0001522540-22-000013 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,247,581	$ 220,433
Restricted cash	7,800	7,800
Marketable securities	452,875	149,903
Accounts receivable, net	13,187	8,420
Settlements receivable, net	11,266	12,867
Network incentives receivable	30,399	20,022
Prepaid expenses and other current assets	35,617	11,461
Total current assets	1,798,725	430,906
Property and equipment, net	9,687	9,477
Operating lease right-of-use assets, net	11,296	13,411
Equity method investment	8,384	0
Other assets	2,286	3,886
Total assets	1,830,378	457,680
Current liabilities:
Accounts payable	2,693	2,362
Revenue share payable	121,179	78,191
Accrued expenses and other current liabilities	114,096	60,545
Total current liabilities	237,968	141,098
Redeemable convertible preferred stock warrant liabilities	0	2,517
Operating lease liabilities, net of current portion	12,427	15,449
Other liabilities	6,557	10,452
Total liabilities	256,952	169,516
Commitments and contingencies (Note 7)
Redeemable convertible preferred stock, $0.0001 par value; zero and 352,047,950 shares authorized; zero and 351,844,340 shares issued and outstanding; aggregate liquidation preference of zero and $552,868 as of December 31, 2021 and December 31, 2020, respectively	0	501,881
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value; 100,000,000 and zero shares authorized, no shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	0	0
Common stock, $0.0001 par value: 1,500,000,000 and zero Class A shares authorized, 421,792,153 and zero shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively. 600,000,000 and 545,000,000 Class B shares authorized, 119,591,365 and 130,312,838 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	54	13
Additional paid-in capital	1,993,055	39,769
Accumulated other comprehensive income (loss)	(2,230)	25
Accumulated deficit	(417,453)	(253,524)
Total stockholders’ equity (deficit)	1,573,426	(213,717)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$ 1,830,378	$ 457,680

Consolidated Balance Sheets - Parentheticals - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized (in shares)	0	352,047,950
Redeemable convertible preferred stock, shares issued (in shares)	0	351,844,340
Redeemable convertible preferred stock, shares outstanding (in shares)	0	351,844,340
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 552,868
Preferred Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, shares authorized (in shares)	100,000,000	0
Preferred Stock, shares issued (in shares)	0
Preferred Stock, shares outstanding (in shares)	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	0
Common stock, shares issued (in shares)	421,792,153	0
Common stock, shares, outstanding (in shares)	421,792,153	0
Class B Common Stock
Common stock, shares authorized (in shares)	600,000,000	545,000,000
Common stock, shares issued (in shares)	119,591,365	130,312,838
Common stock, shares, outstanding (in shares)	119,591,365	130,312,838

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net revenue	$ 517,175	$ 290,292	$ 143,267
Costs of revenue	285,470	172,385	82,814
Gross profit	231,705	117,907	60,453
Operating expenses:
Compensation and benefits	318,116	129,802	88,309
Professional services	18,443	7,188	7,157
Technology	33,637	13,239	7,796
Occupancy	4,181	4,337	3,777
Depreciation and amortization	3,534	3,498	3,080
Marketing and advertising	2,284	1,670	2,080
Other operating expenses	13,516	5,260	7,117
Total operating expenses	393,711	164,994	119,316
Loss from operations	(162,006)	(47,087)	(58,863)
Other income (expense), net	(2,563)	(521)	698
Loss before income tax expense	(164,569)	(47,608)	(58,165)
Income tax expense (benefit)	(640)	87	35
Net loss	(163,929)	(47,695)	(58,200)
Deemed dividend to redeemable convertible preferred stockholders	0	0	(64,149)
Net loss attributable to Class A and Class B common stockholders	(163,929)	(47,695)	(122,349)
Other comprehensive income (loss), net of taxes:
Change in foreign currency translation adjustment	(14)	(64)	(22)
Change in unrealized gain (loss) on marketable securities	(2,241)	43	69
Net other comprehensive income (loss)	(2,255)	(21)	47
Comprehensive loss	$ (166,184)	$ (47,716)	$ (58,153)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.45)	$ (0.39)	$ (1.07)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.45)	$ (0.39)	$ (1.07)
Weighted-average shares used in computing net loss per share attributable to common stockholders - Basic (in shares)	362,756,466	122,932,556	113,851,714
Weighted-average shares used in computing net loss per share attributable to common stockholders - Diluted (in shares)	362,756,466	122,932,556	113,851,714

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (loss)	Accumulated Deficit
Redeemable Convertible Preferred Stock Beginning Balance (in shares) at Dec. 31, 2018	287,216,434
Redeemable Convertible Preferred Stock Beginning Balance at Dec. 31, 2018	$ 114,842
Redeemable Convertible Preferred Stock
Issuance of Series E-1 redeemable convertible preferred stock (in shares)	38,552,483
Issuance of Series E-1 redeemable convertible preferred stock	$ 142,990
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)	(11,074,661)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	$ 13,767
Deemed dividend upon the exchange of Series A and Series C redeemable convertible preferred stock for Series E redeemable convertible preferred stock	$ 64,149
Redeemable Convertible Preferred Stock Ending Balance (in shares) at Dec. 31, 2019	336,843,578
Redeemable Convertible Preferred Stock Ending Balance at Dec. 31, 2019	$ 335,748
Balance at the beginning of the period (in shares) at Dec. 31, 2018		121,411,803
Balance at the beginning of the period at Dec. 31, 2018	(84,907)	$ 12	$ 2,870	$ (1)	$ (87,788)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)		(11,074,661)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	(13,767)		(13,767)
Issuance of common stock upon exercise of vested options (in shares)		7,767,038
Issuance of common stock upon exercise of vested options	515		515
Issuance of common stock upon early exercise of unvested options (in shares)		762,440
Deemed dividend upon the exchange of Series A and Series C redeemable convertible preferred stock for Series E redeemable convertible preferred stock	(64,149)		(4,308)		(59,841)
Repurchase of early exercised stock options (in shares)		(436,589)
Vesting of early exercised stock options	298		298
Share-based compensation expense	21,757		21,757
Change in other comprehensive income (loss)	47			47
Net loss	(58,200)				(58,200)
Balance at the end of the period (in shares) at Dec. 31, 2019		118,430,031
Balance at the end of the period at Dec. 31, 2019	$ (198,406)	$ 12	7,365	46	(205,829)
Redeemable Convertible Preferred Stock
Issuance of Series E-1 redeemable convertible preferred stock (in shares)	20,989,756
Issuance of Series E-1 redeemable convertible preferred stock	$ 166,942
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)	(5,988,994)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	$ (809)
Redeemable Convertible Preferred Stock Ending Balance (in shares) at Dec. 31, 2020	351,844,340
Redeemable Convertible Preferred Stock Ending Balance at Dec. 31, 2020	$ 501,881
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)		(5,988,994)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	(809)	$ (1)	(808)
Issuance of common stock upon exercise of vested options (in shares)		5,236,999
Issuance of common stock upon exercise of vested options	2,472		2,472
Repurchase of early exercised stock options (in shares)		(190,370)
Issuance of common stock net settlement of restricted stock units (in shares)		847,184
Vesting of early exercised stock options	742		742
Vesting of common stock warrants	171		171
Share-based compensation expense	28,211		28,211
Change in other comprehensive income (loss)	(21)			(21)
Net loss	(47,695)				(47,695)
Balance at the end of the period (in shares) at Dec. 31, 2020		130,312,838
Balance at the end of the period at Dec. 31, 2020	$ (213,717)	$ 13	39,769	25	(253,524)
Redeemable Convertible Preferred Stock
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)	(351,844,340)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	$ (501,881)
Redeemable Convertible Preferred Stock Ending Balance (in shares) at Dec. 31, 2021	0
Redeemable Convertible Preferred Stock Ending Balance at Dec. 31, 2021	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon Initial public offering, net of issuance costs (in shares)		52,272,727
Issuance of common stock upon initial public offering, net of issuance costs	1,312,338	$ 7	1,312,331
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)		(351,844,340)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	(501,881)	$ (34)	(501,847)
Reclassification of redeemable convertible preferred stock warrant liabilities to common stock and additional paid-in capital upon initial public offering	5,438		5,438
Issuance of common stock upon exercise of vested options (in shares)		4,277,344
Issuance of common stock upon exercise of vested options	4,969		4,969
Issuance of common stock under employee stock purchase plan		153,905
Issuance of common stock under employee stock purchase plan	3,201		3,201
Repurchase of early exercised stock options (in shares)		(85,870)
Issuance of common stock net settlement of restricted stock units (in shares)		1,736,212
Issuance of common stock upon net settlement of restricted stock units	(23,552)		(23,552)
Issuance of common stock upon exercise of common stock warrants (in shares)		872,022
Issuance of common stock upon exercise of common stock warrants	60
Vesting of common stock warrants	6,332		6,332
Share-based compensation expense	142,660		142,660
Change in other comprehensive income (loss)	(2,255)			(2,255)
Net loss	(163,929)				(163,929)
Balance at the end of the period (in shares) at Dec. 31, 2021		541,383,518
Balance at the end of the period at Dec. 31, 2021	$ 1,573,426	$ 54	$ 1,993,055	$ (2,230)	$ (417,453)

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Parentheticals - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Payments of stock issuance costs	$ 4,760	$ 2,708	$ 0
Redeemable Convertible Preferred Stock
Share price (in dollars per share)	$ 8.34		$ 3.89
Payments of stock issuance costs		$ 8,058	$ 7,010

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities:
Net loss	$ (163,929)	$ (47,695)	$ (58,200)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,534	3,498	3,080
Share-based compensation expense	142,660	28,211	21,757
Non-cash operating leases expense	2,115	2,029	1,487
Amortization of premium (accretion of discount) on marketable securities	1,162	543	(499)
Provision for doubtful accounts	173	39	370
Other	2,937	1,890	1,000
Changes in operating assets and liabilities:
Accounts receivable	(4,940)	(4,485)	(2,812)
Settlements receivable	1,601	(2,961)	(4,000)
Network incentives receivable	(10,377)	(9,400)	(8,248)
Prepaid expenses and other assets	(7,742)	(2,481)	(5,363)
Accounts payable	190	(839)	1,613
Revenue share payable	42,988	48,442	18,631
Accrued expenses and other liabilities	49,372	34,997	17,407
Operating lease liabilities	(2,772)	(1,515)	(1,651)
Net cash provided by (used in) operating activities	56,972	50,273	(15,428)
Cash flows from investing activities:
Purchases of property and equipment	(2,743)	(2,375)	(4,908)
Purchases of marketable securities	(455,266)	(216,200)	(528,300)
Sales of marketable securities	0	71,981	0
Maturities of marketable securities	148,888	89,032	433,640
Purchase of equity method investment and purchase option	(20,000)	0	(750)
Net cash used in investing activities	(329,121)	(57,562)	(100,318)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriters’ discounts and commissions	1,319,809	0	0
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	0	166,942	142,990
Payment of bank loan and related fees	0	0	(5,005)
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options	4,539	3,144	1,064
Proceeds from exercise of warrants	60	0	0
Proceeds from shares issued in connection with employee stock purchase plan	3,201	0	0
Taxes paid related to net share settlement of restricted stock units	23,552	0	0
Payment of deferred offering costs	(4,760)	(2,708)	0
Net cash provided by financing activities	1,299,297	167,378	139,049
Net increase in cash, cash equivalents, and restricted cash	1,027,148	160,089	23,303
Cash, cash equivalents, and restricted cash- Beginning of period	228,233	68,144	44,841
Cash, cash equivalents, and restricted cash - End of period	$ 1,255,381	$ 228,233	$ 68,144

Consolidated Statements of Cash Flows (unaudited) - Reconciliation of Cash, Cash Equivalents and Restricted Cash and Supplemental Disclosure of Non-cash Investing and Financing Activities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 1,247,581	$ 220,433	$ 60,344
Restricted cash	7,800	7,800	7,800
Total cash, cash equivalents, and restricted cash	1,255,381	228,233	68,144
Cash paid for interest	0	0	317
Cash paid for income taxes	201	109	1
Supplemental disclosures of non-cash investing and financing activities:
Purchase of property and equipment accrued and not yet paid	1,190	159	73
Deemed dividend to redeemable convertible preferred stockholders	0	0	64,149
Deferred offering costs not yet paid	0	426	0
Conversion of redeemable convertible preferred stock to common stock	$ 0	$ 809	$ 0

Business Overview and Basis of Presentation	12 Months Ended
Business Overview and Basis of Presentation	Dec. 31, 2021
Accounting Policies [Abstract]
Business Overview and Basis of Presentation	Business Overview and Basis of Presentation Marqeta, Inc., or the Company, creates digital payment technology for innovation leaders. The Company's modern card issuing platform, or the Platform, places control over payment transactions into the hands of its customers, or Customers, enabling them to develop modern state-of-the-art product 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 payment card transactions for its Customers. The Company was incorporated in the state of Delaware in 2010 and is headquartered in Oakland, California, with offices in the United States, United Kingdom, and Australia, and a presence in Singapore. Initial Public Offering In June 2021, the Company completed an initial public offering, or the IPO, in which the Company issued and sold 52,272,727 shares of its newly authorized Class A common stock, which included 6,818,181 shares that were offered and sold pursuant to the full exercise of the underwriters’ option to purchase additional shares at a price of $27.00 per share. The Company received aggregate net proceeds of $1.3 billion after deducting underwriting discounts and commissions of $91.6 million and offering costs of $7.5 million. Immediately prior to the completion of the IPO, the Company filed its Amended and Restated Certificate of Incorporation authorizing 1,500,000,000 shares of Class A common stock which entitles holders to one vote per share, 600,000,000 shares of Class B common stock which entitles holders to 10 votes per share, and 100,000,000 shares of undesignated preferred stock. All shares of common stock then outstanding were reclassified as Class B common stock and all redeemable convertible preferred stock then outstanding were converted into 351,844,340 shares of common stock on a one-for-one basis and reclassified into Class B common stock. In addition, 2,569,528 shares of common stock warrants were converted to an equivalent number of shares of Class B common stock warrants and 203,610 shares of convertible preferred stock warrants were converted to an equivalent number of shares of Class B common stock warrants. 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. Certain prior period amounts reported in our consolidated financial statements and the related notes have been reclassified to conform to the current period presentation. Use of Estimates The preparation of the financial statements requires management to make 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 relate to the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with Customers, the reserve for contract contingencies and processing errors, the fair value of equity method investments and a purchase call option to acquire the remaining interest in the equity method investee, the incremental borrowing rate used to determine operating lease liabilities, the useful lives of property and equipment, and the collectability of accounts receivable. Actual results could differ materially from these estimates. Business Risks and Uncertainties The Company has incurred net losses since its inception. For the year ended December 31, 2021, the Company incurred a net loss of $163.9 million and had an accumulated deficit of $417.5 million as of December 31, 2021. The Company expects losses from operations to continue for the foreseeable future as it incurs costs and expenses related to creating new products for Customers, acquiring new Customers, developing its brand, expanding into new geographies and developing the existing Platform infrastructure. The Company believes that its cash and cash equivalents of $1.2 billion and marketable securities of $452.9 million as of December 31, 2021 are sufficient to fund its operations through at least the next twelve months from the issuance of these financial statements. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic. Since then, the COVID-19 pandemic has continued to spread throughout the United States and the world. While the Company has not been adversely affected by the COVID-19 pandemic to date, the prolonged disruption to the economy and the long-term financial impact of the pandemic cannot be reasonably estimated. The Company continues to monitor the situation and may take actions that alter its operations and business practices as may be required by federal, state, or local authorities or that the Company determines are in the best interests of its Customers, vendors, and employees.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Revenue Recognition On January 1, 2019, the Company adopted Accounting Standards Codification, or ASC, 606, Revenue from Contracts with Customers (Topic 606), using the full retrospective method. 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. The Company’s contracts with Customers typically include two performance obligations: 1) providing access to the Company's payment processing Platform and 2) providing card fulfillment services. 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 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 and managing the interactions with the Issuing Banks and Card Networks on behalf of its Customers. All these services are collectively considered a single performance obligation. The Company’s Platform services revenue is primarily derived from Interchange Fees generated by Customer card transactions and other transaction fees collected from Customers. The Company accounts for these Interchange Fees as revenue earned from its customers because the Company controls the services before delivery to the Customer. The Company’s Platform services revenue consists of a stand-ready service of distinct transaction processing services that are substantially the same, with the same pattern of transfer to Customers. As such, the stand-ready obligation is accounted for as a single performance obligation that is a series of distinct services whereby the variability of the transaction value is satisfied daily as the performance obligation is satisfied. The Company satisfies its performance obligation to provide Platform services over time as Customers have continuous access to the Company's Platform and the Company stands-ready to process Customer transactions throughout their term of access. The Company recognizes revenue when the underlying transactions are complete, and its performance obligation is satisfied. Transactions 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 month 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 is three 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. As the Issuer Processor for its Customers, the Company is the principal in providing the services under its contracts with Customers. To deliver the services required by its Customers, the Company contracts with Card Networks for transaction routing, reporting, and settlement services and with Issuing Banks for card issuing, Card Network sponsorship, and regulatory compliance approval services. The Company controls these integrated services before delivery 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. The Company's contracts with Customers include certain service level agreements which could require the Company to make payments to Customers if service levels are not met. Any service level payment is recorded as a reduction to net revenue in the consolidated statements of operations and comprehensive loss. The Company does not capitalize costs to acquire contracts. Revenue Share The Company’s contracts with Customers typically include provisions under which the Company shares a portion of the Interchange Fees with its Customers, referred to as Revenue Share. Revenue Share payments are incentives to Customers to increase their processing volume on the Company’s Platform, and is computed as a percentage of the Interchange Fees earned or processing volume and is paid to Customers monthly. The Company records Revenue Share as a reduction to net revenue in the consolidated statements of operations and comprehensive loss. 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 the 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. Deferred Revenue Deferred revenue arises when Customers are billed for services in advance of the Company's revenue recognition. The Company's deferred revenue is primarily due to undelivered card fulfillment services and variable consideration from customer contracts where pricing terms are not consistent throughout the entire term of the contract, non-refundable upfront setup fees that are billed at contract inception, and card fulfillment services that are billed to customers in advance of the delivery of the ordered cards. 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. Reserve for Contract Contingencies and Processing Errors Customer contracts generally contain service level agreements that can result in performance penalties payable by the Company when contractually required service levels are not met or can result in payments by the Company for processing errors. As such, the Company records a reserve for estimated performance penalties and processing errors. When providing for these reserves, the Company considers factors such as its history of incurring performance penalties and processing errors, actual contractual penalty charge rates in customer contracts, and known or estimated processing errors. These reserves are included in accrued expenses and other current liabilities on the consolidated balance sheets and the provision for contract contingencies and processing errors is included as a reduction to net revenue on the consolidated statements of operations and comprehensive loss. Costs of Revenue Costs of revenue consist of Card Network costs, Issuing Bank costs, and card fulfillment costs. Card Network costs are generally equal to a specified percentage of the processing volume or a fixed amount per transaction processed through the respective Card Network. The Company incurs Card Network costs directly from contractual arrangements with the Card Networks that are passed entirely through Issuing Banks, or directly from the Card Networks. 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. Issuing Bank costs compensate Issuing Banks for issuing cards to the Company’s Customers and sponsoring the Company’s card programs with the Card Networks and are generally equal to a specified percentage of the processing volume or a fixed amount per transaction, subject to monthly minimum amounts. 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 based on a percentage of the volume processed over the respective Card Network. Uncollected incentives are included in network incentives receivable on the consolidated balance sheets. The Company records these incentives as a reduction of costs of revenue on the consolidated statements of operations and comprehensive loss. Segment Information The Company operates as a single operating segment. The Company's chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, allocating resources and evaluating the Company's financial performance. For the years ended December 31, 2021, 2020, and 2019, revenue outside of the United States, based on the billing address of the Customer, was not material. As of December 31, 2021 and December 31, 2020, long-lived assets located outside of the United States were not material. Foreign Currency The functional currency of the Company’s foreign subsidiary is its respective local currency. Translation adjustments arising from the use of differing exchange rates from period to period are included in accumulated other comprehensive income (loss) within the consolidated balance sheets and the consolidated statements of redeemable convertible preferred stock and stockholders’ deficit. Foreign currency transaction gains and losses are included in other income (expense), net in the consolidated statements of operations and comprehensive loss. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average exchange rate during the period, and equity balances are translated using historical exchange rates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist primarily of bank deposit accounts and investments in money market funds. Restricted Cash Restricted cash consists of a deposit with one of the Company’s Issuing Banks to provide the Issuing Bank collateral in the event that Customers’ funds are not deposited at the Issuing Bank in time to settle Customers’ transactions with the networks that provide the infrastructure for settlement and card payment information flows, or Card Networks. Restricted cash also includes cash used to secure a letter of credit for the Company’s lease of its office headquarters in Oakland, California. Marketable Securities The Company's marketable securities include U.S. government securities, commercial paper, asset-backed securities, and corporate debt securities. The Company's marketable securities are accounted for as securities available-for-sale and are classified within current assets in the consolidated balance sheets as the Company may sell these securities at any time for use in its operations, even prior to maturity. The Company carries these marketable securities at fair value, and records any unrealized gain and loss, net of taxes, in accumulated other comprehensive income (loss), a component of stockholders’ equity (deficit). The Company records any realized gains or losses on the sale of marketable securities in other income (expense), net in the consolidated statements of operations and comprehensive loss. Management regularly reviews whether marketable securities are other-than-temporarily impaired. If any impairment is considered other-than-temporary, the Company writes down the investment to its then fair value and records the corresponding charge through other income (expense), net in the consolidated statements of operations and comprehensive loss. Equity Investments and Purchase Options The Company applies the equity method of accounting for investments in other entities when the Company exercises significant influence, but no control. Under the equity method, the Company’s records its share of each entity’s profit or loss in other income (expense), net in the consolidated statements of operations and comprehensive loss on a one quarter lag when the most recent financial information of the investee becomes available. The Company regularly reviews investments accounted for under the equity method for impairment. Investments in other entities not accounted for under the equity method of accounting, including options to purchase these entities, are accounted for at cost less impairment, if applicable. Additionally, the value of these investments may be adjusted to fair value resulting from observable transactions for identical or similar investments. In 2021, the Company acquired a preferred equity interest in a private company that is accounted for under the equity method of accounting. Concurrent with this investment, the Company also acquired an option that gives the Company the right, but not the obligation, to purchase all of the remaining equity interests of the private company. The carrying amounts of the equity method investment and the option at December 31, 2021 were $8.4 million and $11.6 million, respectively. The option is reflected within Prepaid expenses and other current assets in the consolidated balance sheets. The Company applies the measurement alternative and will continue to measure the option at cost, less any impairment. If an indicator of impairment exists or if the Company decides to not exercise its option, which expires on June 30, 2022, the Company will record an impairment charge accordingly. Accounts Receivable Accounts receivable are recorded at invoiced amounts and do not earn interest. The Company estimates an allowance for doubtful accounts receivable by making its best estimate of specific uncollectible accounts considering its historical accounts receivable collection experience and the information that management has about the current status of accounts receivable balances. As of December 31, 2021 and 2020, the allowance for doubtful accounts receivable was $0.2 million and $0.1 million, respectively. Settlements Receivable Settlements receivable represent Interchange Fees earned on Customers’ card transactions, net of pass through Card Network fees, and are due from Issuing Banks. Interchange Fees are typically received within one or two business days of the transaction date and are due from well-established Issuing Banks, mitigating the associated risk of collection. No valuation allowance has been established. The Company does not generate revenue from Issuing Banks. Deferred Offering Costs Deferred offering costs consist primarily of accounting, legal, and other fees related to the IPO. Upon the completion of the IPO in June 2021, the deferred offering costs were reclassified to stockholders’ equity (deficit) and recorded net against the proceeds from the IPO. 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. Estimated useful lives range from three to five years for purchased and internally developed software, 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. Gains and losses realized on the sale or disposal of property and equipment are recognized or charged to other income (expense), net in the consolidated statements of operations and comprehensive loss. The Company evaluates the carrying value of property and equipment on an annual basis, or more frequently whenever circumstances indicate a long-lived asset may be impaired. When indicators of impairment exist, the Company estimates the future undiscounted cash flows attributable to such assets. In the event cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair value. During the years ended December 31, 2021 and 2020, the Company did not recognize any material impairment of long-lived assets. 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 ‑ 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 inputs. 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, marketable securities, accounts receivable, unbilled Customers' receivable, settlements receivable, accounts payable, accrued liabilities, and prior to the IPO, redeemable convertible preferred stock warrant 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. Marketable securities are carried at fair value. Accounts receivable, unbilled Customers' receivable, settlements receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The redeemable convertible preferred stock warrant liabilities were carried at fair value. Advertising Costs The Company expenses advertising costs as they are incurred. Advertising expenses for the years ended December 31, 2021, 2020 and 2019, were $1.7 million, $1.4 million and $1.1 million, respectively. Research and Development Costs Research and development costs, which consist primarily of salaries, employees' benefits, share-based compensation, third-party hosting fees and software licenses were $84.1 million, $34.0 million, and $25.2 million for the years ended December 31, 2021, 2020 and 2019, 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 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. Lease Obligations On January 1, 2019, the Company adopted Accounting Standards Update, or ASU, 2016-02, Leases (Topic 842), or Topic 842, using the modified retrospective method, which resulted in the recognition of operating lease right-of-use assets and lease liabilities on the Company’s consolidated balance sheets as of December 31, 2019, with no impact to its consolidated statements of operations and comprehensive loss for the year ended December 31, 2019. 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 on a straight-line basis over the lease term and records variable lease payments as incurred. The Company has no finance leases. In 2016, the Company entered into a lease agreement for its corporate headquarters in Oakland, California for 19,000 square feet of office space, which was subsequently amended resulting in a total of 63,000 square feet of office space being leased. The non-cancellable operating lease expires in February 2026 and includes options to extend the lease term, generally at the then-market rates. The Company excludes extension options that are not reasonably certain to be exercised from its lease terms. The Company’s 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. 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. Significant judgment is required to determine both the probability and the estimated amount. See Note 7, "Commitments and Contingencies", for a full description of the Company's loss contingencies. Share-based Compensation Restricted Stock Units Commencing in 2020, the Company began granting restricted stock units, or RSUs, to employees. RSUs granted prior to April 1, 2021 vest upon the satisfaction of both a service condition and a liquidity condition. The service condition for these awards is satisfied over four years. On June 8, 2021, the Company completed its IPO and the liquidity condition for these awards was satisfied and the Company recognized a cumulative share-based compensation expense of $23.1 million associated with RSUs that had service-vested as of the IPO completion date. Subsequent to the IPO, the unamortized grant date fair value of these RSUs will be recorded as share-based compensation expense over the remaining service period. RSUs granted on or after April 1, 2021, vest upon the satisfaction of a service condition. The service condition for these awards is satisfied over four years and the grant date fair value of these RSUs will be recorded as share-based compensation expense over the service period. The fair value of RSUs is based on the closing price of the Company’s Class A common stock on the grant date. Prior to the IPO, the fair value of RSUs was based on the fair value of the underlying common stock on the grant date as determined by the Company’s board of directors at each meeting in which RSU awards were approved. Stock Options The Company grants stock option awards to certain employees and directors. The Company estimates the fair value of stock option awards using the Black-Scholes option pricing model. The model requires management to make a number of assumptions, including the expected future volatility of the Company’s Class A common stock, expected term, risk-free interest rate, and expected dividends. The Company records the resulting expense in the consolidated statements of operations and comprehensive loss on a straight-line basis over the period for which the employee or director is required to perform services to vest in the award, which is generally four years. The Company accounts for forfeitures as they occur. CEO Long-Term Performance Award In April and May 2021, the Company’s board of directors granted the Company’s Chief Executive Officer equity incentive awards in the form of performance-based stock options, or collectively, the CEO Long-Term Performance Award. The CEO Long-Term Performance Award vests upon the satisfaction of 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 IPO. The stock price hurdle will be achieved if the average closing price of a share of the Company’s Class A common stock during any 90 consecutive trading day period during the performance period equals or exceeds the requisite stock price hurdle for the performance period. The grant date fair value of the CEO Long-Term Performance Award was estimated using a Monte Carlo simulation model that incorporated multiple stock price paths and probabilities that the Company stock price hurdles are met. The Company records the resulting expense in the consolidated statements of operations and comprehensive loss over the derived service period of each of the seven separate tranches using the accelerated attribution method. Employee Stock Purchase Plan In May 2021, the Company’s board of directors adopted, and its stockholders approved, the 2021 Employee Stock Purchase Plan, or the ESPP, which became effective in connection with the IPO. The ESPP authorizes the issuance of shares of the Company’s Class A common stock pursuant to purchase rights granted to employees. The fair value of purchase rights issued under the ESPP is estimated using the Black-Scholes option pricing model. The model requires management to make a number of assumptions, including the fair value of the Company’s common stock, expected volatility, expected term, risk-free interest rate, and expected dividends. The Company records the resulting expense in the consolidated statements of operations and comprehensive loss on a straight-line basis over the six-month offering period. Secondary Sales of Common Stock Prior to the completion of the IPO, certain economic interest holders acquired outstanding common stock from current or former employees for a purchase price greater than the Company's estimated fair value of its common stock at the time of the transactions. For such secondary sales of common stock, the Company recorded share-based compensation expense for the difference between the price paid and the estimated fair value on the date of the transaction. Net Loss Per Share Attributable to Common Stockholders The Company presents basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities. Prior to the completion of the IPO, all series of redeemable convertible preferred stock were considered participating securities. Immediately prior to the completion of the IPO, all shares of redeemable convertible preferred stock then outstanding were converted into shares of Class B common stock. The Company has not allocated net loss attributable to common stockholders to redeemable convertible preferred stock in any period presented because the holders of its redeemable convertible preferred stock were not contractually obligated to share in losses. The Company calculates basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss 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 and common stock warrants to the extent these are dilutive. New Accounting Standards Not Yet Adopted As an emerging growth company, the Jumpstart Our Business Startups Act, or the JOBS Act, allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption date discussed below reflects this election. In June 2016, the FASB issued ASU No. 2016-13, Financial instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the incurred loss model with the current expected credit loss, or CECL, model to estimate credit losses for financial assets measured at amortized cost and certain off-balance sheet credit exposures. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The CECL model requires a company to estimate credit losses expected over the life of the financial assets based on historical experience, current conditions and reasonable and supportable forecasts. The guidance will be effective for the Company beginning January 1, 2023, and interim periods therein. The amendment requires a modified retrospective approach by recording a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Early adoption is permitted. The Company is still evaluating the impact this ASU will have on its consolidated financial statements.

Revenue

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table provides information about disaggregated revenue from Customers:


	Year Ended December 31,
	2021		2020		2019
Platform services revenue, net	$	502,296	$	283,305	$	138,106
Other services revenue	14,879		6,987		5,161
Total net revenue	$	517,175	$	290,292	$	143,267

Contract Balances

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


Contract balance	Balance sheet line reference	December 31, 2021		December 31, 2020
Contract assets - current	Prepaid expenses and other current assets	$	950	$	118
Contract assets - non-current	Other assets	927		294
Total contract assets		$	1,877	$	412
Deferred revenue - current	Accrued expenses and other current liabilities	$	19,060	$	3,983
Deferred revenue - non-current	Other liabilities	6,107		8,865
Total deferred revenue		$	25,167	$	12,848

Contract assets related to the Company’s conditional right to consideration for the Company’s completed performance under the contract. Deferred revenue relates to payments received in advance of performance under the contract.

Net revenue recognized during the years ended December 31, 2021 and 2020 that was included in the deferred revenue balances at the beginning of the respective periods was $4.1 million and $0.7 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. Remaining performance obligations include related deferred revenue currently recorded and exclude contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services as performed. The amount and timing of revenue recognition is largely driven by the Customer’s utilization of the Company’s Platform services.

As of December 31, 2021 and 2020, $4.2 million and $4.4 million of the deferred revenue balance represent a material right for discounted revenue share rates provided to a Customer as part of a contractual renewal option.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Marketable Securities

12 Months Ended

Dec. 31, 2021

Investments [Abstract]

Marketable Securities

The amortized cost, unrealized gain (loss), and estimated fair value of the Company's investments in securities available for sale consisted of the following:


	December 31, 2021
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Marketable securities
U.S. government securities	$	420,392	$	—	$	(2,107)	$	418,285
Commercial paper	13,878		—		—		13,878
Asset-backed securities	2,003		—		(1)		2,002
Corporate debt securities	18,731		3		(24)		18,710
Total marketable securities	$	455,004	$	3	$	(2,132)	$	452,875


	December 31, 2020
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Marketable securities
U.S. government securities	$	125,823	$	47	$	(6)	$	125,864
Commercial paper	4,991		—		—		4,991
Asset-backed securities	4,294		21		—		4,315
Corporate debt securities	14,683		52		(2)		14,733
Total marketable securities	$	149,791	$	120	$	(8)	$	149,903

The Company had nineteen and six separate marketable securities in unrealized loss positions as of December 31, 2021 and 2020, respectively. The Company did not identify any marketable securities that were other-than-temporarily impaired as of December 31, 2021 and 2020. The Company does not intend to sell any marketable securities that have an unrealized losses at December 31, 2021 and it is not more likely than not that the Company will be required to sell such securities before any anticipated recovery.

The following table summarizes the stated maturities of the Company’s marketable securities:


	December 31, 2021				December 31, 2020
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

Due within one year	$	64,914	$	64,879	$	149,791	$	149,903
Due after one year through two years	390,090		387,996		—		—
Total	$	455,004	$	452,875	$	149,791	$	149,903

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

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, 2021
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	1,213,543	$	—	$	—	$	1,213,543

Marketable securities
U.S. government securities	418,284		—		—		418,284
Commercial paper	—		13,878		—		13,878
Asset-backed securities	—		2,002		—		2,002
Corporate debt securities	—		18,711		—		18,711
Total assets	$	1,631,827	$	34,591	$	—	$	1,666,418


	December 31, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	203,592	$	—	$	—	$	203,592

Marketable securities
U.S. government securities	125,864		—		—		125,864
Commercial paper	—		4,991		—		4,991
Asset-backed securities	—		4,315		—		4,315
Corporate debt securities	—		14,733		—		14,733
Total assets	$	329,456	$	24,039	$	—	$	353,495
Other liabilities
Redeemable convertible preferred stock warrants	$	—	$	—	$	2,517	$	2,517
Total liabilities	$	—	$	—	$	2,517	$	2,517

The Company classifies money market funds, commercial paper, U.S. government securities, asset-backed securities and corporate 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.

The Company classifies the redeemable convertible preferred stock warrants within Level 3 because the Company determines their fair value using unobservable inputs, including the fair value of the Company’s redeemable Series B convertible stock, which the Company determined in the same manner as the fair value of its common stock prior to the IPO. The Company records the change in the fair value of redeemable convertible preferred stock warrants in other income (expense), net in the consolidated statements of operations and comprehensive loss.

Immediately prior to the completion of the IPO in June 2021, the outstanding redeemable convertible preferred stock warrants were converted to Class B common stock warrants and the fair value of the liability as of that date was reclassified into the Company’s Class B common stock and additional paid-in capital.

The fair value of the redeemable convertible preferred stock warrant liabilities was estimated using the following assumptions:


	June 9, 2021	December 31, 2020
Dividend yield	0.00%	0.00%
Expected volatility	49.93%	49.93%
Expected term (in years)	2.34	2.78
Risk-free interest rate	0.31%	0.17%
Fair value of Series B redeemable convertible preferred stock	$27.00	$12.66

The following table sets forth a summary of the changes in the fair value of the redeemable convertible preferred stock warrant liabilities:


	December 31, 2021		December 31, 2020
Balance, beginning of the period	$	2,517	$	569
Remeasurement of redeemable convertible preferred stock warrant liabilities	2,921		1,948
Reclassification of redeemable convertible preferred stock warrant liabilities to common stock and additional paid-in capital upon initial public offering	(5,438)		—
Balance, end of the period	$	—	$	2,517

There were no transfers of financial instruments between the fair value hierarchy levels during the years ended December 31, 2021 and 2020.

- 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 + Details

Certain Balance Sheet Components

12 Months Ended

Dec. 31, 2021

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, 2021		December 31, 2020
Prepaid expenses	$	6,492	$	3,166
Inventory	3,940		781
Prepaid Insurance	3,546		324
Prepaid hosting and data costs	2,455		2,672
Card program deposits	2,167		2,174
Contract assets	950		119
Other financial instruments	11,616		—
Other current assets	4,451		2,225
Prepaid expenses and other current assets	$	35,617	$	11,461

Property and Equipment, net

Property and equipment consisted of the following:


	December 31, 2021		December 31, 2020
Leasehold improvements	$	8,110	8,110
Computer equipment	8,581		7,634
Furniture and fixtures	2,459		2,333
Internally developed and purchased software	2,954		1,299
	22,104		19,376
Accumulated depreciation and amortization	(12,417)		(9,899)
Property and equipment, net	$	9,687	$	9,477

Depreciation and amortization expense was $3.5 million, $3.5 million and $3.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The Company capitalized $1.6 million as internal-use software costs during the year ended December 31, 2021. The Company did not capitalize any internal-use software costs during the years ended December 31, 2020 and 2019, because development costs meeting capitalization criteria were not material during the respective periods.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31, 2021		December 31, 2020
Accrued costs of revenue	$	41,339	$	24,529
Reserve for contract contingencies and processing errors	3,386		9,537
Accrued compensation and benefits	32,954		14,078
Deferred revenue	19,060		3,983
Operating lease liabilities, current portion	3,021		2,771
Accrued professional services	2,454		867
Other accrued liabilities	11,882		4,780
Accrued expenses and other current liabilities	$	114,096	$	60,545

Other Liabilities

Other liabilities consisted of the following:


	December 31, 2021		December 31, 2020
Deferred revenue, net of current portion	$	6,107	$	8,865
Other long-term liabilities	450		1,587
Other liabilities	$	6,557	$	10,452

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

The Company's operating lease costs are as follows:


	Year Ended December 31,
	2021		2020		2019
Operating lease cost	$	3,424	$	3,514	$	3,019
Variable lease cost	212		534		211
Short-term lease cost	358		271		191
Total lease cost	$	3,994	$	4,319	$	3,421

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, 2021	December 31, 2020
Weighted average remaining operating lease term (in years)	4.1	5.1
Weighted average discount rate	7.7%	7.7%

Maturities of operating lease liabilities by year are as follows as of December 31, 2021:



2022	$	4,112
2023	4,239
2024	4,472
2025	4,599
2026	780
Thereafter	—
Total lease payments	$	18,202
Less imputed interest	(2,754)
Total operating lease liabilities	$	15,448

Supplemental cash flow information related to the Company's operating leases was as follows:


	Year Ended December 31,
	2021		2020		2019
Cash paid for operating lease liabilities	$	4,081	$	3,192	$	3,185
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	192	$	2,954

Letters of Credit

In connection with the lease for its corporate headquarters office space, 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, which deposit is classified as restricted cash in the consolidated balance sheets.

Purchase Obligations

As of December 31, 2021, the Company had non-cancellable purchase commitments with certain service providers and Issuing Banks of $263.8 million, payable over the next 5 years. These purchase obligations generally represent minimum commitments for cloud-computing services and issuing bank processing fees over the fixed, non-cancellable respective contract terms.

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 after one year of service. During the years ended December 31, 2021, 2020 and 2019, the Company contributed a total of $3.1 million, $1.9 million and $1.1 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. As of December 31, 2021 and 2020, there were no legal contingency matters, either individually or in aggregate, that would have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Given the unpredictable nature of legal proceedings, the Company bases its assessment on the information available at the time. As additional information becomes available, the Company reassesses the potential liability and may revise the estimate.

Settlement of Payment Transactions

Generally, Customers deposit a certain amount of pre-funding into accounts maintained at Issuing Banks to settle their payment transactions. Such pre-funding amounts may only be used to settle Customers’ payment transactions and are not considered assets of the Company. As such, 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.

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 indemnifies the Issuing Bank for losses the Issuing Bank may incur for non-compliance with applicable law and regulation, if those losses resulted from the Company’s failure to perform under its program agreement with the Issuing Bank.

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. No demands have been made upon the Company to provide indemnification under such agreements and there are no claims that the Company is aware of that could have a material effect on its consolidated balance sheets, consolidated statements of operations and comprehensive loss, 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.

Non-income Taxes

The Company may be subject to state and local indirect taxes in various jurisdictions in the United States. In several of these jurisdictions the Company has reviewed and concluded that such indirect taxes are not applicable to the Company’s service offerings. In a few of these jurisdictions the tax regulations are less clear. While the Company believes its service offerings are not subject to tax in these jurisdictions, the Company is working with the respective state and local tax authorities to confirm the Company’s conclusions. The Company has not recorded a liability associated with these matters as of December 31, 2021 as it believes it is not probable that the indirect taxes are applicable to the Company. In the event that adverse information is received in response to the Company's state inquiries, and the Company chooses not to appeal, a potential tax liability for these tax matters would be $6.2 million as of December 31, 2021.

Commitments and Contingencies

Operating Leases

The Company's operating lease costs are as follows:


	Year Ended December 31,
	2021		2020		2019
Operating lease cost	$	3,424	$	3,514	$	3,019
Variable lease cost	212		534		211
Short-term lease cost	358		271		191
Total lease cost	$	3,994	$	4,319	$	3,421

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, 2021	December 31, 2020
Weighted average remaining operating lease term (in years)	4.1	5.1
Weighted average discount rate	7.7%	7.7%

Maturities of operating lease liabilities by year are as follows as of December 31, 2021:



2022	$	4,112
2023	4,239
2024	4,472
2025	4,599
2026	780
Thereafter	—
Total lease payments	$	18,202
Less imputed interest	(2,754)
Total operating lease liabilities	$	15,448

Supplemental cash flow information related to the Company's operating leases was as follows:


	Year Ended December 31,
	2021		2020		2019
Cash paid for operating lease liabilities	$	4,081	$	3,192	$	3,185
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	192	$	2,954

Letters of Credit

Purchase Obligations

Defined Contribution Plans

Legal Contingencies

Settlement of Payment Transactions

Indemnifications

Non-income Taxes

Stock Incentive Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Incentive Plans

The Company has granted share-based awards to employees, non-employee directors, and other service providers of the Company under the Amended and Restated 2011 Equity Incentive Plan (2011 Plan) and the 2021 Stock Option and Incentive Plan (2021 Plan), collectively, the Plans. The 2011 Plan was terminated in June 2021 in connection with the IPO but continues to govern the terms of outstanding awards that were granted prior to the IPO. Additionally, the Company offers an employee stock purchase plan (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 in the periods presented:


	Year Ended December 31,
	2021		2020		2019
Restricted stock units	$	59,652	$	—	$	—
Stock options	31,231		10,895		6,964
CEO Long-Term Performance Award	38,189		—		—
Employee Stock Purchase Plan	1,946		—		—
Secondary sales of common stock	11,642		17,316		14,793
Total	$	142,660	$	28,211	$	21,757

Restricted Stock Units

On June 8, 2021, the Company completed its IPO and the liquidity condition for the RSUs granted prior to April 1, 2021 was satisfied and the Company recognized a cumulative $23.1 million of share-based compensation expense associated with RSUs that had service-vested as of the IPO completion date. Subsequent to the IPO, the unamortized grant date fair value of these RSUs will be recorded as share-based compensation expense over the remaining service period.

RSUs granted on or after April 1, 2021, vest upon the satisfaction of a service condition. The service condition for these awards is satisfied over four years. During the year ended December 31, 2021, the Company recognized $34.3 million of share-based compensation expense related to these RSUs.

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


	Number of Restricted Stock Units	Weighted-average grant date fair value per share
Balance as of December 31, 2019	—	$	—
Granted	4,571,886	4.89
Vested	—	—
Canceled and forfeited	(141,550)	3.68
Balance as of December 31, 2020	4,430,336	$	4.93
Granted	8,409,821	22.20
Vested	(2,641,196)	10.12
Canceled and forfeited	(1,197,012)	14.23
Balance as of December 31, 2021	9,001,949	$	18.30

During the year ended December 31, 2021, share-based compensation expense recognized for RSUs was $59.7 million. As of December 31, 2021, unrecognized compensation costs related to unvested RSUs was $136.1 million. These costs are expected to be recognized over a weighted-average period of 3.0 years.

Stock Options

Under the 2011 Plan and the 2021 Plan, the exercise price of a stock option shall not be less than the fair market value per share of the Company’s Class A common stock on the date of grant (and not less than 110% of the fair market value per share of Class A 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 stock options granted to 10% Stockholders).

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


	Number of Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value(1)
Balance as of January 1, 2019(2)	19,628,032	$	0.19	7.69	$	38,982
Granted	17,008,222	1.30
Exercised	(8,529,478)	0.13
Canceled and forfeited	(2,947,365)	0.54
Balance as of December 31, 2019(2)	25,159,411	$	0.92	8.74	$	46,594
Granted	6,404,800	2.31
Exercised	(6,084,183)	0.53
Canceled and forfeited	(2,058,654)	1.50
Balance as of December 31, 2020(2)	23,421,374	$	1.35	8.33	$	248,002
Granted	29,113,555	20.07
Exercised	(4,277,344)	1.18
Canceled and forfeited	(4,072,097)	5.58
Balance as of December 31, 2021(2)	44,185,488	$	13.31	8.46	$	279,242
Vested as of December 31, 2021	10,007,419	$	1.53	6.67	$	157,032

(1) Intrinsic value based 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 and these balances include all exercisable stock options regardless of vesting status.

The weighted-average grant date fair value of options granted during the years ended December 31, 2021, 2020 and 2019, was $12.10, $1.81, and $1.73, per share, respectively.

The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019, was $83.0 million, $32.8 million, and $21.2 million, respectively.

The total grant-date fair value of options vested during the years ended December 31, 2021, 2020 and 2019, was $17.6 million, $10.7 million, and 5.2 million, respectively.

As of December 31, 2021, aggregate unrecognized compensation costs related to unvested outstanding stock options, excluding the CEO Long-Term Performance Award, was $90.4 million. These costs are expected to be recognized over a weighted-average period of 2.5 years.

The fair values of stock options granted were estimated using the Black-Scholes option pricing model and the following weighted-average assumptions:


	Year Ended December 31,
	2021	2020	2019
Dividend yield	0.0%	0.0%	0.0%
Expected volatility	52.36%	48.11%	43.73%
Expected term (in years)	6.14	6.02	6.02
Risk-free interest rate	1.00%	0.54%	1.92%

Prior to the completion of the IPO, the Company considered numerous objective and subjective factors to determine the fair value of the Company’s common stock including but not limited to (i) contemporaneous independent third-party valuations; (ii) observed secondary sales; (iii) rights, preferences, and privileges of redeemable convertible preferred stock relative to those of common stock; (iv) the Company’s actual operating and financial performance; (v) current business conditions and projections; (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the company, given prevailing market conditions; and (vii) precedent transactions involving the Company’s capital stock.

Subsequent to the Company’s IPO, the Company uses the closing share price of its Class A common stock, which is traded on the Nasdaq Global Select Market to measure share-based compensation on the grant date.

CEO Long-Term Performance Award

In April and May 2021, the Company’s board of directors granted the Company’s Chief Executive Officer equity incentive awards in the form of performance-based stock options covering 19,740,923 and 47,267 shares of our Class B common stock with an exercise price of $21.49 and $23.40 per share, respectively, or collectively, the CEO Long-Term Performance Award. The CEO Long-Term Performance Award vests upon the satisfaction of 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 IPO. The stock price hurdle will be achieved if the average closing price of a share of our Class A common stock during any 90 consecutive trading day period during the performance period equals or exceeds the Company stock price hurdle set forth in the table below.

The CEO Long-Term Performance Award is divided into seven equal tranches which vest upon the achievement of the following Company stock price hurdles:


Tranche	Company Stock Price Hurdle	Number of Options Eligible to Vest
1	$67.50	2,826,884
2	$78.98	2,826,884
3	$92.40	2,826,884
4	$108.11	2,826,884
5	$126.49	2,826,884
6	$147.99	2,826,884
7	$173.15	2,826,884
Total		19,788,188

The grant date fair value of the CEO Long-Term Performance Award was estimated using a Monte Carlo simulation model that incorporated multiple stock price paths and probabilities that the Company stock price hurdles are met. The weighted-average grant date fair value of the seven tranches of the CEO Long-Term Performance Award was estimated to be $10.53 per option share.

As of December 31, 2021, the aggregate unrecognized compensation cost of the CEO Long-Term Performance Award was $170.2 million, which is expected to be recognized over the remaining derived service period of 4.1 years.

Secondary Sales of Common Stock

Prior to the completion of the IPO, certain economic interest holders acquired outstanding common stock from current or former employees for a purchase price greater than the Company's estimated fair value at the time of the transactions. During the years ended December 31, 2021, 2020 and 2019, the Company recorded share-based compensation expense for the difference between the price paid and the estimated fair value on the date of the transaction of $11.6 million, $17.3 million and $14.8 million, respectively.

Warrants to Purchase Common Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Warrants to Purchase Common Stock

Warrants to Purchase Common StockIn 2021 and 2020, the Company issued warrants to Customers to purchase up to 1,150,000 and 750,000 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 are 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. The aggregate fair values of the warrants issued in 2021 and 2020 were $26.4 million and $5.7 million respectively. As of December 31, 2021, 300,504 warrants were vested and the Company recorded $5.0 million as a reduction of revenue during the year then ended, related to these warrants. As of December 31, 2020, 22,500 warrants were vested and the Company recorded an immaterial amount as a reduction of revenue during the year then ended, related to these warrants. Upon vesting, the fair value of the vested warrants are recorded into the Company’s additional paid-in capital. Timing differences caused by the pattern of processing volume generated by the Customer over the term 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.

The fair values of the warrants were estimated using the Black-Scholes option pricing model and the following assumptions as of the grant date of each warrant:


	March 31, 2021	September 30, 2020
Dividend yield	0.0%	0.0%
Expected volatility	50.0%	50.0%
Contract term (in years)	4.0	5.0
Risk-free interest rate	0.6%	0.3%

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders is as follows:


	Year Ended December 31,
	2021		2020		2019
Numerator
Net loss	$	(163,929)	$	(47,695)	$	(58,200)
Deemed dividend to redeemable convertible preferred stockholders	—		—		(64149)
Net loss attributable to Class A and Class B common stockholders	$	(163,929)	$	(47,695)	$	(122,349)
Denominator
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted	362,756,466		122,932,556		113,851,714
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.45)	$	(0.39)	$	(1.07)

Basic net loss per share is the same as diluted net loss per share because the Company reported a net loss for the years ended December 31, 2021, 2020 and 2019.

The liquidation, dividend and other rights, held by of Class A common stockholders and Class B common stockholders are identical, except with respect to voting. As the 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 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 Company considered its proportionate share of the potentially dilutive shares issued by its equity method investee in its dilutive EPS calculation. All potentially dilutive shares of its equity method investee were excluded from the computation as they would have an anti-dilutive effect.

Potentially dilutive securities that were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect were as follows:


	As of December 31,
	2021	2020	2019
Redeemable convertible preferred stock, all series	—	351,844,340	336,843,578
Warrants to purchase redeemable convertible preferred stock	—	203,610	203,610
Warrants to purchase Class B common stock	1,900,000	1,419,528	3,669,528
Stock options outstanding, including early exercise of options	45,307,479	23,421,374	25,159,411
Unvested RSUs outstanding	9,001,949	4,430,336	—
Shares committed under the ESPP	211,118	—	—
Stock options and RSUs available for future grants	61,893,427	7,683,069	3,844,639
Total	118,313,973	389,002,257	369,720,766

In addition, the Company committed up to 320,000 common stock shares for future issuance, or the equivalent in cash, to fund and support the Company’s social impact initiatives over the next eight years.

Income Tax

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax

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


	Year Ended December 31,
	2021		2020		2019
United States	$	(165,160)	$	(47,911)	$	(58,985)
Foreign	591		303		820
Loss before income taxes	$	(164,569)	$	(47,608)	$	(58,165)

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


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	—	$	—	$	—
State	38		18		3
Foreign	—		147		74
	38		165		77
Deferred:
Federal	—		—		—
State	—		—		—
Foreign	(678)		(78)		(42)
	(678)		(78)		(42)
Total:
Federal	—		—		—
State	38		18		3
Foreign	(678)		69		32
Income tax expense (benefit)	$	(640)	$	87	$	35

The reconciliation of the Company's effective tax rate to the statutory federal rate is as follows:


	Year Ended December 31,
	2021		2020		2019
Taxes at federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal effect	4.0	%	4.4	%	3.4	%
Share-based compensation	4.5	%	(8.5)	%	(6.5)	%
Section 162(m) limitation	(8.3)	%	—	%	—	%
Other	(0.3)	%	(0.1)	%	(6.2)	%


Change in valuation allowance	(20.5)	%	(17.0)	%	(11.8)	%


Effective tax rate	0.4	%	(0.2)	%	(0.1)	%

Deferred tax assets and liabilities consist of the following:


	December 31
	2021		2020
Deferred tax assets:
Federal and state net operating losses	$	41,418	$	27,269
Research and development credits	77		77
Accruals and other	16,173		3,536
Share-based compensation	7,124		1,674
Reserve for contract contingencies and processing errors	818		2,334
Deferred revenue	3,132		695
Lease liability	3,730		4,458
Total deferred tax assets	72,472		40,043
Less valuation allowance	(68,847)		(36,327)
Total deferred tax assets, net of valuation allowance	3,625		3,716
Deferred tax liabilities:
Property and equipment	(47)		(309)
Right-of-use asset	(2,728)		(3,281)
Total deferred tax liabilities	(2,775)		(3,590)
Net deferred tax assets	$	850	$	126

The Company believes that it is more likely than not that its U.S. deferred tax assets will not be realized and has recorded a full valuation allowance against its net U.S. deferred tax assets. The available negative evidence as of December 31, 2021 and 2020 included historical and projected future operating losses.

As of December 31, 2021, the Company had net operating loss carryforwards of approximately $169.0 million and $88.5 million for federal and state tax purposes, respectively. If not utilized, these carryforwards will begin to expire in 2030. Of the Company's federal net operating loss carryforwards as of December 31, 2021, $121.4 million 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, 2021, the Company has concluded that it has experienced ownership changes since inception and that its utilization of net operating loss carryforwards will be subject to annual limitations. However, it is not expected that the annual limitations will result in the expiration of tax attribute carryforwards prior to utilization.

The Company files federal and various state tax returns in the U.S., as well as tax returns in the U.K. As of December 31, 2021, the Company’s federal tax returns for 2017 and earlier, and the state tax returns for 2016 and earlier were no longer subject to examination by the taxing authorities. However, tax periods closed in a prior period may be subject to audit and re-examination by tax authorities for which tax carryforwards are utilized in subsequent years.

The Company did not have any material unrecognized tax benefits in 2021, 2020, and 2019.

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.

The Company did not incur any interest expenses or penalties or have outstanding liabilities on the balance sheets associated with unrecognized tax benefits for the year ended December 31, 2021. The Company does not expect any significant increases or decreases to its unrecognized benefits within the next twelve months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Concentration of Risks and Significant Customers

12 Months Ended

Dec. 31, 2021

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, marketable securities, accounts receivable and unbilled Customers' receivable, or collectively, Customers' receivables, and settlements receivable. Cash on deposit with financial institutions may, at times, exceed federally insured limits. Management believes that these financial institutions are financially sound and, accordingly, minimal credit risk exists. Cash and cash equivalents as of December 31, 2021 and December 31, 2020 included $1.2 billion and $203.6 million, respectively, of investments in three money market mutual funds which invest primarily in securities issued by the U.S. Government or U.S. Government agencies.

As of December 31, 2021, marketable securities were $452.9 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. Treasuries, which amounted to $418.3 million, or 92% of the marketable securities. All debt securities within the Company's marketable securities portfolio are investment grade.

As of December 31, 2020, marketable securities were $149.9 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 $125.9 million, or 84% of the marketable securities.

A significant portion of the Company's payment transactions is settled through one Issuing Bank, Sutton Bank. For the years ended December 31, 2021, 2020 and 2019, 90%, 96% and 97% of Total Processing Volume, which is the total dollar amount of payments processed through the Company’s Platform, net of returns and chargebacks, was settled through Sutton Bank, respectively.

For each significant Customer, net revenue as a percentage of total net revenue and customers' receivables as a percentage of total customers' receivables are as follows:


	Percent of Net Revenue for the Year Ended December 31,
	2021	2020	2019
Customer A	69%	70%	60%
Customer B	*	*	11%
* Less than 10%


	Percent of Customers' Receivables as of December 31,
	2021	2020
Customer C	20%	*
Customer D	13%	*
Customer E	*	14%
* Less than 10%

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company may enter into transactions with related parties. Prior to the completion of the IPO, DFS Services LLC, a holder of more than 5% of the Company's outstanding capital stock, was a related party. During the years ended December 31, 2020 and 2019, the Company incurred $30.4 million and $14.4 million in Card Network fees, net, recorded within costs of revenue, to PULSE Network LLC, an entity affiliated with DFS Services LLC. The Company has an equity method investment in a private company, which is a related party. During the year ended December 31, 2021, the Company earned net revenue of $2.8 million from the private company and had $4.1 million in revenue share payable to this private company as of December 31, 2021.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
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. Certain prior period amounts reported in our consolidated financial statements and the related notes have been reclassified to conform to the current period presentation.
Use of Estimates	Use of Estimates The preparation of the financial statements requires management to make 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 relate to the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with Customers, the reserve for contract contingencies and processing errors, the fair value of equity method investments and a purchase call option to acquire the remaining interest in the equity method investee, the incremental borrowing rate used to determine operating lease liabilities, the useful lives of property and equipment, and the collectability of accounts receivable. Actual results could differ materially from these estimates.
Revenue Recognition	Revenue Recognition On January 1, 2019, the Company adopted Accounting Standards Codification, or ASC, 606, Revenue from Contracts with Customers (Topic 606), using the full retrospective method. 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. The Company’s contracts with Customers typically include two performance obligations: 1) providing access to the Company's payment processing Platform and 2) providing card fulfillment services. 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 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 and managing the interactions with the Issuing Banks and Card Networks on behalf of its Customers. All these services are collectively considered a single performance obligation. The Company’s Platform services revenue is primarily derived from Interchange Fees generated by Customer card transactions and other transaction fees collected from Customers. The Company accounts for these Interchange Fees as revenue earned from its customers because the Company controls the services before delivery to the Customer. The Company’s Platform services revenue consists of a stand-ready service of distinct transaction processing services that are substantially the same, with the same pattern of transfer to Customers. As such, the stand-ready obligation is accounted for as a single performance obligation that is a series of distinct services whereby the variability of the transaction value is satisfied daily as the performance obligation is satisfied. The Company satisfies its performance obligation to provide Platform services over time as Customers have continuous access to the Company's Platform and the Company stands-ready to process Customer transactions throughout their term of access. The Company recognizes revenue when the underlying transactions are complete, and its performance obligation is satisfied. Transactions 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 month 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 is three 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. As the Issuer Processor for its Customers, the Company is the principal in providing the services under its contracts with Customers. To deliver the services required by its Customers, the Company contracts with Card Networks for transaction routing, reporting, and settlement services and with Issuing Banks for card issuing, Card Network sponsorship, and regulatory compliance approval services. The Company controls these integrated services before delivery 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. The Company's contracts with Customers include certain service level agreements which could require the Company to make payments to Customers if service levels are not met. Any service level payment is recorded as a reduction to net revenue in the consolidated statements of operations and comprehensive loss. The Company does not capitalize costs to acquire contracts. Revenue Share The Company’s contracts with Customers typically include provisions under which the Company shares a portion of the Interchange Fees with its Customers, referred to as Revenue Share. Revenue Share payments are incentives to Customers to increase their processing volume on the Company’s Platform, and is computed as a percentage of the Interchange Fees earned or processing volume and is paid to Customers monthly. The Company records Revenue Share as a reduction to net revenue in the consolidated statements of operations and comprehensive loss. 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 the 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.
Deferred Revenue	Deferred Revenue Deferred revenue arises when Customers are billed for services in advance of the Company's revenue recognition. The Company's deferred revenue is primarily due to undelivered card fulfillment services and variable consideration from customer contracts where pricing terms are not consistent throughout the entire term of the contract, non-refundable upfront setup fees that are billed at contract inception, and card fulfillment services that are billed to customers in advance of the delivery of the ordered cards. 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.
Reserve for Contract Contingencies and Processing Errors	Reserve for Contract Contingencies and Processing Errors Customer contracts generally contain service level agreements that can result in performance penalties payable by the Company when contractually required service levels are not met or can result in payments by the Company for processing errors. As such, the Company records a reserve for estimated performance penalties and processing errors. When providing for these reserves, the Company considers factors such as its history of incurring performance penalties and processing errors, actual contractual penalty charge rates in customer contracts, and known or estimated processing errors. These reserves are included in accrued expenses and other current liabilities on the consolidated balance sheets and the provision for contract contingencies and processing errors is included as a reduction to net revenue on the consolidated statements of operations and comprehensive loss.
Cost of Revenue	Costs of Revenue Costs of revenue consist of Card Network costs, Issuing Bank costs, and card fulfillment costs. Card Network costs are generally equal to a specified percentage of the processing volume or a fixed amount per transaction processed through the respective Card Network. The Company incurs Card Network costs directly from contractual arrangements with the Card Networks that are passed entirely through Issuing Banks, or directly from the Card Networks. 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. Issuing Bank costs compensate Issuing Banks for issuing cards to the Company’s Customers and sponsoring the Company’s card programs with the Card Networks and are generally equal to a specified percentage of the processing volume or a fixed amount per transaction, subject to monthly minimum amounts. 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 based on a percentage of the volume processed over the respective Card Network. Uncollected incentives are included in network incentives receivable on the consolidated balance sheets. The Company records these incentives as a reduction of costs of revenue on the consolidated statements of operations and comprehensive loss.
Segment Information	Segment Information The Company operates as a single operating segment. The Company's chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, allocating resources and evaluating the Company's financial performance.
Foreign Currency	Foreign Currency The functional currency of the Company’s foreign subsidiary is its respective local currency. Translation adjustments arising from the use of differing exchange rates from period to period are included in accumulated other comprehensive income (loss) within the consolidated balance sheets and the consolidated statements of redeemable convertible preferred stock and stockholders’ deficit. Foreign currency transaction gains and losses are included in other income (expense), net in the consolidated statements of operations and comprehensive loss. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average exchange rate during the period, and equity balances are translated using historical exchange rates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist primarily of bank deposit accounts and investments in money market funds.
Restricted Cash	Restricted Cash Restricted cash consists of a deposit with one of the Company’s Issuing Banks to provide the Issuing Bank collateral in the event that Customers’ funds are not deposited at the Issuing Bank in time to settle Customers’ transactions with the networks that provide the infrastructure for settlement and card payment information flows, or Card Networks. Restricted cash also includes cash used to secure a letter of credit for the Company’s lease of its office headquarters in Oakland, California.
Marketable Securities	Marketable Securities The Company's marketable securities include U.S. government securities, commercial paper, asset-backed securities, and corporate debt securities. The Company's marketable securities are accounted for as securities available-for-sale and are classified within current assets in the consolidated balance sheets as the Company may sell these securities at any time for use in its operations, even prior to maturity. The Company carries these marketable securities at fair value, and records any unrealized gain and loss, net of taxes, in accumulated other comprehensive income (loss), a component of stockholders’ equity (deficit). The Company records any realized gains or losses on the sale of marketable securities in other income (expense), net in the consolidated statements of operations and comprehensive loss. Management regularly reviews whether marketable securities are other-than-temporarily impaired. If any impairment is considered other-than-temporary, the Company writes down the investment to its then fair value and records the corresponding charge through other income (expense), net in the consolidated statements of operations and comprehensive loss.
Equity investments and purchase options	Equity Investments and Purchase Options The Company applies the equity method of accounting for investments in other entities when the Company exercises significant influence, but no control. Under the equity method, the Company’s records its share of each entity’s profit or loss in other income (expense), net in the consolidated statements of operations and comprehensive loss on a one quarter lag when the most recent financial information of the investee becomes available. The Company regularly reviews investments accounted for under the equity method for impairment. Investments in other entities not accounted for under the equity method of accounting, including options to purchase these entities, are accounted for at cost less impairment, if applicable. Additionally, the value of these investments may be adjusted to fair value resulting from observable transactions for identical or similar investments. In 2021, the Company acquired a preferred equity interest in a private company that is accounted for under the equity method of accounting. Concurrent with this investment, the Company also acquired an option that gives the Company the right, but not the obligation, to purchase all of the remaining equity interests of the private company. The carrying amounts of the equity method investment and the option at December 31, 2021 were $8.4 million and $11.6 million, respectively. The option is reflected within Prepaid expenses and other current assets in the consolidated balance sheets. The Company applies the measurement alternative and will continue to measure the option at cost, less any impairment. If an indicator of impairment exists or if the Company decides to not exercise its option, which expires on June 30, 2022, the Company will record an impairment charge accordingly.
Accounts Receivable	Accounts ReceivableAccounts receivable are recorded at invoiced amounts and do not earn interest. The Company estimates an allowance for doubtful accounts receivable by making its best estimate of specific uncollectible accounts considering its historical accounts receivable collection experience and the information that management has about the current status of accounts receivable balances.
Settlements Receivable	Settlements Receivable Settlements receivable represent Interchange Fees earned on Customers’ card transactions, net of pass through Card Network fees, and are due from Issuing Banks. Interchange Fees are typically received within one or two business days of the transaction date and are due from well-established Issuing Banks, mitigating the associated risk of collection. No valuation allowance has been established. The Company does not generate revenue from Issuing Banks.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs consist primarily of accounting, legal, and other fees related to the IPO. Upon the completion of the IPO in June 2021, the deferred offering costs were reclassified to stockholders’ equity (deficit) and recorded net against the proceeds from the IPO.
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. Estimated useful lives range from three to five years for purchased and internally developed software, 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. Gains and losses realized on the sale or disposal of property and equipment are recognized or charged to other income (expense), net in the consolidated statements of operations and comprehensive loss. The Company evaluates the carrying value of property and equipment on an annual basis, or more frequently whenever circumstances indicate a long-lived asset may be impaired. When indicators of impairment exist, the Company estimates the future undiscounted cash flows attributable to such assets. In the event cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair value. During the years ended December 31, 2021 and 2020, the Company did not recognize any material impairment of long-lived assets.
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 ‑ 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 inputs. 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, marketable securities, accounts receivable, unbilled Customers' receivable, settlements receivable, accounts payable, accrued liabilities, and prior to the IPO, redeemable convertible preferred stock warrant 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. Marketable securities are carried at fair value. Accounts receivable, unbilled Customers' receivable, settlements receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The redeemable convertible preferred stock warrant liabilities were carried at fair value.
Advertising Costs	Advertising CostsThe 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, employees' benefits, share-based compensation, third-party hosting fees and software licenses were $84.1 million, $34.0 million, and $25.2 million for the years ended December 31, 2021, 2020 and 2019, 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 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.
Lease Obligations	Lease Obligations On January 1, 2019, the Company adopted Accounting Standards Update, or ASU, 2016-02, Leases (Topic 842), or Topic 842, using the modified retrospective method, which resulted in the recognition of operating lease right-of-use assets and lease liabilities on the Company’s consolidated balance sheets as of December 31, 2019, with no impact to its consolidated statements of operations and comprehensive loss for the year ended December 31, 2019. 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 on a straight-line basis over the lease term and records variable lease payments as incurred. The Company has no finance leases. In 2016, the Company entered into a lease agreement for its corporate headquarters in Oakland, California for 19,000 square feet of office space, which was subsequently amended resulting in a total of 63,000 square feet of office space being leased. The non-cancellable operating lease expires in February 2026 and includes options to extend the lease term, generally at the then-market rates. The Company excludes extension options that are not reasonably certain to be exercised from its lease terms. The Company’s 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.
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. Significant judgment is required to determine both the probability and the estimated amount. See Note 7, "Commitments and Contingencies", for a full description of the Company's loss contingencies.
Share-based Compensation	Share-based Compensation Restricted Stock Units Commencing in 2020, the Company began granting restricted stock units, or RSUs, to employees. RSUs granted prior to April 1, 2021 vest upon the satisfaction of both a service condition and a liquidity condition. The service condition for these awards is satisfied over four years. On June 8, 2021, the Company completed its IPO and the liquidity condition for these awards was satisfied and the Company recognized a cumulative share-based compensation expense of $23.1 million associated with RSUs that had service-vested as of the IPO completion date. Subsequent to the IPO, the unamortized grant date fair value of these RSUs will be recorded as share-based compensation expense over the remaining service period. RSUs granted on or after April 1, 2021, vest upon the satisfaction of a service condition. The service condition for these awards is satisfied over four years and the grant date fair value of these RSUs will be recorded as share-based compensation expense over the service period. The fair value of RSUs is based on the closing price of the Company’s Class A common stock on the grant date. Prior to the IPO, the fair value of RSUs was based on the fair value of the underlying common stock on the grant date as determined by the Company’s board of directors at each meeting in which RSU awards were approved. Stock Options The Company grants stock option awards to certain employees and directors. The Company estimates the fair value of stock option awards using the Black-Scholes option pricing model. The model requires management to make a number of assumptions, including the expected future volatility of the Company’s Class A common stock, expected term, risk-free interest rate, and expected dividends. The Company records the resulting expense in the consolidated statements of operations and comprehensive loss on a straight-line basis over the period for which the employee or director is required to perform services to vest in the award, which is generally four years. The Company accounts for forfeitures as they occur. CEO Long-Term Performance Award In April and May 2021, the Company’s board of directors granted the Company’s Chief Executive Officer equity incentive awards in the form of performance-based stock options, or collectively, the CEO Long-Term Performance Award. The CEO Long-Term Performance Award vests upon the satisfaction of 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 IPO. The stock price hurdle will be achieved if the average closing price of a share of the Company’s Class A common stock during any 90 consecutive trading day period during the performance period equals or exceeds the requisite stock price hurdle for the performance period. The grant date fair value of the CEO Long-Term Performance Award was estimated using a Monte Carlo simulation model that incorporated multiple stock price paths and probabilities that the Company stock price hurdles are met. The Company records the resulting expense in the consolidated statements of operations and comprehensive loss over the derived service period of each of the seven separate tranches using the accelerated attribution method. Employee Stock Purchase Plan In May 2021, the Company’s board of directors adopted, and its stockholders approved, the 2021 Employee Stock Purchase Plan, or the ESPP, which became effective in connection with the IPO. The ESPP authorizes the issuance of shares of the Company’s Class A common stock pursuant to purchase rights granted to employees. The fair value of purchase rights issued under the ESPP is estimated using the Black-Scholes option pricing model. The model requires management to make a number of assumptions, including the fair value of the Company’s common stock, expected volatility, expected term, risk-free interest rate, and expected dividends. The Company records the resulting expense in the consolidated statements of operations and comprehensive loss on a straight-line basis over the six-month offering period. Secondary Sales of Common Stock Prior to the completion of the IPO, certain economic interest holders acquired outstanding common stock from current or former employees for a purchase price greater than the Company's estimated fair value of its common stock at the time of the transactions. For such secondary sales of common stock, the Company recorded share-based compensation expense for the difference between the price paid and the estimated fair value on the date of the transaction.
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders The Company presents basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities. Prior to the completion of the IPO, all series of redeemable convertible preferred stock were considered participating securities. Immediately prior to the completion of the IPO, all shares of redeemable convertible preferred stock then outstanding were converted into shares of Class B common stock. The Company has not allocated net loss attributable to common stockholders to redeemable convertible preferred stock in any period presented because the holders of its redeemable convertible preferred stock were not contractually obligated to share in losses. The Company calculates basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss 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 and common stock warrants to the extent these are dilutive.
New Accounting Standards Adopted and Not Yet Adopted	New Accounting Standards Not Yet Adopted As an emerging growth company, the Jumpstart Our Business Startups Act, or the JOBS Act, allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption date discussed below reflects this election. In June 2016, the FASB issued ASU No. 2016-13, Financial instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the incurred loss model with the current expected credit loss, or CECL, model to estimate credit losses for financial assets measured at amortized cost and certain off-balance sheet credit exposures. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The CECL model requires a company to estimate credit losses expected over the life of the financial assets based on historical experience, current conditions and reasonable and supportable forecasts. The guidance will be effective for the Company beginning January 1, 2023, and interim periods therein. The amendment requires a modified retrospective approach by recording a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Early adoption is permitted. The Company is still evaluating the impact this ASU will have on its consolidated financial statements.

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Platform services revenue, net	$	502,296	$	283,305	$	138,106
Other services revenue	14,879		6,987		5,161
Total net revenue	$	517,175	$	290,292	$	143,267

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, 2021		December 31, 2020
Contract assets - current	Prepaid expenses and other current assets	$	950	$	118
Contract assets - non-current	Other assets	927		294
Total contract assets		$	1,877	$	412
Deferred revenue - current	Accrued expenses and other current liabilities	$	19,060	$	3,983
Deferred revenue - non-current	Other liabilities	6,107		8,865
Total deferred revenue		$	25,167	$	12,848

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments [Abstract]

Marketable Securities

The amortized cost, unrealized gain (loss), and estimated fair value of the Company's investments in securities available for sale consisted of the following:


	December 31, 2021
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Marketable securities
U.S. government securities	$	420,392	$	—	$	(2,107)	$	418,285
Commercial paper	13,878		—		—		13,878
Asset-backed securities	2,003		—		(1)		2,002
Corporate debt securities	18,731		3		(24)		18,710
Total marketable securities	$	455,004	$	3	$	(2,132)	$	452,875


	December 31, 2020
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Marketable securities
U.S. government securities	$	125,823	$	47	$	(6)	$	125,864
Commercial paper	4,991		—		—		4,991
Asset-backed securities	4,294		21		—		4,315
Corporate debt securities	14,683		52		(2)		14,733
Total marketable securities	$	149,791	$	120	$	(8)	$	149,903

Schedule of Available-for-sale Securities Reconciliation

The following table summarizes the stated maturities of the Company’s marketable securities:


	December 31, 2021				December 31, 2020
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

Due within one year	$	64,914	$	64,879	$	149,791	$	149,903
Due after one year through two years	390,090		387,996		—		—
Total	$	455,004	$	452,875	$	149,791	$	149,903

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	1,213,543	$	—	$	—	$	1,213,543

Marketable securities
U.S. government securities	418,284		—		—		418,284
Commercial paper	—		13,878		—		13,878
Asset-backed securities	—		2,002		—		2,002
Corporate debt securities	—		18,711		—		18,711
Total assets	$	1,631,827	$	34,591	$	—	$	1,666,418


	December 31, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	203,592	$	—	$	—	$	203,592

Marketable securities
U.S. government securities	125,864		—		—		125,864
Commercial paper	—		4,991		—		4,991
Asset-backed securities	—		4,315		—		4,315
Corporate debt securities	—		14,733		—		14,733
Total assets	$	329,456	$	24,039	$	—	$	353,495
Other liabilities
Redeemable convertible preferred stock warrants	$	—	$	—	$	2,517	$	2,517
Total liabilities	$	—	$	—	$	2,517	$	2,517

Schedule of Fair Value Assumptions

The fair value of the redeemable convertible preferred stock warrant liabilities was estimated using the following assumptions:


	June 9, 2021	December 31, 2020
Dividend yield	0.00%	0.00%
Expected volatility	49.93%	49.93%
Expected term (in years)	2.34	2.78
Risk-free interest rate	0.31%	0.17%
Fair value of Series B redeemable convertible preferred stock	$27.00	$12.66

Summary of Changes in Fair Value

The following table sets forth a summary of the changes in the fair value of the redeemable convertible preferred stock warrant liabilities:


	December 31, 2021		December 31, 2020
Balance, beginning of the period	$	2,517	$	569
Remeasurement of redeemable convertible preferred stock warrant liabilities	2,921		1,948
Reclassification of redeemable convertible preferred stock warrant liabilities to common stock and additional paid-in capital upon initial public offering	(5,438)		—
Balance, end of the period	$	—	$	2,517

Certain Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31, 2021		December 31, 2020
Prepaid expenses	$	6,492	$	3,166
Inventory	3,940		781
Prepaid Insurance	3,546		324
Prepaid hosting and data costs	2,455		2,672
Card program deposits	2,167		2,174
Contract assets	950		119
Other financial instruments	11,616		—
Other current assets	4,451		2,225
Prepaid expenses and other current assets	$	35,617	$	11,461

Property and Equipment, net

Property and equipment consisted of the following:


	December 31, 2021		December 31, 2020
Leasehold improvements	$	8,110	8,110
Computer equipment	8,581		7,634
Furniture and fixtures	2,459		2,333
Internally developed and purchased software	2,954		1,299
	22,104		19,376
Accumulated depreciation and amortization	(12,417)		(9,899)
Property and equipment, net	$	9,687	$	9,477

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31, 2021		December 31, 2020
Accrued costs of revenue	$	41,339	$	24,529
Reserve for contract contingencies and processing errors	3,386		9,537
Accrued compensation and benefits	32,954		14,078
Deferred revenue	19,060		3,983
Operating lease liabilities, current portion	3,021		2,771
Accrued professional services	2,454		867
Other accrued liabilities	11,882		4,780
Accrued expenses and other current liabilities	$	114,096	$	60,545

Other Liabilities

Other liabilities consisted of the following:


	December 31, 2021		December 31, 2020
Deferred revenue, net of current portion	$	6,107	$	8,865
Other long-term liabilities	450		1,587
Other liabilities	$	6,557	$	10,452

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Components lease costs

The Company's operating lease costs are as follows:


	Year Ended December 31,
	2021		2020		2019
Operating lease cost	$	3,424	$	3,514	$	3,019
Variable lease cost	212		534		211
Short-term lease cost	358		271		191
Total lease cost	$	3,994	$	4,319	$	3,421

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, 2021	December 31, 2020
Weighted average remaining operating lease term (in years)	4.1	5.1
Weighted average discount rate	7.7%	7.7%

Supplemental cash flow information related to the Company's operating leases was as follows:


	Year Ended December 31,
	2021		2020		2019
Cash paid for operating lease liabilities	$	4,081	$	3,192	$	3,185
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	192	$	2,954

Future minimum lease payments

Maturities of operating lease liabilities by year are as follows as of December 31, 2021:



2022	$	4,112
2023	4,239
2024	4,472
2025	4,599
2026	780
Thereafter	—
Total lease payments	$	18,202
Less imputed interest	(2,754)
Total operating lease liabilities	$	15,448

Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award

Schedule of Share-based Compensation Expense

The following table presents the share-based compensation expense recognized in the periods presented:


	Year Ended December 31,
	2021		2020		2019
Restricted stock units	$	59,652	$	—	$	—
Stock options	31,231		10,895		6,964
CEO Long-Term Performance Award	38,189		—		—
Employee Stock Purchase Plan	1,946		—		—
Secondary sales of common stock	11,642		17,316		14,793
Total	$	142,660	$	28,211	$	21,757

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


	Number of Restricted Stock Units	Weighted-average grant date fair value per share
Balance as of December 31, 2019	—	$	—
Granted	4,571,886	4.89
Vested	—	—
Canceled and forfeited	(141,550)	3.68
Balance as of December 31, 2020	4,430,336	$	4.93
Granted	8,409,821	22.20
Vested	(2,641,196)	10.12
Canceled and forfeited	(1,197,012)	14.23
Balance as of December 31, 2021	9,001,949	$	18.30

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


	Number of Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value(1)
Balance as of January 1, 2019(2)	19,628,032	$	0.19	7.69	$	38,982
Granted	17,008,222	1.30
Exercised	(8,529,478)	0.13
Canceled and forfeited	(2,947,365)	0.54
Balance as of December 31, 2019(2)	25,159,411	$	0.92	8.74	$	46,594
Granted	6,404,800	2.31
Exercised	(6,084,183)	0.53
Canceled and forfeited	(2,058,654)	1.50
Balance as of December 31, 2020(2)	23,421,374	$	1.35	8.33	$	248,002
Granted	29,113,555	20.07
Exercised	(4,277,344)	1.18
Canceled and forfeited	(4,072,097)	5.58
Balance as of December 31, 2021(2)	44,185,488	$	13.31	8.46	$	279,242
Vested as of December 31, 2021	10,007,419	$	1.53	6.67	$	157,032

(2) The 2011 Plan allows for early exercise of stock options and these balances include all exercisable stock options regardless of vesting status.

The CEO Long-Term Performance Award is divided into seven equal tranches which vest upon the achievement of the following Company stock price hurdles:


Tranche	Company Stock Price Hurdle	Number of Options Eligible to Vest
1	$67.50	2,826,884
2	$78.98	2,826,884
3	$92.40	2,826,884
4	$108.11	2,826,884
5	$126.49	2,826,884
6	$147.99	2,826,884
7	$173.15	2,826,884
Total		19,788,188

Stock Options

Share-based Compensation Arrangement by Share-based Payment Award

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair values of stock options granted were estimated using the Black-Scholes option pricing model and the following weighted-average assumptions:


	Year Ended December 31,
	2021	2020	2019
Dividend yield	0.0%	0.0%	0.0%
Expected volatility	52.36%	48.11%	43.73%
Expected term (in years)	6.14	6.02	6.02
Risk-free interest rate	1.00%	0.54%	1.92%

Warrants to Purchase Common Stock (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Fair Value Assumptions

The fair value of the redeemable convertible preferred stock warrant liabilities was estimated using the following assumptions:


	June 9, 2021	December 31, 2020
Dividend yield	0.00%	0.00%
Expected volatility	49.93%	49.93%
Expected term (in years)	2.34	2.78
Risk-free interest rate	0.31%	0.17%
Fair value of Series B redeemable convertible preferred stock	$27.00	$12.66

Summary of Changes in Fair Value

The following table sets forth a summary of the changes in the fair value of the redeemable convertible preferred stock warrant liabilities:


	December 31, 2021		December 31, 2020
Balance, beginning of the period	$	2,517	$	569
Remeasurement of redeemable convertible preferred stock warrant liabilities	2,921		1,948
Reclassification of redeemable convertible preferred stock warrant liabilities to common stock and additional paid-in capital upon initial public offering	(5,438)		—
Balance, end of the period	$	—	$	2,517

Schedule of fair value of warrants using Black-Scholes options pricing model

The fair values of the warrants were estimated using the Black-Scholes option pricing model and the following assumptions as of the grant date of each warrant:


	March 31, 2021	September 30, 2020
Dividend yield	0.0%	0.0%
Expected volatility	50.0%	50.0%
Contract term (in years)	4.0	5.0
Risk-free interest rate	0.6%	0.3%

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share attributable to common stockholders is as follows:


	Year Ended December 31,
	2021		2020		2019
Numerator
Net loss	$	(163,929)	$	(47,695)	$	(58,200)
Deemed dividend to redeemable convertible preferred stockholders	—		—		(64149)
Net loss attributable to Class A and Class B common stockholders	$	(163,929)	$	(47,695)	$	(122,349)
Denominator
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted	362,756,466		122,932,556		113,851,714
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.45)	$	(0.39)	$	(1.07)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities that were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect were as follows:


	As of December 31,
	2021	2020	2019
Redeemable convertible preferred stock, all series	—	351,844,340	336,843,578
Warrants to purchase redeemable convertible preferred stock	—	203,610	203,610
Warrants to purchase Class B common stock	1,900,000	1,419,528	3,669,528
Stock options outstanding, including early exercise of options	45,307,479	23,421,374	25,159,411
Unvested RSUs outstanding	9,001,949	4,430,336	—
Shares committed under the ESPP	211,118	—	—
Stock options and RSUs available for future grants	61,893,427	7,683,069	3,844,639
Total	118,313,973	389,002,257	369,720,766

Income Tax (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of income before income taxes

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


	Year Ended December 31,
	2021		2020		2019
United States	$	(165,160)	$	(47,911)	$	(58,985)
Foreign	591		303		820
Loss before income taxes	$	(164,569)	$	(47,608)	$	(58,165)

Significant components of income tax expense (benefit)

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


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	—	$	—	$	—
State	38		18		3
Foreign	—		147		74
	38		165		77
Deferred:
Federal	—		—		—
State	—		—		—
Foreign	(678)		(78)		(42)
	(678)		(78)		(42)
Total:
Federal	—		—		—
State	38		18		3
Foreign	(678)		69		32
Income tax expense (benefit)	$	(640)	$	87	$	35

Effective income tax rate reconciliation

The reconciliation of the Company's effective tax rate to the statutory federal rate is as follows:


	Year Ended December 31,
	2021		2020		2019
Taxes at federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal effect	4.0	%	4.4	%	3.4	%
Share-based compensation	4.5	%	(8.5)	%	(6.5)	%
Section 162(m) limitation	(8.3)	%	—	%	—	%
Other	(0.3)	%	(0.1)	%	(6.2)	%


Change in valuation allowance	(20.5)	%	(17.0)	%	(11.8)	%


Effective tax rate	0.4	%	(0.2)	%	(0.1)	%

Components of deferred taxes

Deferred tax assets and liabilities consist of the following:


	December 31
	2021		2020
Deferred tax assets:
Federal and state net operating losses	$	41,418	$	27,269
Research and development credits	77		77
Accruals and other	16,173		3,536
Share-based compensation	7,124		1,674
Reserve for contract contingencies and processing errors	818		2,334
Deferred revenue	3,132		695
Lease liability	3,730		4,458
Total deferred tax assets	72,472		40,043
Less valuation allowance	(68,847)		(36,327)
Total deferred tax assets, net of valuation allowance	3,625		3,716
Deferred tax liabilities:
Property and equipment	(47)		(309)
Right-of-use asset	(2,728)		(3,281)
Total deferred tax liabilities	(2,775)		(3,590)
Net deferred tax assets	$	850	$	126

Concentration of Risks and Significant Customers (Tables)

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Schedules of Concentration of Risk, by Risk Factor

For each significant Customer, net revenue as a percentage of total net revenue and customers' receivables as a percentage of total customers' receivables are as follows:


	Percent of Net Revenue for the Year Ended December 31,
	2021	2020	2019
Customer A	69%	70%	60%
Customer B	*	*	11%
* Less than 10%


	Percent of Customers' Receivables as of December 31,
	2021	2020
Customer C	20%	*
Customer D	13%	*
Customer E	*	14%
* Less than 10%

Business Overview and Basis of Presentation (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	May 31, 2021 vote shares	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)
Initial Public Offering
Proceeds from initial public offering, net of underwriters’ discounts and commissions			$ 1,319,809	$ 0	$ 0
Payments of stock issuance costs			$ 4,760	$ 2,708	0
Preferred Stock, shares authorized (in shares) \| shares			100,000,000	0
Business Risks and Uncertainties
Net loss			$ 163,929	$ 47,695	58,200
Accumulated deficit			417,453	253,524
Cash and cash equivalents			1,247,581	$ 220,433	$ 60,344
Marketable securities			$ 452,900
Class A Common Stock
Initial Public Offering
Common stock, shares authorized (in shares) \| shares	1,500,000,000		1,500,000,000	0
Number of vote (votes per share) \| vote	1
Class B Common Stock
Initial Public Offering
Common stock, shares authorized (in shares) \| shares	600,000,000		600,000,000	545,000,000
Number of vote (votes per share) \| vote	10
Convertible preferred stock, shares, number of shares issued upon conversion (in shares) \| shares	203,610	351,844,340
Preferred stock, convertible, conversion ratio		1
Number of common stock warrants converted to Class B common stock warrants (in shares) \| shares	2,569,528
Preferred Stock
Initial Public Offering
Preferred Stock, shares authorized (in shares) \| shares	100,000,000
IPO \| Class A Common Stock
Initial Public Offering
Sale of stock, number of shares issued in transaction (in shares) \| shares		52,272,727
Share price (in dollars per share) \| $ / shares		$ 27.00
Proceeds from initial public offering, net of underwriters’ discounts and commissions		$ 1,300,000
Payments for commissions and discounts		91,600
Payments of stock issuance costs		$ 7,500
Over-Allotment Option \| Class A Common Stock
Initial Public Offering
Sale of stock, number of shares issued in transaction (in shares) \| shares		6,818,181

Summary of Significant Accounting Policies (Details) sqft in Thousands, $ in Thousands		12 Months Ended
	Jun. 08, 2021 USD ($)	Dec. 31, 2021 USD ($) sqft segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2016 sqft
Accounting Policies [Abstract]
Number of operating segments \| segment		1
Allowance for doubtful accounts receivable		$ (200)	$ (100)
Impairment of long-lived assets		0	0
Advertising costs		1,700	1,400	$ 1,100
Accounting Policies and Supplemental Information [Line Items]
Equity method investment		8,384	0
Option to purchase		$ 11,616	0
Operating lease, number of square feet \| sqft		63			19
Share-based compensation expense		$ 142,660	$ 28,211	21,757
Connexpay, LLC
Accounting Policies and Supplemental Information [Line Items]
Equity method investment		8,400
Option to purchase		$ 11,600
Restricted Stock Units with a Service and Liquidity Condition
Accounting Policies and Supplemental Information [Line Items]
Service condition satisfaction period (in years)			4 years
Award vesting period (in years)		4 years
Share-based compensation expense	$ 23,100	$ 23,100
Stock options
Accounting Policies and Supplemental Information [Line Items]
Service condition satisfaction period (in years)		4 years
Stock options \| Chief Executive Officer
Accounting Policies and Supplemental Information [Line Items]
Award vesting period (in years)		7 years
Share-based compensation expense		$ 31,231	$ 10,895	6,964
Compensation and Benefits and Technology Expenses
Accounting Policies and Supplemental Information [Line Items]
Research and development costs		$ 84,100	$ 34,000	$ 25,200

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	three
Software, Computer Equipment, and Furniture and Fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	five years

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net revenue	$ 517,175	$ 290,292	$ 143,267
Platform services revenue, net
Disaggregation of Revenue [Line Items]
Net revenue	502,296	283,305	138,106
Other services revenue
Disaggregation of Revenue [Line Items]
Net revenue	$ 14,879	$ 6,987	$ 5,161

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Contract assets - current	$ 950	$ 119
Total contract assets	1,877	412
Deferred revenue	19,060	3,983
Deferred revenue - non-current	6,107	8,865
Total deferred revenue	25,167	12,848
Prepaid expenses and other current assets
Disaggregation of Revenue [Line Items]
Contract assets - current	950	118
Other assets
Disaggregation of Revenue [Line Items]
Contract assets - non-current	927	294
Accrued expenses and other current liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue	19,060	3,983
Other liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - non-current	$ 6,107	$ 8,865

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized during the period	$ (4.1)	$ (0.7)
Remaining performance obligation, optional exemption, amount	$ 4.2	$ 4.4

Marketable Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 455,004	$ 149,791
Unrealized Gain	3	120
Unrealized Loss	(2,132)	(8)
Marketable securities	452,875	149,903
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	420,392	125,823
Unrealized Gain	0	47
Unrealized Loss	(2,107)	(6)
Marketable securities	418,285	125,864
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,878	4,991
Unrealized Gain	0	0
Unrealized Loss	0	0
Marketable securities	13,878	4,991
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,003	4,294
Unrealized Gain	0	21
Unrealized Loss	(1)	0
Marketable securities	2,002	4,315
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,731	14,683
Unrealized Gain	3	52
Unrealized Loss	(24)	(2)
Marketable securities	$ 18,710	$ 14,733

Marketable Securities - Narrative (Details) - investment	Dec. 31, 2021	Dec. 31, 2020
Investments [Abstract]
Number of positions in unrealized loss positions	19	6

Marketable Securities - Stated Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Due within one year	$ 64,914	$ 149,791
Due after one year through two years	390,090	0
Amortized Cost	455,004	149,791
Estimated Fair Value
Due within one year	64,879	149,903
Due after one year through two years	387,996	0
Estimated Fair Value	$ 452,875	$ 149,903

Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Marketable securities	$ 452,875	$ 149,903
Other liabilities
Redeemable convertible preferred stock warrant liabilities	0	2,517
Fair Value, Measurements, Recurring
Assets
Total assets	1,666,418	353,495
Other liabilities
Total liabilities		2,517
Fair Value, Measurements, Recurring \| Redeemable convertible preferred stock warrants
Other liabilities
Redeemable convertible preferred stock warrant liabilities		2,517
Fair Value, Measurements, Recurring \| Money market funds
Assets
Money market funds	1,213,543	203,592
Fair Value, Measurements, Recurring \| U.S. government securities
Assets
Marketable securities	418,284	125,864
Fair Value, Measurements, Recurring \| Commercial paper
Assets
Marketable securities	13,878	4,991
Fair Value, Measurements, Recurring \| Asset-backed securities
Assets
Marketable securities	2,002	4,315
Fair Value, Measurements, Recurring \| Corporate debt securities
Assets
Marketable securities	18,711	14,733
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Assets
Total assets	1,631,827	329,456
Other liabilities
Total liabilities		0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Redeemable convertible preferred stock warrants
Other liabilities
Redeemable convertible preferred stock warrant liabilities		0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Money market funds
Assets
Money market funds	1,213,543	203,592
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| U.S. government securities
Assets
Marketable securities	418,284	125,864
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Commercial paper
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Asset-backed securities
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Corporate debt securities
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Assets
Total assets	34,591	24,039
Other liabilities
Total liabilities		0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| Redeemable convertible preferred stock warrants
Other liabilities
Redeemable convertible preferred stock warrant liabilities		0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| Money market funds
Assets
Money market funds	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| U.S. government securities
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| Commercial paper
Assets
Marketable securities	13,878	4,991
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| Asset-backed securities
Assets
Marketable securities	2,002	4,315
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| Corporate debt securities
Assets
Marketable securities	18,711	14,733
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3
Assets
Total assets	0	0
Other liabilities
Total liabilities		2,517
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 \| Redeemable convertible preferred stock warrants
Other liabilities
Redeemable convertible preferred stock warrant liabilities		2,517
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 \| Money market funds
Assets
Money market funds	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 \| U.S. government securities
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 \| Commercial paper
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 \| Asset-backed securities
Assets
Marketable securities	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 \| Corporate debt securities
Assets
Marketable securities	$ 0	$ 0

Fair Value Measurements - Recurring Fair Value Measurements, Unobservable Input Reconciliation (Details)	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
Dividend yield
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input (in dollars per share, or percent)	0.0000	0.0000
Expected volatility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input (in dollars per share, or percent)	0.4993	0.4993
Expected term (in years)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant term (in years)	2 years 4 months 2 days	2 years 9 months 10 days
Risk-free interest rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input (in dollars per share, or percent)	0.0031	0.0017
Fair value of Series B redeemable convertible preferred stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input (in dollars per share, or percent)	27.00	12.66

Fair Value Measurements - Change in Fair Value of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changed in Fair Value of Redeemable Convertible Preferred Stock Warrant Liabilities:
Balance, beginning of the period	$ 2,517	$ 569
Remeasurement of redeemable convertible preferred stock warrant liabilities	2,921	1,948
Reclassification of redeemable convertible preferred stock warrant liabilities to common stock and additional paid-in capital upon initial public offering	(5,438)	0
Balance, end of the period	$ 0	$ 2,517

Certain Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 6,492	$ 3,166
Inventory	3,940	781
Prepaid Insurance	3,546	324
Prepaid hosting and data costs	2,455	2,672
Card program deposits	2,167	2,174
Contract assets	950	119
Other financial instruments	11,616	0
Other current assets	4,451	2,225
Prepaid expenses and other current assets	$ 35,617	$ 11,461

Certain Balance Sheet Components - Property and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 22,104	$ 19,376
Accumulated depreciation and amortization	(12,417)	(9,899)
Property and equipment, net	9,687	9,477
Depreciation and amortization	3,534	3,498	$ 3,080
Capitalized internal-use software costs	1,600	0	$ 0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,110	8,110
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,581	7,634
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,459	2,333
Internally developed and purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,954	$ 1,299

Certain Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued costs of revenue	$ 41,339	$ 24,529
Reserve for contract contingencies and processing errors	3,386	9,537
Accrued compensation and benefits	32,954	14,078
Deferred revenue	19,060	3,983
Operating lease liabilities, current portion	3,021	2,771
Accrued professional services	2,454	867
Other accrued liabilities	11,882	4,780
Accrued expenses and other current liabilities	$ 114,096	$ 60,545
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities

Certain Balance Sheet Components - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue, net of current portion	$ 6,107	$ 8,865
Other long-term liabilities	450	1,587
Other liabilities	$ 6,557	$ 10,452

Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 3,424	$ 3,514	$ 3,019
Variable lease cost	212	534	211
Short-term lease cost	358	271	191
Total lease cost	$ 3,994	$ 4,319	$ 3,421

Commitments and Contingencies - Weighted Average Lease Term and Weighted Average Discount Rate (Details)	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining operating lease term (in years)	4 years 1 month 6 days	5 years 1 month 6 days
Weighted average discount rate	7.70%	7.70%

Commitments and Contingencies - Lease Maturity Schedule (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 4,112
2023	4,239
2024	4,472
2025	4,599
2026	780
Thereafter	0
Total lease payments	18,202
Less imputed interest	(2,754)
Total operating lease liabilities	$ 15,448
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

Commitments and Contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Cash paid for operating lease liabilities	$ 4,081	$ 3,192	$ 3,185
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 192	$ 2,954

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Guarantor Obligations
Purchase commitment	$ 263.8
Purchase commitment period	5 years
Company matching contribution, percent	50.00%
Employer matching contribution, percent of employees' gross pay	6.00%
Requisite service period (in years)	1 year
Employer contribution amount	$ 3.1	$ 1.9	$ 1.1
Maximum \| Unfavorable Regulatory Action
Guarantor Obligations
Estimate of possible loss	6.2
Letter of Credit
Guarantor Obligations
Letters of credit, amount	1.5
Restricted Cash \| Letter of Credit
Guarantor Obligations
Deposit assets	$ 1.5

Stock Incentive Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 142,660	$ 28,211	$ 21,757
Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	59,652	0	0
Stock options \| Chief Executive Officer
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	31,231	10,895	6,964
CEO Long-Term Performance Award
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	38,189	0	0
Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	1,946	0	0
Secondary sales of common stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 11,642	$ 17,316	$ 14,793

Stock Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	May 31, 2021	May 30, 2021	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense				$ 142,660	$ 28,211	$ 21,757
Weighted average grant date fair value (in dollars per share)				$ 12.10	$ 1.81	$ 1.73
Total intrinsic value of options exercised				$ 83,000	$ 32,800	$ 21,200
Grants in period, grant date intrinsic value				$ 17,600	10,700	5,200
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value (in dollars per share)				$ 10.53
CEO Long-Term Performance Award
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense				$ 38,189	0	0
Compensation costs related to unvested outstanding stock options, period for recognition (in years)				2 years 6 months
Compensation costs related to unvested outstanding stock options				$ 90,400
Secondary sales of common stock
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense				$ 11,642	17,316	14,793
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Compensation costs related to unvested outstanding stock options, period for recognition (in years)				4 years 1 month 6 days
Stock options \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense				$ 31,231	10,895	6,964
Award vesting period (in years)				7 years
Granted (in shares)		47,267	19,740,923
Granted (in dollars per share)	$ 23.40		$ 21.49
Expected cost to be recognized over remaining derived service period				$ 170,200
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense				59,652	$ 0	$ 0
CEO Long-term performance awards				$ 136,100
Compensation costs related to unvested outstanding stock options, period for recognition (in years)				3 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)				29,113,555	6,404,800	17,008,222
Granted (in dollars per share)				$ 20.07	$ 2.31	$ 1.30
Stock Options \| 2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Fair market value of one share of common stock threshold				110.00%
Restricted Stock Units with Service Condition
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense				$ 34,300
Award vesting period (in years)				4 years
Class A Common Stock \| Stock options, 10% Stockholders \| 2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Combined voting power of stockholder, 10% Stockholder				10.00%
Expiration period (in years)				5 years
Class A Common Stock \| CEO Long-Term Performance Award \| 2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price of common stock, percent				85.00%
Class A Common Stock \| Stock Options \| 2011 Plan
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 Incentive Plans - Summary of Stock Option Activity Under Stock Incentive Plan (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Options
Balance at the beginning of the period (in shares)	23,421,374	25,159,411	19,628,032
Granted (in shares)	29,113,555	6,404,800	17,008,222
Exercised (in shares)	(4,277,344)	(6,084,183)	(8,529,478)
Canceled and forfeited (in shares)	(4,072,097)	(2,058,654)	(2,947,365)
Balance at the end of the period (in shares)	44,185,488	23,421,374	25,159,411	19,628,032
Weighted-Average Exercise Price per Share
Balance at the beginning of the period (in dollars per share)	$ 1.35	$ 0.92	$ 0.19
Granted (in dollars per share)	20.07	2.31	1.30
Exercised (in dollars per share)	1.18	0.53	0.13
Canceled and forfeited (in dollars per share)	5.58	1.50	0.54
Balance at the end of the period (in dollars per share)	$ 13.31	$ 1.35	$ 0.92	$ 0.19
Option Activity, Additional Disclosures
Options outstanding, Weighted Average Remaining Contractual Life (Years)	8 years 5 months 15 days	8 years 3 months 29 days	8 years 8 months 26 days	7 years 8 months 8 days
Options outstanding, Aggregate Intrinsic Value (in USD)	$ 279,242	$ 248,002	$ 46,594	$ 38,982
Options Vested as of June 30, 2021, Number of Options (in shares)	10,007,419
Options Vested as of June 30, 2021, Exercise Price per Share (in dollars per share)	$ 1.53
Options Vested, Weighted Average Remaining Contractual Life (Years)	6 years 8 months 1 day
Options Vested, as of June 30, 2021, Aggregate Intrinsic Value (in USD)	$ 157,032

Stock Incentive Plans - Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	52.36%	48.11%	43.73%
Expected term (in years)	6 years 1 month 20 days	6 years 7 days	6 years 7 days
Risk-free interest rate	1.00%	0.54%	1.92%

Stock Incentive Plans - CEO Performance Awards (Details) - Stock options - Chief Executive Officer	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award
Number of options eligible to vest (in shares)	19,788,188
Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award
Number of options eligible to vest (in shares)	2,826,884
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 67.50
Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award
Number of options eligible to vest (in shares)	2,826,884
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 78.98
Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award
Number of options eligible to vest (in shares)	2,826,884
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 92.40
Tranche 4
Share-based Compensation Arrangement by Share-based Payment Award
Number of options eligible to vest (in shares)	2,826,884
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 108.11
Tranche 5
Share-based Compensation Arrangement by Share-based Payment Award
Number of options eligible to vest (in shares)	2,826,884
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 126.49
Tranche 6
Share-based Compensation Arrangement by Share-based Payment Award
Number of options eligible to vest (in shares)	2,826,884
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 147.99
Tranche 7
Share-based Compensation Arrangement by Share-based Payment Award
Number of options eligible to vest (in shares)	2,826,884
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 173.15

Stock Incentive Plans - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Restricted Stock Units
Balance at beginning of the period (in shares)	4,430,336	0
Granted (in shares)	8,409,821	4,571,886
Vested (in shares)	(2,641,196)	0
Canceled and forfeited (in shares)	(1,197,012)	(141,550)
Balance at the end of the period (in shares)	9,001,949	4,430,336
Weighted-average grant date fair value per share
Balance at the beginning of the period (in dollars per share)	$ 4.93	$ 0
Grant (in dollars per share)	22.20	4.89
Vested (in dollars per share)	10.12	0
Canceled and forfeited (in dollars per share)	14.23	3.68
Balance at the end of the period (in dollars per share)	$ 18.30	$ 4.93

Warrants to Purchase Common Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Redeemable convertible preferred stock warrant liabilities	$ 0	$ 2,517
Common Stock Warrants
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)	1,150,000	750,000
Exercise price of warrants (in dollars per share)	$ 0.01
Redeemable convertible preferred stock warrant liabilities	$ 26,400	$ 5,700
Vested warrants outstanding (in shares)	300,504	22,500
Class of warrant or right, reduction to net revenues in the period	$ 5,000

Warrants to Purchase Common Stock - Measurement Inputs (Details)	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020
Dividend yield
Class of Warrant or Right [Line Items]
Measurement input (percent)	0.0000		0.0000
Expected volatility
Class of Warrant or Right [Line Items]
Measurement input (percent)	0.4993		0.4993
Risk-free interest rate
Class of Warrant or Right [Line Items]
Measurement input (percent)	0.0031		0.0017
September 2020 Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrant term (in years)				5 years
September 2020 Common Stock Warrants \| Dividend yield
Class of Warrant or Right [Line Items]
Measurement input (percent)				0.000
September 2020 Common Stock Warrants \| Expected volatility
Class of Warrant or Right [Line Items]
Measurement input (percent)				0.500
September 2020 Common Stock Warrants \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Measurement input (percent)				0.003
March 2021 Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrant term (in years)		4 years
March 2021 Common Stock Warrants \| Dividend yield
Class of Warrant or Right [Line Items]
Measurement input (percent)		0.000
March 2021 Common Stock Warrants \| Expected volatility
Class of Warrant or Right [Line Items]
Measurement input (percent)		0.500
March 2021 Common Stock Warrants \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Measurement input (percent)		0.006

Net Loss Per Share Attributable to Common Stockholders - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net loss	$ (163,929)	$ (47,695)	$ (58,200)
Deemed dividend to redeemable convertible preferred stockholders	0	0	(64,149)
Net loss attributable to Class A and Class B common stockholders	$ (163,929)	$ (47,695)	$ (122,349)
Weighted-average shares used in computing net loss per share attributable to common stockholders - Diluted (in shares)	362,756,466	122,932,556	113,851,714
Weighted-average shares used in computing net loss per share attributable to common stockholders - Basic (in shares)	362,756,466	122,932,556	113,851,714
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.45)	$ (0.39)	$ (1.07)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.45)	$ (0.39)	$ (1.07)

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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- Definition

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

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Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	118,313,973	389,002,257	369,720,766
Company social impact initiatives period (in years)	8 years
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares reserved for future issuance (in shares)	320,000
Redeemable Convertible Preferred 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	351,844,340	336,843,578
Warrants to purchase redeemable convertible preferred 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	203,610	203,610
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)	1,900,000	1,419,528	3,669,528
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)	45,307,479	23,421,374	25,159,411
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)	9,001,949	4,430,336	0
Shares committed under the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	211,118	0	0
Stock options and RSUs available for future grants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	61,893,427	7,683,069	3,844,639

Income Tax - Components of income before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ (165,160)	$ (47,911)	$ (58,985)
Foreign	591	303	820
Loss before income tax expense	$ (164,569)	$ (47,608)	$ (58,165)

- 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

Income Tax - Significant components of income tax expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 0	$ 0	$ 0
State	38	18	3
Foreign	0	147	74
Current	38	165	77
Deferred:
Federal	0	0	0
State	0	0	0
Foreign	(678)	(78)	(42)
Deferred	(678)	(78)	(42)
Total:
Federal	0	0	0
State	38	18	3
Foreign	(678)	69	32
Income tax expense (benefit)	$ (640)	$ 87	$ 35

Income Tax - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Taxes at federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal effect	4.00%	4.40%	3.40%
Share-based compensation	4.50%	(8.50%)	(6.50%)
Section 162(m) limitation	(8.30%)	0.00%	0.00%
Other	(0.30%)	(0.10%)	(6.20%)
Change in valuation allowance	(20.50%)	(17.00%)	(11.80%)
Effective tax rate	0.40%	(0.20%)	(0.10%)

Income Tax - Components of deferred tax assets (liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Federal and state net operating losses	$ 41,418	$ 27,269
Research and development credits	77	77
Accruals and other	16,173	3,536
Share-based compensation	7,124	1,674
Reserve for contract contingencies and processing errors	818	2,334
Deferred revenue	3,132	695
Lease liability	3,730	4,458
Total deferred tax assets	72,472	40,043
Less valuation allowance	(68,847)	(36,327)
Total deferred tax assets, net of valuation allowance	3,625	3,716
Deferred tax liabilities
Property and equipment	(47)	(309)
Right-of-use asset	(2,728)	(3,281)
Total deferred tax liabilities	(2,775)	(3,590)
Net deferred tax assets	$ 850	$ 126

Income Tax - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Tax - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Tax Credit Carryforward [Line Items]
Federal and state net operating losses	$ 41,418	$ 27,269
Unrecognized tax benefits	0	0	$ 0
Income tax penalties and interest expense	0	$ 0	$ 0
State and Local Jurisdiction
Tax Credit Carryforward [Line Items]
Federal and state net operating losses	88,500
Domestic Tax Authority
Tax Credit Carryforward [Line Items]
Federal and state net operating losses	169,000
Operating loss carryforwards, carried forward indefinitely	$ 121,400

Concentration of Risks and Significant Customers (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) investment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Concentration Risk [Line Items]
Cash and cash equivalents	$ 1,247,581	$ 220,433	$ 60,344
Marketable securities	452,875	149,903
Credit Concentration Risk \| Investments
Concentration Risk [Line Items]
Cash and cash equivalents	$ 1,200,000	203,600
Number of investments \| investment	3
Credit Concentration Risk \| Debt Securities, Available-For-Sale
Concentration Risk [Line Items]
Marketable securities	$ 418,300	$ 125,900
Credit Concentration Risk \| Debt Securities, Available-For-Sale \| Marketable Securities
Concentration Risk [Line Items]
Concentration risk, percentage	92.00%	84.00%
Credit Concentration Risk \| Accounts Receivable \| Sutton Bank
Concentration Risk [Line Items]
Concentration risk, percentage	90.00%	96.00%	97.00%
Customer Concentration Risk \| Revenue \| Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	69.00%	70.00%	60.00%
Customer Concentration Risk \| Revenue \| Customer B
Concentration Risk [Line Items]
Concentration risk, percentage			11.00%
Customer Concentration Risk \| Accounts Receivable \| Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%
Customer Concentration Risk \| Accounts Receivable \| Customer D
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%
Customer Concentration Risk \| Accounts Receivable \| Customer E
Concentration Risk [Line Items]
Concentration risk, percentage		14.00%

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 31, 2021
DFS Services LLC \| DFS Services LLC
Related Party Transaction [Line Items]
Ownership interest by related party				5.00%
PULSE Network LLC \| Card Network Fees, Net
Related Party Transaction [Line Items]
Expenses from transactions with related parties		$ 30.4	$ 14.4
Connexpay, LLC
Related Party Transaction [Line Items]
Revenue from related parties	$ 2.8
Due to related party	$ 4.1