrangement and a customer can benefit from the good or service on its own or with other resources that are readily available to the customer. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation. Certain customer contracts require the Company to allocate the transaction price of the contract based on the relative stand-alone selling price of the performance obligations which are based on prices at which the Company separately sells each service or estimated using an analysis of the Company’s historical contract pricing and costs incurred to fulfill its services. The Company generates revenue from providing platform services and other services as described below. Platform Services The Company delivers an integrated payment processing platform to its customers. The Company’s primary performance obligation is to provide customers continuous access to the Company’s platform used to process all customers’ transactions as needed. This obligation includes authorizing, settling, clearing, and reconciling all transactions. Additionally, for certain customer arrangements, the performance obligations also include managing the interactions with Card Networks and/or the Issuing Banks on behalf of its customers, or other value added services, including dispute management, fraud scoring, and cardholder support services. The Company’s platform services revenue is derived from Interchange Fees generated by customer card transactions. The Company accounts for these Interchange Fees as revenue earned from its customers for performance obligations where the Company controls the services before delivery to the customer. The Company’s platform services revenue also includes processing and other transaction fees from transactions that are based on either a percentage of processing volume or a fee per transaction basis. The Company’s platform services revenue primarily consists of stand-ready obligations which are satisfied over time and are accounted for as a series of distinct services that are substantially the same and have the same pattern of transfer to customers. The Company recognizes revenue when the promised services are complete, and its performance obligations are satisfied. Platform services are considered complete when the Company has authorized the transaction, validated that the transaction has no errors, and accepted and posted the data to its records. The Company allocates variable consideration to the distinct period in which the platform services are delivered. When pricing terms are not consistent throughout the entire term of the contract, the Company estimates variable consideration in its customer contracts primarily using the expected value method. The standard term of the customer contracts ranges from three to five years, with automatic renewal for successive one-year periods thereafter unless either party provides written notice of its intent not to renew. The Company develops estimates of variable consideration on the basis of both historical information and current trends and does not expect or anticipate significant reversal of revenue in the future periods. For net revenue generated from customer arrangements that involve third parties, the Company determines whether it has promised to provide the specified service itself (as principal) or to arrange for the specified service to be provided by another party (as an agent). This determination depends on the facts and circumstance of each arrangement, and in some instances, involves significant judgment. In order to deliver an integrated payment processing platform to its customers, the Company works with Issuing Banks and Card Networks in various capacities. The Company is considered the principal in customer arrangements where the Company controls the services performed by the Issuing Banks and Card Networks before delivery of the promised services to its customers, it is primarily responsible for the delivery of the services to customers, and it has discretion in vendor selection. As such, the Company records fees paid to the Issuing Banks and Card Networks as Costs of Revenue within the Consolidated Statements of Operations and Comprehensive (Loss) Income. In instances where the Company is considered an agent in providing services to the customer, fees for services paid to Issuing Banks and Card Networks, if any, are recorded within Net Revenue such that Net Revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income reflects the net amount of consideration that the Company retains. Revenue Share The Company’s contracts with customers typically include provisions under which the Company shares a portion of the Interchange Fees as consideration payable to its customers, referred to as Revenue Share. Revenue Share payments are incentives paid monthly to customers to increase their processing volume on the Company’s platform. These payments are computed as a percentage of the Interchange Fees earned or processing volume. The Company records Revenue Share as a reduction to net revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company records the amount due to the customer as Revenue Share payable on the Consolidated Balance Sheets. Other Services Revenue The Company earns revenue from customers through card fulfillment services. Card fulfillment fees are generally billed to customers upon ordering card inventory and recognized as revenue when the ordered cards are shipped to customers. The Company offers certain customers the option to purchase physical cards at a discount. The Company has concluded that the discount does not constitute a future material right because the discount is within a range typically offered to the class of customers. Therefore, the Company accounts for the discount as a reduction to revenue when the Company delivers the ordered cards to the customers. Contract Assets and Deferred Revenue Contract assets are reported in Prepaid expenses and other current assets and Other assets in the Consolidated Balance Sheets. The Company records contract assets primarily due to upfront payments provided to certain customers or variable consideration from customer contracts, where pricing terms are not consistent throughout the entire term of the contract. Deferred revenue is reported within Accrued expenses and other current liabilities and Other liabilities in the Consolidated Balance Sheets, and arises when customers pay for services in advance of the Company's revenue recognition. The Company recognizes deferred revenue primarily due to undelivered card fulfillment services, variable consideration from customer contracts where pricing terms are not consistent throughout the entire term of the contract, or non-refundable upfront setup fees are billed at contract inception. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. This material right is valued by estimating the discount that will be redeemed by the customer during the optional renewal period. Costs of Revenue Costs of revenue consist of Card Network fees, Issuing Bank fees, and card fulfillment costs for customer arrangements where we are the principal in providing services to the customer and excludes depreciation and amortization, which is reported separately within the Consolidated Statements of Operations and Comprehensive (Loss) Income. Card Network fees are equal to a specified percentage of processing volume or a fixed amount per transaction routed through the respective Card Network. Issuing Bank fees compensate our Issuing Banks for issuing cards to our customers and sponsoring our card programs with the Card Networks and are typically equal to a specified percentage of processing volume or a fixed amount per transaction. Card fulfillment costs include physical cards, packaging, and other fulfillment costs. The Company has marketing and incentive arrangements with Card Networks that provide the Company with monetary incentives for establishing customer card programs with and routing transaction volume through the respective Card Networks. These incentives are typically calculated as a percentage of the processed transaction volume or the number of transactions routed through the Card Network. The Company accounts for these incentives as a reduction of Card Network fees within Costs of Revenue in customer arrangements where the Company acts as the principal. As processing volumes increase, the Company earns a higher cumulative incentive rate, subject to achieving specific cumulative volume thresholds within an annual measurement period. For certain incentive arrangements, the annual measurement period may not align with the Company’s fiscal year. Prior to the second quarter of fiscal year 2025, the Company recognized network incentives in the period when cumulative transaction volume thresholds were met, which was due to insufficient data to reliably estimate the incentives the Card Networks would ultimately earn over the respective annual period. This approach resulted in fluctuations in Card Network fees, particularly when thresholds were reached, as higher incentive rates were applied retroactively to the entire measurement period. Historically, the Company has earned the highest incentive rates in the first quarter of its fiscal year, when annual measurement periods are nearing completion and higher cumulative transaction volume thresholds are achieved. Conversely, the second quarter generally reflected the lowest incentive rates, as the annual measurement periods and cumulative transaction volume thresholds reset to lower levels. Effective in the second quarter of fiscal year 2025, the Company revised its accounting policy for estimating and recognizing network incentives. The Company now estimates and recognizes network incentives based on the cumulative incentive rates it expects to earn over the annual measurement period. The Company estimates the cumulative incentive rates based on its forecasts for the annual measurement periods, which incorporate both historical experience and our expectations of future events, in addition to other qualitative considerations. The cumulative incentive rates are applied to the volume and/or number of transactions processed during the reporting period to calculate the quarterly network incentives recognized. As a result of this policy revision, the Card Network incentives recognized during the year ended December 31, 2025 were $1.5 million higher compared to the amount that would have been recognized under the previous policy. Uncollected incentives are included in Network incentives receivable in the Consolidated Balance Sheets. The Company's contracts with Card Networks and Issuing Banks typically have terms ranging from three to five years, which may be renewed in one-year to two-year increments as agreed by both parties. Advertising Costs The Company expenses advertising costs as they are incurred. Advertising expenses for the years ended December 31, 2025, 2024, and 2023, were $4.2 million, $2.3 million, and $1.5 million, respectively. Research and Development Costs Research and development costs, which consist primarily of salaries, employee benefits, share-based compensation, third-party hosting fees, and software licenses were $144.5 million, $141.4 million, and $148.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. Research and development costs are expensed as incurred, and are included in Compensation and benefits and Technology expenses in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Share-based Compensation The primary types of share-based compensation utilized by the Company are restricted share units (“RSUs”), stock options, performance-based restricted stock units (“PSUs”), and the use of the employee stock purchase plan (“ESPP”). The Company determines compensation expense associated with RSUs based on the estimated fair value of its common stock on the date of grant. The compensation expense associated with stock options is determined based on the estimated grant date fair value using the Black-Scholes option pricing model. The Company generally recognizes compensation expense using a straight-line amortization method over the respective vesting period. The PSUs granted vest over three years and have a one year performance period with one-third of the PSUs subject to cliff vesting following the completion of the performance period, then vesting in equal quarterly installments thereafter. Over the performance period, the number of PSUs that may be issued and the related share-based compensation expense that is recognized is adjusted upward or downward based upon the probability of achieving the approved performance targets against the performance metrics. Depending on the probability of achieving the pre-established performance targets, the number of PSUs issued could range from 0% to 200% of the target amount. The Company accounts for forfeitures as they occur. Defined Contribution Plans The Company maintains defined contribution plans for eligible employees, including a 401(k) plan that covers substantially all of its U.S. based employees and to which the Company provides a matching contribution of 50% of the first 6% of compensation that an employee contributes. The matching contribution vests immediately. Restructuring Restructuring costs arise from employee related severance charges and include both cash and non-cash compensation. The Company generally recognizes restructuring costs when it is committed to a restructuring plan and the related liabilities are probable and can be reasonably estimated, or pursuant to an established plan for ongoing benefit arrangements. For one-time termination benefits, recognition generally occurs upon communication of the plan details to the affected employees, in accordance with the plan’s specific terms. Timing of recognition may vary depending on the region in which an employee works and appliable local laws. Restructuring liabilities are classified in Accrued expenses and other current liabilities in the Consolidated Balance Sheets as these liabilities are generally settled within less than one year of recognition. Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers the available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. If the Company determines that it is able to realize its deferred tax assets in the future in excess of the net recorded amount, the Company decreases the deferred tax asset valuation allowance, which reduces the income tax expense. Uncertain tax positions are recognized only when the Company believes it is more likely than not that the tax position will be upheld on examination by the taxing authorities based on the merits of the position. The Company recognizes interest and penalties, if any, related to uncertain tax positions in Income tax expense (benefit) in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Net (Loss) Income Per Share Attributable to Common Stockholders The Company presents basic and diluted net (loss) income per share attributable to common stockholders in conformity with the two-class method. The Company calculates basic net (loss) income per share attributable to common stockholders by dividing net (loss) income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) income per share attributable to common stockholders gives effect to all potential shares of common stock, including common stock issuable upon conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants, stock options, RSUs, PSUs and common stock warrants to the extent these are dilutive. Loss Contingencies The Company may be involved in various lawsuits, claims, and proceedings that arise in the ordinary course of business. The Company records a liability for these when it believes it is probable that it has incurred a loss, and the Company can reasonably estimate the loss. The Company regularly evaluates current information to determine whether it should adjust a recorded liability or record a new one. If a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss in the accompanying notes to the Consolidated Financial Statements. Judgment is required to determine both the probability and the estimated amount. Fair Value Measurements Fair value is an exit price, representing the price that would be received to sell the financial asset or paid to transfer the financial liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy includes a three-level classification, which is based on whether the inputs to the valuation methodology used for measurement are observable: •Level 1 ‑ Inputs are quoted prices in active markets for identical assets as of the reporting date; •Level 2 ‑ Inputs other than Level 1 that are observable, either directly or indirectly; or •Level 3 ‑ Unobservable pricing inputs in the market. When developing fair value measurements, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. In instances where the Company lacks observable inputs in the market to measure the fair value of an asset or liability, the Company may use unobservable inputs which requires greater judgment in measuring fair value. In instances where there is limited or no observable market data, fair value measurements for assets and liabilities are based primarily upon the Company’s own estimates, and the measurements reflect information and assumptions that management believes a market participant would use in pricing the asset or liability. The Company’s financial instruments consist of cash equivalents, restricted cash, short-term investments, accounts receivable, settlements receivable, accounts payable, revenue share payable, contingent consideration liability, and accrued liabilities. Cash equivalents are stated at amortized cost, which approximates fair value at the balance sheet dates, due to the short period of time to maturity. Short-term investments and contingent consideration liability are carried at fair value. Accounts receivable, settlements receivable, accounts payable, revenue share payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short period of time to the expected receipt or payment date. Foreign Currency The functional currency of the Company’s foreign subsidiaries is its respective local currency. For these foreign entities, the Company translates the financial statements into U.S. dollars using average exchange rates for the period for income statement amounts and using end-of-period exchange rates for assets and liabilities. There translation adjustments are included in Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets and the Consolidated Statements of Stockholders’ Equity. Foreign currency transaction gains and losses are included in Other income, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The Company adopted the standard prospectively for the year ended December 31, 2025, resulting in expanded disclosures related to the effective tax rate reconciliation and income taxes paid by jurisdiction in Note 15. Recently Issued Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures” (“ASU 2024-03”). ASU 2024-03 is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The amendments in this ASU are effective for the Company in fiscal 2027 on a retrospective basis, with early adoption permitted. The Company is currently evaluating the operational and financial reporting implications of this standard. In September 2025, the FASB issued Accounting Standards Update No. 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” ("ASU 2025-06"). ASU 2025-06 modernizes the accounting for internal-use software costs by increasing the operability of the recognition guidance considering different methods of software development. ASU 2025-06 can be applied prospectively, retrospectively, or with a modified transition approach, and is effective for the Company for annual reporting as well as interim period reporting beginning in fiscal year 2028 with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.

Concentration of Risks and Significant Customers

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Concentration of Risks and Significant Customers

Concentration Risks and Significant Customers

Financial instruments that potentially expose the Company to concentration of credit risk consist of cash and cash equivalents, short-term investments, and accounts receivable. Cash and cash equivalents held with financial institutions may exceed federally insured limits, posing potential credit risk.

As of December 31, 2025, short-term investments were $62.5 million, and there was no concentration of securities of the same issuer with an aggregate fair value greater than 5% of this total balance, except for U.S. Treasury securities, which amounted to $56.1 million, or 90%, of the short-term investments. As of December 31, 2025, all debt securities within the Company's portfolio were investment grade.

As of December 31, 2024, short-term investments were $179.4 million, and there was no concentration of securities of the same issuer with an aggregate fair value greater than 5% of the total balance, except for U.S. Treasuries, which amounted to $168.9 million, or 94% of the short-term investments. As of December 31, 2024, all debt securities within the Company's portfolio were investment grade.

A significant portion of the Company's payment transactions is settled through one Issuing Bank, Sutton Bank. For the years ended December 31, 2025, 2024 and 2023, 64%, 70% and 76% of Total Processing Volume was settled through Sutton Bank, respectively.

A significant portion of the Company's revenue and accounts receivable is derived from a single customer. The following provides net revenue as a percentage of total net revenue and customers' receivables as a percentage of total customers receivables for our significant customers:


	Percent of Net Revenue for the Year Ended December 31,
	2025	2024	2023
Customer A	45%	47%	68%


	Percent of Customers' Receivables as of December 31,
	2025	2024
Customer A	*	10%
Customer B	12%	*
Customer C	*	13%
Customer D	12%	*

* - Did not exceed 10% in the reporting period presented

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details