0001628280-23-028284 | 10-Q | XBRL Viewer

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Loss Per Share, Basic and Diluted

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator


Net loss attributable to Class A and Class B common stockholders	$	(58,797)	$	(44,688)	$	(127,598)	$	(105,286)
Denominator
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted	538,267,449		544,704,146		538,988,940		543,524,008
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.11)	$	(0.08)	$	(0.24)	$	(0.19)

Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share


	As of June 30,
	2023	2022


Warrants to purchase Class B common stock	1,900,000	1,900,000
Stock options outstanding, including early exercise of options	38,376,973	41,524,641
Unvested RSUs outstanding	45,142,374	20,470,957
Shares committed under the ESPP	277,286	247,589
Stock options and RSUs available for future grants	62,079,654	75,973,184
Total	147,776,287	140,116,371

Stock Incentive Plans

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plans

Stock Incentive PlansThe 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 Company’s initial public offering (“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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Restricted stock units	$	25,179	$	15,078	$	49,970	$	30,423
Stock options	5,309		6,160		12,793		13,818
Executive Chairman Long-Term Performance Award	13,267		13,267		26,388		26,388
Employee Stock Purchase Plan	410		643		1,013		1,524

Total	$	44,165	$	35,148	$	90,164	$	72,153

Restricted Stock Units

Restricted stock units (“RSUs”), generally vest over three or four years.

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


	Number of Restricted Stock Units	Weighted-average grant date fair value per share
Balance as of December 31, 2022	34,146,546	$	9.74
Granted	26,556,500	4.45
Vested	(6,289,563)	9.60
Canceled and forfeited	(9,271,109)	8.39
Balance as of June 30, 2023	45,142,374	$	6.92

As of June 30, 2023, unrecognized compensation costs related to unvested RSUs was $283.4 million. These costs are expected to be recognized over a weighted-average period of 2.9 years.

Stock Options

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

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


	Number of Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value(1)
Balance as of December 31, 2022	36,156,445	$	16.37	7.67 years	$	29,101
Granted	6,080,148	5.35
Exercised	(1,631,016)	1.41
Canceled and forfeited	(2,228,604)	10.45
Balance as of June 30, 2023	38,376,973	$	15.61	7.75 years	$	14,943
Exercisable as of June 30, 2023(2)	11,157,842	$	11.17	7.39 years	$	13,162
Vested as of June 30, 2023	8,267,104	$	9.39	6.26 years	$	11,972

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

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

As of June 30, 2023, aggregate unrecognized compensation costs related to unvested outstanding stock options, excluding the Executive Chairman Long-Term Performance Award, was $57.0 million. These costs are expected to be recognized over a weighted-average period of 2.5 years.

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023 (1)	2022	2023	2022
Dividend yield	—%	0.0%	0.0%	0.0%
Expected volatility	—%	61.90%	70.78%	59.37%
Expected term (in years)	—	6.08	6.04	6.08
Risk-free interest rate	—%	2.81%	3.78%	2.18%

(1) The Company did not grant any stock options during the three months ended June 30, 2023.

The fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market.

Executive Chairman Long-Term Performance Award

In April and May 2021, the Company’s board of directors granted the Company’s Executive Chairman and then-Chief Executive Officer equity incentive awards in the form of performance-based stock options covering 19,740,923 and 47,267 shares of the Company’s Class B common stock with an exercise price of $21.49 and $23.40 per share, respectively (collectively, the “Executive Chairman Long-Term Performance Award,” formerly known as the CEO Long-Term Performance Award). The Executive Chairman 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 Company’s IPO in 2021. 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 Company stock price hurdle set forth in the table below.

The Executive Chairman 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 Executive Chairman 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 Executive Chairman Long-Term Performance Award was estimated to be $10.53 per option share.

As of June 30, 2023, the aggregate unrecognized compensation cost of the Executive Chairman Long-Term Performance Award was $90.6 million, which is expected to be recognized over the remaining derived service period of 2.6 years.

Restructuring - Schedule of Restructuring Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability beginning balance	$ 0
Restructuring charges	14,167
Cash payments	(4,600)
Restructuring liability ending balance	$ 9,567

Business Overview and Basis of Presentation	6 Months Ended
Business Overview and Basis of Presentation	Jun. 30, 2023
Accounting Policies [Abstract]
Business Overview and Basis of Presentation	Business Overview and Basis of Presentation Marqeta, Inc., (“the Company”) creates digital payment technology for innovation leaders. The Company's modern card issuing platform places control over payment transactions into the hands of its customers enabling them to develop modern, state-of-the-art product experiences. The Company provides all of its customers with issuer processor services and for most of its customers it also acts as a card program manager. The Company primarily earns revenue from processing card transactions for its customers. The Company was incorporated in the state of Delaware in 2010 and is headquartered in Oakland, California, with offices in the United States and United Kingdom and a legal entity in Australia, Brazil, Canada, and Singapore as of June 30, 2023. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission, (“SEC”), for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2022 has been derived from the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 28, 2023. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature considered necessary for a fair presentation of the Company's consolidated financial position, results of operations, comprehensive loss, and cash flows for the interim periods presented. The interim results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or for any other future annual or interim period. 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 include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, the estimation of variable consideration in contracts with customers, and the reserve for contract contingencies and processing errors. Actual results could differ materially from these estimates. Business Risks and Uncertainties The Company has incurred net losses since its inception. For the three and six months ended June 30, 2023, the Company incurred net losses of $58.8 million and $127.6 million, respectively, and had an accumulated deficit of $729.8 million as of June 30, 2023. The Company expects to incur net losses from operations 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 $950.2 million and Short-term investments of $432.4 million as of June 30, 2023 are sufficient to fund its operations through at least the next twelve months from the issuance of these financial statements.

Stock Incentive Plans - Summary of Stock Option Activity Under Stock Incentive Plan (Details) - Stock Options $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of Options
Balance at the beginning of the period (in shares) \| shares	36,156,445
Granted (in shares) \| shares	6,080,148
Exercised (in shares) \| shares	(1,631,016)
Canceled and forfeited (in shares) \| shares	(2,228,604)
Balance at the end of the period (in shares) \| shares	38,376,973	36,156,445
Number of options, Exercisable \| shares	11,157,842
Vested, Number of Options (in shares) \| shares	8,267,104
Weighted-Average Exercise Price per Share
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 16.37
Granted (in dollars per share) \| $ / shares	5.35
Exercised (in dollars per share) \| $ / shares	1.41
Canceled and forfeited (in dollars per share) \| $ / shares	10.45
Balance at the end of the period (in dollars per share) \| $ / shares	15.61	$ 16.37
Exercisable, Weighted-Average Exercise Price, Per Share (in dollars per share) \| $ / shares	11.17
Vested, Weighted-Average Exercise Price per Share (in dollars per share) \| $ / shares	$ 9.39
Option Activity, Additional Disclosures
Options outstanding, Weighted Average Remaining Contractual Life (Years)	7 years 9 months	7 years 8 months 1 day
Exercisable, Weighted Average Remaining Contractual Life (in years)	7 years 4 months 20 days
Options Vested, Weighted Average Remaining Contractual Life (Years)	6 years 3 months 3 days
Options outstanding, Aggregate Intrinsic Value (in USD) \| $	$ 14,943	$ 29,101
Options Vested, Aggregate Intrinsic Value (in USD) \| $	11,972
Exercisable, Aggregate Intrinsic Value \| $	$ 13,162

Certain Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 8,569	$ 9,082
Inventory	5,046	5,150
Prepaid hosting and data costs	4,672	6,443
Accrued interest receivable	4,164	3,983
Prepaid insurance	392	3,729
Card program deposits	128	2,128
Contract assets, current	135	621
Other current assets	5,992	6,871
Prepaid expenses and other current assets	$ 29,098	$ 38,007

Restructuring - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 8,400	$ 8,400
Severance costs		14,167
Net reduction of stock-based compensation		(2,900)
Restructuring reserve, accrual adjustment		$ 2,900

Stockholders’ Equity Transactions- Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	May 08, 2023	Sep. 14, 2022
Class of Warrant or Right [Line Items]
Repurchase and retirement of common stock	$ 48,497,000	$ 20,993,000
Additional Paid-in Capital
Class of Warrant or Right [Line Items]
Repurchase and retirement of common stock	$ 48,496,000	$ 20,993,000
2022 Share Repurchase Program
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount					$ 100,000,000
Repurchase and retirement of common stock (in shares)			3.2
Shares repurchased, average price per share (in usd per share)			$ 6.46
2023 Share Repurchase Program
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount				$ 200,000,000
Repurchase and retirement of common stock (in shares)	10.2		10.2
Shares repurchased, average price per share (in usd per share)	$ 4.75		$ 4.75
Stock repurchase program, remaining authorized repurchase amount (less than)	$ 151,700,000		$ 151,700,000

Business Combination (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the components of the preliminary purchase consideration transferred (in thousands):


Cash	$	221,933
Less: postcombination cash and non-cash expense	117,972
Plus: cash acquired on acquisition date	7,059
Total purchase consideration, excluding contingent consideration	111,020
Contingent consideration	53,067
Purchase consideration	$	164,087

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized during the period	$ 3.2	$ 3.4	$ 7.8	$ 8.4

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator


Net loss attributable to Class A and Class B common stockholders	$	(58,797)	$	(44,688)	$	(127,598)	$	(105,286)
Denominator
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted	538,267,449		544,704,146		538,988,940		543,524,008
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.11)	$	(0.08)	$	(0.24)	$	(0.19)

Basic net loss per share is the same as diluted net loss per share because the Company reported a net loss for the three and six months ended June 30, 2023 and 2022.

The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock 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 former equity method investee in its dilutive net loss per share calculation for prior periods. 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 June 30,
	2023	2022


Warrants to purchase Class B common stock	1,900,000	1,900,000
Stock options outstanding, including early exercise of options	38,376,973	41,524,641
Unvested RSUs outstanding	45,142,374	20,470,957
Shares committed under the ESPP	277,286	247,589
Stock options and RSUs available for future grants	62,079,654	75,973,184
Total	147,776,287	140,116,371

Stock Incentive Plans - CEO Performance Awards (Details) - Chief Executive Officer - Executive Chairman Long-Term Performance Award	6 Months Ended
	Jun. 30, 2023 $ / 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
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 67.50
Number of Options Eligible to Vest (in shares)	2,826,884
Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 78.98
Number of Options Eligible to Vest (in shares)	2,826,884
Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 92.40
Number of Options Eligible to Vest (in shares)	2,826,884
Tranche 4
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 108.11
Number of Options Eligible to Vest (in shares)	2,826,884
Tranche 5
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 126.49
Number of Options Eligible to Vest (in shares)	2,826,884
Tranche 6
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 147.99
Number of Options Eligible to Vest (in shares)	2,826,884
Tranche 7
Share-based Compensation Arrangement by Share-based Payment Award
Company Stock Price Hurdle (in dollars per share) \| $ / shares	$ 173.15
Number of Options Eligible to Vest (in shares)	2,826,884

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (58,797)	$ (68,801)	$ (44,688)	$ (60,598)	$ (127,598)	$ (105,286)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present the fair value hierarchy for assets and liabilities measured at fair value:


	June 30, 2023
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	447,636	$	—	$	—	$	447,636
Commercial paper	—		19,983		—		19,983
Short-term investments
U.S. government securities	250,605		—		—		250,605
U.S. agency securities	—		68,342				68,342
Commercial paper	—		28,263		—		28,263
Asset-backed securities	—		11,666		—		11,666
Corporate debt securities	—		10,985		—		10,985
Certificate of deposit	$	—	$	62,493	—		62,493
Total assets	$	698,241	$	201,732	$	—	$	899,973
Accrued expenses and other current liabilities
Contingent consideration liability	$	—	$	—	$	53,067	$	53,067
Total liabilities	$	—	$	—	$	53,067	$	53,067


	December 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	462,459	$	—	$	—	$	462,459

Short-term investments
U.S. government securities	378,002		—		—		378,002
U.S. agency securities	—		29,059		—		29,059
Commercial paper	—		28,815		—		28,815

Corporate debt securities	—		4,982		—		4,982
Total assets	$	840,461	$	62,856	$	—	$	903,317

The Company classifies money market funds, commercial paper, U.S. government securities, U.S. agency securities, asset-backed securities, corporate debt securities, and certificate of deposits 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 determines the fair value of contingent consideration based on a probability-weighted discounted cash flow analysis. The fair value remeasurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in the fair value hierarchy. In each period, the Company reassesses its current estimates of performance relative to the stated targets and adjusts the liability to fair value. Any such adjustments are included in Other income (expense), net in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

There were no transfers of financial instruments between the fair value hierarchy levels during the three and six months ended June 30, 2023 and the year ended December 31, 2022.

- 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

Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 843	$ 843	$ 1,686	$ 1,686
Variable lease cost	98	261	229	418
Short-term lease cost	39	219	147	331
Total lease cost	$ 980	$ 1,323	$ 2,062	$ 2,435

Concentration Risks and Significant Customers (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) investment	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) investment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Cash and cash equivalents	$ 950,157	$ 1,220,273	$ 950,157	$ 1,220,273	$ 1,183,846
Short-term investments	432,354		432,354		440,858
Investments \| Credit Concentration Risk
Concentration Risk [Line Items]
Cash and cash equivalents	$ 447,600		$ 447,600		462,500
Number of investments \| investment	4		4
Debt Securities, Available-For-Sale \| Credit Concentration Risk
Concentration Risk [Line Items]
Short-term investments	$ 318,900		$ 318,900		$ 407,100
Debt Securities, Available-For-Sale \| Credit Concentration Risk \| Commercial paper
Concentration Risk [Line Items]
Short-term investments	28,300		28,300
Debt Securities, Available-For-Sale \| Credit Concentration Risk \| Certificate of deposits
Concentration Risk [Line Items]
Short-term investments	$ 62,500		$ 62,500
Debt Securities, Available-For-Sale \| Credit Concentration Risk \| Marketable Securities
Concentration Risk [Line Items]
Concentration risk, percentage			74.00%		92.00%
Debt Securities, Available-For-Sale \| Credit Concentration Risk \| Marketable Securities \| Commercial paper
Concentration Risk [Line Items]
Concentration risk, percentage			7.00%
Debt Securities, Available-For-Sale \| Credit Concentration Risk \| Marketable Securities \| Certificate of deposits
Concentration Risk [Line Items]
Concentration risk, percentage			14.00%
Accounts Receivable \| Credit Concentration Risk \| Largest customer
Concentration Risk [Line Items]
Concentration risk, percentage			12.00%
Accounts Receivable \| Credit Concentration Risk \| Sutton Bank
Concentration Risk [Line Items]
Concentration risk, percentage	77.00%	83.00%	78.00%	84.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Largest customer
Concentration Risk [Line Items]
Concentration risk, percentage	78.00%	69.00%	77.00%	68.00%

Certain Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued costs of revenue	$ 66,272	$ 57,191
Contingent consideration liability	53,067	0
Accrued compensation and benefits	18,161	41,268
Accrued restructuring	9,567	0
Deferred revenue	12,971	17,048
Accrued tax liabilities	4,573	4,978
Accrued professional services	3,885	4,784
Operating lease liabilities, current portion	3,654	3,394
Reserve for contract contingencies and processing errors	2,538	2,494
Other accrued liabilities	14,981	5,730
Accrued expenses and other current liabilities	$ 189,669	$ 136,887
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities

Short-term Investments

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Short-term Investments

During the second quarter of 2023, the Company renamed the Marketable securities financial statement line item to Short-term investments in the Condensed Consolidated Balances Sheets to more accurately align with the Company’s current investment portfolio.

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


	June 30, 2023
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	251,806	$	—	$	(1,201)	$	250,605
U.S. agency securities	68,403		3		(64)		68,342
Commercial paper	28,262		1		—		28,263
Asset-backed securities	11,705		—		(39)		11,666
Corporate debt securities	11,013		—		(28)		10,985
Certificate of deposits	62,493		—		—		62,493
Total short-term investments	$	433,682	$	4	$	(1,332)	$	432,354


	December 31, 2022
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Short-term investments
U.S. treasury securities	$	384,951	$	—	$	(6,949)	$	378,002
U.S. agency securities	29,012		47		—		29,059
Commercial paper	28,815		—		—		28,815

Corporate debt securities	5,049		—		(67)		4,982
Total short-term investments	$	447,827	$	47	$	(7,016)	$	440,858

The Company had thirty-seven and thirteen separate short-term investments in unrealized loss positions as of June 30, 2023 and December 31, 2022, respectively. The Company does not intend to sell any short-term investments that have unrealized losses as of June 30, 2023, and it is not more likely than not that the Company will be required to sell such securities before any anticipated recovery of the entire amortized cost basis.

There were no realized gains or losses from short-term investments that were reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2023 and 2022. For short-term investments that have unrealized losses, the Company evaluated whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis and (iii) the decline in the fair value of the investment is due to credit or non-credit related factors. Based on this evaluation, the Company determined that for its short-term investments, there were no material credit or non-credit related impairments as of June 30, 2023.

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


	June 30, 2023				December 31, 2022
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	309,082	$	308,166	$	447,827	$	440,858
Due after one year through two years	124,600		124,188		—		—
Total	$	433,682	$	432,354	$	447,827	$	440,858

Stock Incentive Plans - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended		6 Months Ended
	May 31, 2021 $ / shares shares	Apr. 30, 2021 $ / shares shares	Jun. 30, 2023 USD ($) tranche $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award
Number of tranches \| tranche			7
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
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 \| $			$ 57.0
Stock options \| 2021 Stock Option and Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price of common stock, percent			85.00%
Restricted Stock Units with Service Condition \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)			3 years
Restricted Stock Units with Service Condition \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)			4 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
CEO Long-term performance awards \| $			$ 283.4
Compensation costs related to unvested outstanding stock options, period for recognition (in years)			2 years 10 months 24 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares			6,080,148
Granted (in dollars per share) \| $ / shares			$ 5.35
Stock Options \| 2021 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Fair market value of one share of common stock threshold			110.00%
Stock Options \| 2021 Stock Option and Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Fair market value of one share of common stock threshold			110.00%
Combined voting power of stockholder, 10% Stockholder			10.00%
Expiration period (in years)			10 years
Stock options, 10% Stockholders \| 2021 Stock Option and Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Combined voting power of stockholder, 10% Stockholder			10.00%
Expiration period (in years)			5 years
Executive Chairman Long-Term Performance Award \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)			7 years
Compensation costs related to unvested outstanding stock options, period for recognition (in years)			2 years 7 months 6 days
Granted (in shares) \| shares	47,267	19,740,923
Granted (in dollars per share) \| $ / shares	$ 23.40	$ 21.49
Weighted average grant date fair value (in dollars per share) \| $ / shares			$ 10.53
Expected cost to be recognized over remaining derived service period \| $			$ 90.6

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Components Lease Costs

The Company's operating lease costs are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	843	$	843	$	1,686	$	1,686
Variable lease cost	98		261		229		418
Short-term lease cost	39		219		147		331
Total lease cost	$	980	$	1,323	$	2,062	$	2,435

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:


	June 30, 2023	December 31, 2022
Weighted average remaining operating lease term (in years)	2.6	3.1
Weighted average discount rate	7.7%	7.7%

Future Minimum Lease Payments

Maturities of the Company’s operating lease liabilities by year are as follows as of June 30, 2023:


Remainder of 2023	$	2,142
2024	4,472
2025	4,599
2026	780


Total lease payments	11,993
Less imputed interest	(1,207)
Total operating lease liabilities	$	10,786

Net Loss Per Share Attributable to Common Stockholders - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss attributable to Class A and Class B common stockholders, basic	$ (58,797)	$ (44,688)	$ (127,598)	$ (105,286)
Net loss attributable to Class A and Class B common stockholders, diluted	$ (58,797)	$ (44,688)	$ (127,598)	$ (105,286)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	538,267,449	544,704,146	538,988,940	543,524,008
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	538,267,449	544,704,146	538,988,940	543,524,008
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share)	$ (0.11)	$ (0.08)	$ (0.24)	$ (0.19)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share)	$ (0.11)	$ (0.08)	$ (0.24)	$ (0.19)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Topic 260
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

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-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-03(13))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-1

+ Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in “Consolidated Financial Statements—Note 2. Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. There have been no significant changes to these policies during the three and six months ended June 30, 2023, except for the addition of new policies relating to business combinations, goodwill and acquisition-related intangible assets, and restructuring as described below. 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 three and six months ended June 30, 2023 and 2022, revenue outside of the United States, based on the billing address of the customer, was not material. As of June 30, 2023 and December 31, 2022, long-lived assets located outside of the United States were not material. Restricted Cash Restricted cash consists of deposits with financial institutions that issue payment cards (credit, debit, or prepaid) either on their own behalf or on behalf of businesses that issue customized card products to their end users (“Issuing Banks”) to provide the Issuing Bank collateral in the event that customers’ funds are not deposited at the Issuing Banks in time to settle customers’ transactions with the networks that provide the infrastructure for settlement and card payment information flows (“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. Capitalized Internal-use Software Development Costs The Company capitalizes certain costs incurred in developing internal-use software when capitalization requirements have been met. Internal and external costs incurred in the preliminary project stage of internal-use software development are expensed as incurred. Once the software development process reaches the application development stage, qualifying internal costs including compensation and benefits costs of employees who are directly associated with and devote time to the software project as well as external direct costs are capitalized. Capitalization of costs ends when the developed software is substantially complete and ready for its intended internal use, which is typically upon completion of all substantial testing. Capitalized internal-use software development costs are included in property and equipment, net, and then amortized on a straight-line basis over the estimated useful life of the software. The amortization of these costs is recorded within Depreciation and amortization expense on the Condensed Consolidated Statements of Operations and Comprehensive Loss. Business Combinations The Company allocates the purchase consideration for acquired companies to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Condensed Consolidated Statements of Operations and Comprehensive Loss. Acquisition-related expenses and postcombination integration and employee compensation costs are recognized separately from the business combination and are expensed as incurred. Goodwill and Acquisition-related Intangible Assets The excess purchase price over the fair value of assets acquired is recorded as goodwill. Goodwill amounts are not amortized. Acquisition-related intangible assets with finite lives are amortized over their estimated useful lives on a straight-line basis. Goodwill and acquisition-related intangible assets are tested for impairment at least annually, and more frequently whenever events or changes in circumstances indicate its carrying value may not be recoverable. Deferred Contract Costs Deferred contract costs mainly consist of sales commissions and related fringe benefits that are incremental costs of obtaining contracts with customers. The Company amortizes the costs incurred on initial contracts on a straight-line basis over an estimated period of benefit determined to be approximately four years. The period of benefit is determined based on a review of customer contract terms and churn rates. The Company exercises the practical expedient to expense commissions on arrangements in which the amortization period is expected to be one year or less. Deferred contract costs that will be recognized during the succeeding 12-month period are recorded as prepaid expenses and other current assets, and the remaining portion is recorded as other assets on the Condensed Consolidated Balance Sheets. The amortization of these costs is recorded within Compensation and benefits expenses on the Condensed Consolidated Statements of Operations and Comprehensive Loss. Restructuring

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (127,598)	$ (105,286)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	4,474	1,900
Share-based compensation expense	90,164	72,153
Non-cash postcombination compensation expense	32,430	0
Non-cash operating leases expense	1,231	1,111
Amortization of premium (accretion of discount) on short-term investments	(2,311)	338
Impairment of other financial instruments	0	11,616
Other	499	326
Changes in operating assets and liabilities:
Accounts receivable	63	5,067
Settlements receivable	7,513	833
Network incentives receivable	(24,402)	17,133
Prepaid expenses and other assets	14,467	(14,982)
Accounts payable	(3,239)	(1,609)
Revenue share payable	(16,341)	(4,092)
Accrued expenses and other liabilities	(11,828)	(6,987)
Operating lease liabilities	(1,642)	(1,464)
Net cash used in operating activities	(36,520)	(23,943)
Cash flows from investing activities:
Purchases of property and equipment	(668)	(868)
Capitalization of internal-use software	(6,395)	0
Business combination, net of cash acquired	(131,914)	0
Purchases of short-term investments	(279,548)	(12,999)
Maturities of short-term investments	296,000	12,900
Net cash used in investing activities	(122,525)	(967)
Cash flows from financing activities:
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options	2,299	3,407
Proceeds from shares issued in connection with employee stock purchase plan	1,775	2,775
Taxes paid related to net share settlement of restricted stock units	(10,070)	(8,580)
Repurchase of common stock	(67,073)	0
Net cash used in financing activities	(73,069)	(2,398)
Net decrease in cash, cash equivalents, and restricted cash	(232,114)	(27,308)
Cash, cash equivalents, and restricted cash- Beginning of period	1,191,646	1,255,381
Cash, cash equivalents, and restricted cash - End of period	959,532	1,228,073
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	950,157	1,220,273
Restricted cash	9,375	7,800
Total cash, cash equivalents, and restricted cash	959,532	1,228,073
Supplemental disclosures of cash flow information:
Cash paid for operating lease liabilities	2,096	2,039
Cash paid for income taxes	915	84
Supplemental disclosures of non-cash investing and financing activities:
Purchase of property and equipment accrued and not yet paid	137	1,184
Share-based compensation capitalized to internal-use software	2,282	0
Repurchase of common stock, including excise tax, accrued and not yet paid	$ 2,417	$ 0

Commitments and Contingencies - Lease Maturity Schedule (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2023	$ 2,142
2024	4,472
2025	4,599
2026	780
Total lease payments	11,993
Less imputed interest	(1,207)
Total operating lease liabilities	$ 10,786
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities

Concentration Risks and Significant Customers	6 Months Ended
Concentration Risks and Significant Customers	Jun. 30, 2023
Risks and Uncertainties [Abstract]
Concentration Risks and Significant Customers	Concentration Risks and Significant Customers Financial instruments that potentially expose the Company to concentration of credit risk consist of cash and cash equivalents, short-term investments, accounts receivable, and unbilled customers' receivable (collectively, “customers' receivables”, and “settlements receivable”). Cash on deposit with financial institutions may exceed federally insured limits. Cash and cash equivalents as of June 30, 2023 and December 31, 2022 include $447.6 million and $462.5 million, respectively, of investments managed by four financial institutions, which invest primarily in securities issued by the U.S. Government or U.S. Government agencies. As of June 30, 2023, short-term investments were $432.4 million, and there was no concentration of securities of the same issuer with an aggregate fair value greater than 5% of the total balance, except for U.S. Treasuries and U.S. agency securities, which amounted to $318.9 million, or 74% of the short-term investments, commercial paper which amounted to $28.3 million, or 7% of the short-term investments, and certificate of deposits which amount to $62.5 million, or 14% of the short-term investments. As of June 30, 2023, all debt securities within the Company's portfolio are investment grade. As of December 31, 2022, short-term investments were $440.9 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 and U.S. agency securities, which amounted to $407.1 million, or 92% of the short-term investments. As of December 31, 2022, all debt securities within the Company's portfolio are investment grade. A significant portion of the Company's payment transactions are settled through one Issuing Bank, Sutton Bank. For the three months ended June 30, 2023 and 2022, 77% and 83% 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 the six months ended June 30, 2023 and 2022, 78% and 84% of Total Processing Volume was settled through Sutton Bank, respectively. A significant portion of the Company's revenue is derived from one customer. For the three months ended June 30, 2023 and 2022, this customer accounted for 78% and 69% of the Company’s net revenue, respectively. For the six months ended June 30, 2023 and 2022, this customer accounted for 77% and 68% of the Company’s net revenue, respectively. As of June 30, 2023, another customer accounted for 12% of the Company’s customers’ receivables.

Stock Incentive Plans - Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Restricted Stock Units
Balance at beginning of the period (in shares) \| shares	34,146,546
Granted (in shares) \| shares	26,556,500
Vested (in shares) \| shares	(6,289,563)
Canceled and forfeited (in shares) \| shares	(9,271,109)
Balance at the end of the period (in shares) \| shares	45,142,374
Weighted-average grant date fair value per share
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 9.74
Grant (in dollars per share) \| $ / shares	4.45
Vested (in dollars per share) \| $ / shares	9.60
Canceled and forfeited (in dollars per share) \| $ / shares	8.39
Balance at the end of the period (in dollars per share) \| $ / shares	$ 6.92

Stockholders’ Equity Transactions- Warrants to Purchase Common Stock (Details) - Common Stock Warrants - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ 0.01
Redeemable convertible preferred stock warrant liabilities					$ 26.4	$ 5.7
Vested warrants outstanding (in shares)	886,470		886,470
Class of warrant or right, reduction to net revenues in the period	$ (2.4)	$ (1.8)	$ (4.5)	$ (3.4)

Short-term Investments - Stated Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost
Due within one year	$ 309,082	$ 447,827
Due after one year through two years	124,600	0
Amortized Cost	433,682	447,827
Estimated Fair Value
Due within one year	308,166	440,858
Due after one year through two years	124,188	0
Total	$ 432,354	$ 440,858

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Certain Balance Sheet Components

6 Months Ended

Jun. 30, 2023

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:


	June 30, 2023		December 31, 2022
Prepaid expenses	$	8,569	$	9,082
Inventory	5,046		5,150
Prepaid hosting and data costs	4,672		6,443
Accrued interest receivable	4,164		3,983
Prepaid insurance	392		3,729
Card program deposits	128		2,128
Contract assets, current	135		621

Other current assets	5,992		6,871
Prepaid expenses and other current assets	$	29,098	$	38,007

Property and Equipment, net

Property and equipment consisted of the following:


	June 30, 2023		December 31, 2022
Leasehold improvements	$	8,110	$	8,110
Computer equipment	8,965		9,115
Furniture and fixtures	2,519		2,542
Internally developed and purchased software	11,813		3,082
	31,407		22,849
Accumulated depreciation and amortization	(17,077)		(15,409)
Property and equipment, net	$	14,330	$	7,440

Depreciation and amortization expense was $2.5 million and $0.9 million for the three months ended June 30, 2023 and 2022, respectively, and $4.5 million and $1.9 million for the six months ended June 30, 2023 and 2022, respectively.

The Company capitalized $4.6 million and $8.7 million as internal-use software development costs during the three and six months ended June 30, 2023, respectively. Internal-use software development costs during the three and six months ended June 30, 2022 were not material during the respective periods.

Other Assets

Other assets consisted of the following:


	June 30, 2023		December 31, 2022
Contract assets, noncurrent	$	2,106	$	1,323
Deferred tax assets	776		1,240
Other noncurrent assets	3,326		4,559
Acquired developed technology, net	38,560		—
Other assets	$	44,768	$	7,122

The amortization period for acquired developed technology is 7 years. Amortization expense for acquired developed technology was $1.5 million and $2.4 million for three and six months ended June 30, 2023, respectively.

Expected future amortization expense for acquired developed technology was as follows as of June 30, 2023:


Remainder of 2023	$	2,929
2024	5,857
2025	5,857
2026	5,857
2027	5,857
Thereafter	12,203
Total expected future amortization expense for acquired developed technology	$	38,560

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	June 30, 2023		December 31, 2022
Accrued costs of revenue	$	66,272	$	57,191
Contingent consideration liability	53,067		—
Accrued compensation and benefits	18,161		41,268
Accrued restructuring	9,567		—
Deferred revenue	12,971		17,048
Accrued tax liabilities	4,573		4,978
Accrued professional services	3,885		4,784
Operating lease liabilities, current portion	3,654		3,394
Reserve for contract contingencies and processing errors	2,538		2,494
Other accrued liabilities	14,981		5,730
Accrued expenses and other current liabilities	$	189,669	$	136,887

Other Liabilities

Other liabilities consisted of the following:


	June 30, 2023		December 31, 2022
Deferred revenue, net of current portion	$	4,954	$	4,202
Other long-term liabilities	1,102		1,275
Other liabilities	$	6,056	$	5,477

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net revenue	$ 231,115	$ 186,678	$ 448,456	$ 352,780
Costs of revenue	146,506	108,629	274,685	200,005
Gross profit	84,609	78,049	173,771	152,775
Operating expenses:
Compensation and benefits	126,788	97,868	274,547	198,216
Technology	13,154	13,154	27,744	24,538
Professional services	4,873	5,794	10,310	10,564
Occupancy	1,057	1,148	2,211	2,263
Depreciation and amortization	2,494	921	4,474	1,900
Marketing and advertising	561	886	1,002	1,445
Other operating expenses	5,103	4,995	10,336	9,838
Total operating expenses	154,030	124,766	330,624	248,764
Loss from operations	(69,421)	(46,717)	(156,853)	(95,989)
Other income (expense), net	10,762	1,802	22,434	(9,875)
Loss before income tax expense	(58,659)	(44,915)	(134,419)	(105,864)
Income tax expense (benefit)	138	(227)	(6,821)	(578)
Net loss	(58,797)	(44,688)	(127,598)	(105,286)
Other comprehensive income (loss), net of taxes:
Change in foreign currency translation adjustment	100	(181)	119	(200)
Net change in unrealized gain (loss) on short-term investments	1,607	(1,896)	5,642	(7,763)
Net other comprehensive income (loss)	1,707	(2,077)	5,761	(7,963)
Comprehensive loss	$ (57,090)	$ (46,765)	$ (121,837)	$ (113,249)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.11)	$ (0.08)	$ (0.24)	$ (0.19)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.11)	$ (0.08)	$ (0.24)	$ (0.19)
Weighted-average shares used in computing net loss per share attributable to common stockholders - basic (in shares)	538,267,449	544,704,146	538,988,940	543,524,008
Weighted-average shares used in computing net loss per share attributable to common stockholders - diluted (in shares)	538,267,449	544,704,146	538,988,940	543,524,008

Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Short-term investments	$ 432,354	$ 440,858
Accrued expenses and other current liabilities
Contingent consideration liability	53,067	0
Fair Value, Measurements, Recurring
Assets
Total assets	899,973	903,317
Accrued expenses and other current liabilities
Contingent consideration liability	53,067
Total liabilities	53,067
Level 1 \| Fair Value, Measurements, Recurring
Assets
Total assets	698,241	840,461
Accrued expenses and other current liabilities
Contingent consideration liability	0
Total liabilities	0
Level 2 \| Fair Value, Measurements, Recurring
Assets
Total assets	201,732	62,856
Accrued expenses and other current liabilities
Contingent consideration liability	0
Total liabilities	0
Level 3 \| Fair Value, Measurements, Recurring
Assets
Total assets	0	0
Accrued expenses and other current liabilities
Contingent consideration liability	53,067
Total liabilities	53,067
Money market funds \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	447,636	462,459
Money market funds \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	447,636	462,459
Money market funds \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
Money market funds \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
Commercial paper \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	19,983
Short-term investments	28,263	28,815
Commercial paper \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
Short-term investments	0	0
Commercial paper \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	19,983
Short-term investments	28,263	28,815
Commercial paper \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
Short-term investments	0	0
U.S. government securities \| Fair Value, Measurements, Recurring
Assets
Short-term investments	250,605	378,002
U.S. government securities \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	250,605	378,002
U.S. government securities \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
U.S. government securities \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
U.S. agency securities \| Fair Value, Measurements, Recurring
Assets
Short-term investments	68,342	29,059
U.S. agency securities \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
U.S. agency securities \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	68,342	29,059
U.S. agency securities \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Short-term investments		0
Asset-backed securities \| Fair Value, Measurements, Recurring
Assets
Short-term investments	11,666
Asset-backed securities \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	0
Asset-backed securities \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	11,666
Asset-backed securities \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	0
Corporate debt securities \| Fair Value, Measurements, Recurring
Assets
Short-term investments	10,985	4,982
Corporate debt securities \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
Corporate debt securities \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	10,985	4,982
Corporate debt securities \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	0	$ 0
Certificate of deposits \| Fair Value, Measurements, Recurring
Assets
Short-term investments	62,493
Certificate of deposits \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	0
Certificate of deposits \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	62,493
Certificate of deposits \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	$ 0

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission, (“SEC”), for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2022 has been derived from the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 28, 2023. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature considered necessary for a fair presentation of the Company's consolidated financial position, results of operations, comprehensive loss, and cash flows for the interim periods presented. The interim results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or for any other future annual or interim period.
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 include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, the estimation of variable consideration in contracts with customers, and the reserve for contract contingencies and processing errors. Actual results could differ materially from these estimates.
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.
Restricted Cash	Restricted Cash Restricted cash consists of deposits with financial institutions that issue payment cards (credit, debit, or prepaid) either on their own behalf or on behalf of businesses that issue customized card products to their end users (“Issuing Banks”) to provide the Issuing Bank collateral in the event that customers’ funds are not deposited at the Issuing Banks in time to settle customers’ transactions with the networks that provide the infrastructure for settlement and card payment information flows (“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.
Capitalized Internal-use Software Development Costs	Capitalized Internal-use Software Development Costs The Company capitalizes certain costs incurred in developing internal-use software when capitalization requirements have been met. Internal and external costs incurred in the preliminary project stage of internal-use software development are expensed as incurred. Once the software development process reaches the application development stage, qualifying internal costs including compensation and benefits costs of employees who are directly associated with and devote time to the software project as well as external direct costs are capitalized. Capitalization of costs ends when the developed software is substantially complete and ready for its intended internal use, which is typically upon completion of all substantial testing. Capitalized internal-use software development costs are included in property and equipment, net, and then amortized on a straight-line basis over the estimated useful life of the software. The amortization of these costs is recorded within Depreciation and amortization expense on the Condensed Consolidated Statements of Operations and Comprehensive Loss.
Business Combinations	Business Combinations The Company allocates the purchase consideration for acquired companies to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Condensed Consolidated Statements of Operations and Comprehensive Loss. Acquisition-related expenses and postcombination integration and employee compensation costs are recognized separately from the business combination and are expensed as incurred.
Goodwill and Acquisition-related Intangible Assets	Goodwill and Acquisition-related Intangible AssetsThe excess purchase price over the fair value of assets acquired is recorded as goodwill. Goodwill amounts are not amortized. Acquisition-related intangible assets with finite lives are amortized over their estimated useful lives on a straight-line basis. Goodwill and acquisition-related intangible assets are tested for impairment at least annually, and more frequently whenever events or changes in circumstances indicate its carrying value may not be recoverable.
Deferred Contract Costs	Deferred Contract Costs Deferred contract costs mainly consist of sales commissions and related fringe benefits that are incremental costs of obtaining contracts with customers. The Company amortizes the costs incurred on initial contracts on a straight-line basis over an estimated period of benefit determined to be approximately four years. The period of benefit is determined based on a review of customer contract terms and churn rates. The Company exercises the practical expedient to expense commissions on arrangements in which the amortization period is expected to be one year or less. Deferred contract costs that will be recognized during the succeeding 12-month period are recorded as prepaid expenses and other current assets, and the remaining portion is recorded as other assets on the Condensed Consolidated Balance Sheets. The amortization of these costs is recorded within Compensation and benefits expenses on the Condensed Consolidated Statements of Operations and Comprehensive Loss.
Restructuring	RestructuringRestructuring costs stem from employee related severance charges and include both cash and non-cash compensation. The Company generally recognizes restructuring costs upon communication of the plan to the identified employees or when payments are probable and amounts are estimable, depending on the region an employee works. Restructuring liabilities are classified in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets

Certain Balance Sheet Components - Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue, net of current portion	$ 4,954	$ 4,202
Other long-term liabilities	1,102	1,275
Other liabilities	$ 6,056	$ 5,477

Short-term Investments - Unrealized Gain (Loss) on Short-Term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 433,682	$ 447,827
Unrealized Gain	4	47
Unrealized Loss	(1,332)	(7,016)
Short-term investments	432,354	440,858
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	251,806	384,951
Unrealized Gain	0	0
Unrealized Loss	(1,201)	(6,949)
Short-term investments	250,605	378,002
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	68,403	29,012
Unrealized Gain	3	47
Unrealized Loss	(64)	0
Short-term investments	68,342	29,059
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	28,262	28,815
Unrealized Gain	1	0
Unrealized Loss	0	0
Short-term investments	28,263	28,815
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,705
Unrealized Gain	0
Unrealized Loss	(39)
Short-term investments	11,666
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,013	5,049
Unrealized Gain	0	0
Unrealized Loss	(28)	(67)
Short-term investments	10,985	$ 4,982
Certificate of deposits
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	62,493
Unrealized Gain	0
Unrealized Loss	0
Short-term investments	$ 62,493

Short-term Investments - Narrative (Details) - investment	Jun. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Number of marketable securities in unrealized loss positions	37	13

Stock Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense Recognized in the Period

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Restricted stock units	$	25,179	$	15,078	$	49,970	$	30,423
Stock options	5,309		6,160		12,793		13,818
Executive Chairman Long-Term Performance Award	13,267		13,267		26,388		26,388
Employee Stock Purchase Plan	410		643		1,013		1,524

Total	$	44,165	$	35,148	$	90,164	$	72,153

Summary of RSU Activity Under the Plans

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


	Number of Restricted Stock Units	Weighted-average grant date fair value per share
Balance as of December 31, 2022	34,146,546	$	9.74
Granted	26,556,500	4.45
Vested	(6,289,563)	9.60
Canceled and forfeited	(9,271,109)	8.39
Balance as of June 30, 2023	45,142,374	$	6.92

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


	Number of Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value(1)
Balance as of December 31, 2022	36,156,445	$	16.37	7.67 years	$	29,101
Granted	6,080,148	5.35
Exercised	(1,631,016)	1.41
Canceled and forfeited	(2,228,604)	10.45
Balance as of June 30, 2023	38,376,973	$	15.61	7.75 years	$	14,943
Exercisable as of June 30, 2023(2)	11,157,842	$	11.17	7.39 years	$	13,162
Vested as of June 30, 2023	8,267,104	$	9.39	6.26 years	$	11,972

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

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

The Executive Chairman 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

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

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023 (1)	2022	2023	2022
Dividend yield	—%	0.0%	0.0%	0.0%
Expected volatility	—%	61.90%	70.78%	59.37%
Expected term (in years)	—	6.08	6.04	6.08
Risk-free interest rate	—%	2.81%	3.78%	2.18%

(1) The Company did not grant any stock options during the three months ended June 30, 2023.

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 138	$ (227)	$ (6,821)	$ (578)
Partial valuation allowance	7,200		7,200
Profitable foreign operations	$ 400		$ 400

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

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:


	June 30, 2023
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	447,636	$	—	$	—	$	447,636
Commercial paper	—		19,983		—		19,983
Short-term investments
U.S. government securities	250,605		—		—		250,605
U.S. agency securities	—		68,342				68,342
Commercial paper	—		28,263		—		28,263
Asset-backed securities	—		11,666		—		11,666
Corporate debt securities	—		10,985		—		10,985
Certificate of deposit	$	—	$	62,493	—		62,493
Total assets	$	698,241	$	201,732	$	—	$	899,973
Accrued expenses and other current liabilities
Contingent consideration liability	$	—	$	—	$	53,067	$	53,067
Total liabilities	$	—	$	—	$	53,067	$	53,067


	December 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	462,459	$	—	$	—	$	462,459

Short-term investments
U.S. government securities	378,002		—		—		378,002
U.S. agency securities	—		29,059		—		29,059
Commercial paper	—		28,815		—		28,815

Corporate debt securities	—		4,982		—		4,982
Total assets	$	840,461	$	62,856	$	—	$	903,317

Business Overview and Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Net loss	$ (58,797)	$ (68,801)	$ (44,688)	$ (60,598)	$ (127,598)	$ (105,286)
Accumulated deficit	(729,831)				(729,831)		$ (602,233)
Cash and cash equivalents	950,157		$ 1,220,273		950,157	$ 1,220,273	$ 1,183,846
Short-term investments	$ 432,400				$ 432,400

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 950,157	$ 1,183,846
Restricted cash	9,375	7,800
Short-term investments	432,354	440,858
Accounts receivable, net	15,253	15,569
Settlements receivable, net	10,515	18,028
Network incentives receivable	67,063	42,661
Prepaid expenses and other current assets	29,098	38,007
Total current assets	1,513,815	1,746,769
Property and equipment, net	14,330	7,440
Operating lease right-of-use assets, net	7,784	9,015
Goodwill	123,446	0
Other assets	44,768	7,122
Total assets	1,704,143	1,770,346
Current liabilities:
Accounts payable	2,818	3,798
Revenue share payable	125,853	142,194
Accrued expenses and other current liabilities	189,669	136,887
Total current liabilities	318,340	282,879
Operating lease liabilities, net of current portion	7,132	9,034
Other liabilities	6,056	5,477
Total liabilities	331,528	297,390
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 and 100,000,000 shares authorized, no shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.0001 par value: 1,500,000,000 and 1,500,000,000 Class A shares authorized, 479,526,954 and 486,530,334 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. 600,000,000 and 600,000,000 Class B shares authorized, 54,689,722 and 54,833,765 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	52	53
Additional paid-in capital	2,103,870	2,082,373
Accumulated other comprehensive loss	(1,476)	(7,237)
Accumulated deficit	(729,831)	(602,233)
Total stockholders’ equity	1,372,615	1,472,956
Total liabilities and stockholders’ equity	$ 1,704,143	$ 1,770,346

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

The Company has a lease agreement for its corporate headquarters in Oakland, California for a total of 63,000 square feet. 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.

The Company's operating lease costs are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	843	$	843	$	1,686	$	1,686
Variable lease cost	98		261		229		418
Short-term lease cost	39		219		147		331
Total lease cost	$	980	$	1,323	$	2,062	$	2,435

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:


	June 30, 2023	December 31, 2022
Weighted average remaining operating lease term (in years)	2.6	3.1
Weighted average discount rate	7.7%	7.7%

Maturities of the Company’s operating lease liabilities by year are as follows as of June 30, 2023:


Remainder of 2023	$	2,142
2024	4,472
2025	4,599
2026	780


Total lease payments	11,993
Less imputed interest	(1,207)
Total operating lease liabilities	$	10,786

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 Condensed Consolidated Balance Sheets.

Purchase Obligations

As of June 30, 2023, the Company had non-cancellable purchase commitments with certain service providers and Issuing Banks of $213.0 million, payable over the next 5 years. These purchase obligations include $197.7 million related to minimum commitments as part of a cloud-computing service agreement. The remaining obligations are related to various service providers and Issuing Banks processing fees over the fixed, non-cancellable respective contract terms.

Defined Contribution Plans

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 eligible compensation that an employee contributes. During the three months ended June 30, 2023 and 2022, the Company contributed a total of $1.5 million and $1.3 million to its defined contribution plans, respectively. During the six months ended June 30, 2023 and 2022, the Company contributed a total of $3.7 million and $3.4 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 June 30, 2023 and December 31, 2022, 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

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 Condensed Consolidated Balance Sheets. If a customer fails to deposit 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, vendors, lessors, business partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. With respect to Issuing Banks, the Company has received requests for indemnification from time to time and may indemnify the Issuing Bank for losses 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 Condensed Consolidated Financial Statements.

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 the levels specified.

Commitments and Contingencies

Operating Leases

The Company's operating lease costs are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	843	$	843	$	1,686	$	1,686
Variable lease cost	98		261		229		418
Short-term lease cost	39		219		147		331
Total lease cost	$	980	$	1,323	$	2,062	$	2,435

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:


	June 30, 2023	December 31, 2022
Weighted average remaining operating lease term (in years)	2.6	3.1
Weighted average discount rate	7.7%	7.7%

Maturities of the Company’s operating lease liabilities by year are as follows as of June 30, 2023:


Remainder of 2023	$	2,142
2024	4,472
2025	4,599
2026	780


Total lease payments	11,993
Less imputed interest	(1,207)
Total operating lease liabilities	$	10,786

Letters of Credit

Purchase Obligations

Defined Contribution Plans

Legal Contingencies

Settlement of Payment Transactions

Indemnifications

Commitments and Contingencies - Weighted Average Lease Term and Weighted Average Discount Rate (Details)	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining operating lease term (in years)	2 years 7 months 6 days	3 years 1 month 6 days
Weighted average discount rate	7.70%	7.70%

Stock Incentive Plans - Weighted Average Assumptions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility	0.00%	61.90%	70.78%	59.37%
Expected term (in years)		6 years 29 days	6 years 14 days	6 years 29 days
Risk-free interest rate	0.00%	2.81%	3.78%	2.18%

Business Combination - Components of Preliminary Purchase Consideration (Details) - USD ($) $ in Thousands		6 Months Ended
	Feb. 03, 2023	Jun. 30, 2023	Jun. 30, 2022
Business Combination, Separately Recognized Transactions [Line Items]
Purchase consideration		$ 131,914	$ 0
Power Finance, Inc.
Business Combination, Separately Recognized Transactions [Line Items]
Cash	$ 221,933
Less: postcombination cash and non-cash expense	117,972
Plus: cash acquired on acquisition date	7,059
Total purchase consideration, excluding contingent consideration	111,020
Contingent consideration	53,067
Purchase consideration	$ 164,087

Restructuring

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring

During the second quarter of 2023, the Company approved a restructuring plan (the “Restructuring Plan”) intended to reduce operating expenses and improve profitability by reducing the Company’s workforce. The net restructuring charges incurred in connection with the Restructuring Plan is approximately $8.4 million, which is expected to be substantially complete by the end of the third quarter of 2023.

The Company recorded $8.4 million in restructuring charges during the three and six months ended June 30, 2023, which consisted of $14.2 million primarily related to one-time severance and benefit payments, as well as a net reduction of stock-based compensation of $2.9 million related to the vesting of certain equity awards and the forfeiture of certain equity awards which are accounted for as occurred. Additionally, the Company reduced previously accrued bonuses for impacted employees of $2.9 million due to the terms of the Restructuring Plan. These costs were included in Compensation and benefits in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

The following table summarizes the Company’s restructuring liability that is included in Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheet:


Balance as of December 31, 2022	$	—
Restructuring charges	14,167
Cash payments	(4,600)
Balance as of June 30, 2023	$	9,567

Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	147,776,287	140,116,371
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	1,900,000
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)	38,376,973	41,524,641
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)	45,142,374	20,470,957
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)	277,286	247,589
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)	62,079,654	75,973,184

Certain Balance Sheet Components - Expected Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2023	$ 2,929
2024	5,857
2025	5,857
2026	5,857
2027	5,857
Thereafter	12,203
Total expected future amortization expense for acquired developed technology	$ 38,560

Certain Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	June 30, 2023		December 31, 2022
Prepaid expenses	$	8,569	$	9,082
Inventory	5,046		5,150
Prepaid hosting and data costs	4,672		6,443
Accrued interest receivable	4,164		3,983
Prepaid insurance	392		3,729
Card program deposits	128		2,128
Contract assets, current	135		621

Other current assets	5,992		6,871
Prepaid expenses and other current assets	$	29,098	$	38,007

Property and Equipment, net

Property and equipment consisted of the following:


	June 30, 2023		December 31, 2022
Leasehold improvements	$	8,110	$	8,110
Computer equipment	8,965		9,115
Furniture and fixtures	2,519		2,542
Internally developed and purchased software	11,813		3,082
	31,407		22,849
Accumulated depreciation and amortization	(17,077)		(15,409)
Property and equipment, net	$	14,330	$	7,440

Schedule of Other Assets

Other assets consisted of the following:


	June 30, 2023		December 31, 2022
Contract assets, noncurrent	$	2,106	$	1,323
Deferred tax assets	776		1,240
Other noncurrent assets	3,326		4,559
Acquired developed technology, net	38,560		—
Other assets	$	44,768	$	7,122

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Expected future amortization expense for acquired developed technology was as follows as of June 30, 2023:


Remainder of 2023	$	2,929
2024	5,857
2025	5,857
2026	5,857
2027	5,857
Thereafter	12,203
Total expected future amortization expense for acquired developed technology	$	38,560

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	June 30, 2023		December 31, 2022
Accrued costs of revenue	$	66,272	$	57,191
Contingent consideration liability	53,067		—
Accrued compensation and benefits	18,161		41,268
Accrued restructuring	9,567		—
Deferred revenue	12,971		17,048
Accrued tax liabilities	4,573		4,978
Accrued professional services	3,885		4,784
Operating lease liabilities, current portion	3,654		3,394
Reserve for contract contingencies and processing errors	2,538		2,494
Other accrued liabilities	14,981		5,730
Accrued expenses and other current liabilities	$	189,669	$	136,887

Other Liabilities

Other liabilities consisted of the following:


	June 30, 2023		December 31, 2022
Deferred revenue, net of current portion	$	4,954	$	4,202
Other long-term liabilities	1,102		1,275
Other liabilities	$	6,056	$	5,477

Certain Balance Sheet Components - Property and Equipment, net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 31,407,000		$ 31,407,000		$ 22,849,000
Accumulated depreciation and amortization	(17,077,000)		(17,077,000)		(15,409,000)
Property and equipment, net	14,330,000		14,330,000		7,440,000
Depreciation and amortization	2,494,000	$ 921,000	4,474,000	$ 1,900,000
Capitalized internal-use software costs	4,600,000	$ 0	8,700,000	$ 0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,110,000		8,110,000		8,110,000
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,965,000		8,965,000		9,115,000
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,519,000		2,519,000		2,542,000
Internally developed and purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,813,000		$ 11,813,000		$ 3,082,000

Stockholders’ Equity Transactions	6 Months Ended
Stockholders’ Equity Transactions	Jun. 30, 2023
Equity [Abstract]
Stockholders’ Equity Transactions	Stockholders’ Equity Transactions Warrants to Purchase Common Stock In 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 June 30, 2023, 886,470 warrants were vested. The Company recorded $2.4 million and $4.5 million as a reduction of revenue during the three and six months ended June 30, 2023, respectively. The Company recorded $1.8 million and $3.4 million as a reduction of revenue during the three and six months ended June 30, 2022, respectively. Upon vesting, the fair values 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. Share Repurchase Programs On September 14, 2022, the Company’s board of directors authorized a share repurchase program of up to $100 million of the Company’s Class A common stock beginning September 15, 2022 (“2022 Share Repurchase Program”). Under the 2022 Share Repurchase Program, the Company was authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). The number of shares repurchased and the timing of purchases are based on general business and market conditions, and other factors, including legal requirements. The 2022 Share Repurchase Program has no set expiration date; however, repurchases under the program were complete as of March 31, 2023. During the six months ended June 30, 2023, the Company repurchased and subsequently retired 3.2 million shares for $21.0 million under the 2022 Share Repurchase Program, for an average price of $6.46. The total price of the shares repurchased and related transaction costs and excise taxes are reflected as a reduction to Common stock and additional paid-in capital on the Company’s Condensed Consolidated Balance Sheets. On May 8, 2023, the Company’s board of directors authorized a share repurchase program of up to $200 million of the Company’s Class A common stock (“2023 Share Repurchase Program”). Under the 2023 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases are based on general business and market conditions, and other factors, including legal requirements. The 2023 Share Repurchase Program has no set expiration date. During the three and six months ended June 30, 2023, the Company repurchased and subsequently retired 10.2 million shares for $48.5 million under the 2023 Share Repurchase Program, for an average price of $4.75. The total price of the shares repurchased and related transaction costs and excise taxes are reflected as a reduction to Common stock and additional paid-in capital on the Company’s Condensed Consolidated Balance Sheets. As of June 30, 2023, $151.7 million remained available for future share repurchases under the 2023 Share Repurchase Program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (g)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Certain Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract assets - non-current	$ 2,106	$ 2,106	$ 1,323
Deferred tax assets	776	776	1,240
Other noncurrent assets	3,326	3,326	4,559
Acquired developed technology, net	38,560	38,560	0
Other assets	$ 44,768	$ 44,768	$ 7,122
Developed Technology
Finite-Lived Intangible Assets
Amortization period	7 years	7 years
Amortization expenses	$ 1,500	$ 2,400

Revenue - Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract assets - current	$ 135	$ 621
Contract assets - non-current	2,106	1,323
Total contract assets	2,241	1,944
Deferred revenue - current	12,971	17,048
Deferred revenue - non-current	4,954	4,202
Total deferred revenue	17,925	21,250
Prepaid expenses and other current assets
Disaggregation of Revenue [Line Items]
Contract assets - current	134	621
Other assets
Disaggregation of Revenue [Line Items]
Contract assets - non-current	2,107	1,323
Accrued expenses and other current liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - current	12,971	17,048
Other liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - non-current	$ 4,954	$ 4,202

Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table provides information about disaggregated revenue from customers:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Platform services revenue, net	$	226,198	$	181,102	$	436,530	$	342,100
Other services revenue	4,917		5,576		11,926		10,680
Total net revenue	$	231,115	$	186,678	$	448,456	$	352,780

Contract Balances

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


Contract balance	Balance sheet line reference	June 30, 2023		December 31, 2022
Contract assets - current	Prepaid expenses and other current assets	$	134	$	621
Contract assets - non-current	Other assets	2,107		1,323
Total contract assets		$	2,241	$	1,944
Deferred revenue - current	Accrued expenses and other current liabilities	$	12,971	$	17,048
Deferred revenue - non-current	Other liabilities	4,954		4,202
Total deferred revenue		$	17,925	$	21,250

Net revenue recognized during the three months ended June 30, 2023 and 2022 that was included in the deferred revenue balances at the beginning of the respective periods was $3.2 million and $3.4 million, respectively. Net revenue recognized during the six months ended June 30, 2023 and 2022 that was included in the deferred revenue balances at the beginning of the respective periods was $7.8 million and $8.4 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventOn August 4, 2023, the Company and Block, Inc. (formerly Square, Inc., or “Block”) executed a contract amendment (“the Amendment”), effective as of July 1, 2023, to their Master Services Agreement (together the “Amended Agreement”). Pursuant to the terms of the Amended Agreement, the Cash App program term will expire on June 30, 2027 and shall automatically renew thereafter for successive one-year periods, unless terminated earlier by either party. In addition to reduced pricing for the Cash App program, the Amended Agreement provides that the Company will continue to provide various services to Block, though Block will be responsible for defining and managing the primary Card Network relationship for the Cash App program going forward, including being responsible for managing the financial relationship between the Cash App Program and the primary Card Network, choosing the card brand, determining the product type, and meeting program parameters. The Amendment also includes a continuation of services for the Cash App program for a period of time in the event of a change of control of the Company. As a result of the Amendment, the Company will no longer serve as principal in providing services to Block for the Cash App program as it relates to that program’s primary Card Network volume. Beginning on July 1, 2023, fees owed to Issuing Banks and Card Networks related to the Cash App primary Card Network volume will be netted against amounts earned from the Cash App program within Net Revenue such that Net Revenue in the Condensed Consolidated Statements of Operations and Comprehensive Loss will reflect the net amount of consideration that the Company retains on Cash App primary Card Network volume. In prior periods, these fees were included within Costs of Revenue in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net revenue	$ 231,115	$ 186,678	$ 448,456	$ 352,780
Platform services revenue, net
Disaggregation of Revenue [Line Items]
Net revenue	226,198	181,102	436,530	342,100
Other services revenue
Disaggregation of Revenue [Line Items]
Net revenue	$ 4,917	$ 5,576	$ 11,926	$ 10,680

- Definition

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

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Business Combination - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Feb. 03, 2023	Jun. 30, 2023	Jun. 30, 2023	Jul. 31, 2023	Dec. 31, 2022
Business Combination, Separately Recognized Transactions [Line Items]
Contingent consideration liability		$ 53,067	$ 53,067		$ 0
Goodwill		123,446	123,446		$ 0
Power Finance, Inc.
Business Combination, Separately Recognized Transactions [Line Items]
Cash purchase price	$ 221,933
Contingent consideration liability	53,100
Less: postcombination cash and non-cash expense	(117,972)
Non-cash postcombination compensation	32,400
Postcombination cash combination liability, subject to continuous employment	$ 85,600
Postcombination cash combination liability, subject to continuous employment, service period (in years)	2 years
Fair value of total consideration	$ 164,000
Other intangible assets	$ 41,000
Estimated useful life (in years)	7 years
Deferred tax liabilities	$ 7,400
Net assets acquired	7,000
Goodwill	$ 123,400
Acquisition related costs		$ 400	$ 1,900
Power Finance, Inc. \| Subsequent Event
Business Combination, Separately Recognized Transactions [Line Items]
Contingent consideration liability				$ 52,700

Business Combination

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combination

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

The following table summarizes the components of the preliminary purchase consideration transferred (in thousands):


Cash	$	221,933
Less: postcombination cash and non-cash expense	117,972
Plus: cash acquired on acquisition date	7,059
Total purchase consideration, excluding contingent consideration	111,020
Contingent consideration	53,067
Purchase consideration	$	164,087

Of the $118.0 million postcombination compensation excluded from the purchase consideration above, approximately $32.4 million was recognized as a non-cash postcombination compensation at closing as a result of the vesting provisions of employee replacement awards on the acquisition date. The remaining $85.6 million is subject to continuous employment and will be recognized as postcombination cash compensation over the required service period of two years.

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

The assets acquired and liabilities assumed were recorded at fair value as of the acquisition date. The preliminary $164.0 million purchase consideration was attributed to $41.0 million of developed technology intangible assets (to be amortized over an estimated useful life of 7.0 years), $7.4 million of deferred tax liabilities, and $7.0 million of net assets acquired, with the $123.4 million excess of purchase consideration over the fair value of assets acquired and liabilities assumed recorded as goodwill. The fair value of the acquired developed technology intangible assets was estimated using the multi-period excess earnings method (“MPEEM”), a form of the income approach. The principle behind this method is that the value of the intangible asset is equal to the present value of the after-tax cash flows attributable to the intangible asset. The Company applied judgment which involved the use of certain assumptions with respect of the revenue and EBITDA forecasts, obsolescence rate, research and development for future technology, and discount rate. The goodwill recognized was primarily attributable to the expected synergies from integrating Power Finance’s technology into the Company’s platform. Goodwill is not expected to be deductible for tax purposes. The fair values of assets acquired and liabilities assumed may change over the measurement period as additional information is received. The measurement period will end no later than one year from the acquisition date.

The financial results of Power Finance are included in the Company’s Condensed Consolidated Financial Statements from the date of acquisition. Separate operating results and pro forma results of operations for Power Finance have not been presented as the effect of this acquisition was not material to the Company’s financial results. Acquisition-related third-party transaction costs were $0.4 million and $1.9 million for the three and six months ended June 30, 2023, respectively, and are included in Professional services in the Condensed Consolidated Statements of Operations and Comprehensive Loss.In July 2023, the Company paid out $52.7 million as the performance-based goals tied to the contingent consideration were achieved during the period ended June 30, 2023.

Short-term Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Schedule of Short-term Investments

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


	June 30, 2023
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	251,806	$	—	$	(1,201)	$	250,605
U.S. agency securities	68,403		3		(64)		68,342
Commercial paper	28,262		1		—		28,263
Asset-backed securities	11,705		—		(39)		11,666
Corporate debt securities	11,013		—		(28)		10,985
Certificate of deposits	62,493		—		—		62,493
Total short-term investments	$	433,682	$	4	$	(1,332)	$	432,354


	December 31, 2022
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Short-term investments
U.S. treasury securities	$	384,951	$	—	$	(6,949)	$	378,002
U.S. agency securities	29,012		47		—		29,059
Commercial paper	28,815		—		—		28,815

Corporate debt securities	5,049		—		(67)		4,982
Total short-term investments	$	447,827	$	47	$	(7,016)	$	440,858

Schedule of Available-for-sale Securities Reconciliation

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


	June 30, 2023				December 31, 2022
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	309,082	$	308,166	$	447,827	$	440,858
Due after one year through two years	124,600		124,188		—		—
Total	$	433,682	$	432,354	$	447,827	$	440,858

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (loss)	Accumulated Deficit
Balance at the beginning of the period (in shares) at Dec. 31, 2021		541,383,518
Balance at the beginning of the period at Dec. 31, 2021	$ 1,573,426	$ 54	$ 1,993,055	$ (2,230)	$ (417,453)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested options (in shares)		1,604,022
Issuance of common stock upon exercise of options	2,285		2,285
Repurchase of early exercised stock options (in shares)		(22,751)
Issuance of common stock net settlement of restricted stock units (in shares)		642,827
Issuance of common stock upon net settlement of restricted stock units	(4,702)		(4,702)
Vesting of common stock warrants	2,102		2,102
Share-based compensation	37,005		37,005
Change in accumulated other comprehensive income (loss)	(5,886)			(5,886)
Net loss	(60,598)				(60,598)
Balance at the end of the period (in shares) at Mar. 31, 2022		543,607,616
Balance at the end of the period at Mar. 31, 2022	1,543,632	$ 54	2,029,745	(8,116)	(478,051)
Balance at the beginning of the period (in shares) at Dec. 31, 2021		541,383,518
Balance at the beginning of the period at Dec. 31, 2021	1,573,426	$ 54	1,993,055	(2,230)	(417,453)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in accumulated other comprehensive income (loss)	(7,963)
Net loss	(105,286)
Balance at the end of the period (in shares) at Jun. 30, 2022		545,933,730
Balance at the end of the period at Jun. 30, 2022	1,534,557	$ 54	2,067,435	(10,193)	(522,739)
Balance at the beginning of the period (in shares) at Mar. 31, 2022		543,607,616
Balance at the beginning of the period at Mar. 31, 2022	1,543,632	$ 54	2,029,745	(8,116)	(478,051)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested options (in shares)		1,314,467
Issuance of common stock upon exercise of options	1,543		1,543
Repurchase of early exercised stock options (in shares)		(28,268)
Issuance of common stock under employee stock purchase plan (in shares)		368,955
Issuance of common stock under employee stock purchase plan	2,775		2,775
Issuance of common stock net settlement of restricted stock units (in shares)		670,960
Issuance of common stock upon net settlement of restricted stock units	(3,878)		(3,878)
Vesting of common stock warrants	2,102		2,102
Share-based compensation	35,148		35,148
Change in accumulated other comprehensive income (loss)	(2,077)			(2,077)
Net loss	(44,688)				(44,688)
Balance at the end of the period (in shares) at Jun. 30, 2022		545,933,730
Balance at the end of the period at Jun. 30, 2022	1,534,557	$ 54	2,067,435	(10,193)	(522,739)
Balance at the beginning of the period (in shares) at Dec. 31, 2022		541,364,099
Balance at the beginning of the period at Dec. 31, 2022	1,472,956	$ 53	2,082,373	(7,237)	(602,233)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested options (in shares)		803,333
Issuance of common stock upon exercise of options	1,051		1,051
Issuance of common stock net settlement of restricted stock units (in shares)		1,469,996
Issuance of common stock upon net settlement of restricted stock units	(3,746)		(3,746)
Vesting of common stock warrants	2,102		2,102
Share-based compensation	47,027		47,027
Repurchase and retirement of common stock, including excise tax (in shares)		(3,205,808)
Repurchase and retirement of common stock, including excise tax	(20,993)		(20,993)
Change in accumulated other comprehensive income (loss)	4,054			4,054
Net loss	(68,801)				(68,801)
Balance at the end of the period (in shares) at Mar. 31, 2023		540,431,620
Balance at the end of the period at Mar. 31, 2023	1,433,650	$ 53	2,107,814	(3,183)	(671,034)
Balance at the beginning of the period (in shares) at Dec. 31, 2022		541,364,099
Balance at the beginning of the period at Dec. 31, 2022	1,472,956	$ 53	2,082,373	(7,237)	(602,233)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in accumulated other comprehensive income (loss)	5,761
Net loss	(127,598)
Balance at the end of the period (in shares) at Jun. 30, 2023		534,216,676
Balance at the end of the period at Jun. 30, 2023	1,372,615	$ 52	2,103,870	(1,476)	(729,831)
Balance at the beginning of the period (in shares) at Mar. 31, 2023		540,431,620
Balance at the beginning of the period at Mar. 31, 2023	1,433,650	$ 53	2,107,814	(3,183)	(671,034)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested options (in shares)		827,683
Issuance of common stock upon exercise of options	1,310		1,310
Issuance of common stock under employee stock purchase plan (in shares)		446,228
Issuance of common stock under employee stock purchase plan	1,775		1,775
Issuance of common stock net settlement of restricted stock units (in shares)		2,679,165
Issuance of common stock upon net settlement of restricted stock units	(6,324)		(6,324)
Vesting of common stock warrants	2,372		2,372
Share-based compensation	45,419		45,419
Repurchase and retirement of common stock, including excise tax (in shares)		(10,168,020)
Repurchase and retirement of common stock, including excise tax	(48,497)	$ (1)	(48,496)
Change in accumulated other comprehensive income (loss)	1,707			1,707
Net loss	(58,797)				(58,797)
Balance at the end of the period (in shares) at Jun. 30, 2023		534,216,676
Balance at the end of the period at Jun. 30, 2023	$ 1,372,615	$ 52	$ 2,103,870	$ (1,476)	$ (729,831)

Subsequent Event (Details)	Aug. 04, 2023
Subsequent Event
Subsequent Event [Line Items]
Automatic contract renewal period (in years)	1 year

Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table provides information about disaggregated revenue from customers:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Platform services revenue, net	$	226,198	$	181,102	$	436,530	$	342,100
Other services revenue	4,917		5,576		11,926		10,680
Total net revenue	$	231,115	$	186,678	$	448,456	$	352,780

Contract with Customer, Contract Asset, Contract Liability, and Receivable

Contract Balances

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


Contract balance	Balance sheet line reference	June 30, 2023		December 31, 2022
Contract assets - current	Prepaid expenses and other current assets	$	134	$	621
Contract assets - non-current	Other assets	2,107		1,323
Total contract assets		$	2,241	$	1,944
Deferred revenue - current	Accrued expenses and other current liabilities	$	12,971	$	17,048
Deferred revenue - non-current	Other liabilities	4,954		4,202
Total deferred revenue		$	17,925	$	21,250

Cover page - shares	6 Months Ended
Cover page - shares	Jun. 30, 2023	Aug. 04, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40465
Entity Registrant Name	Marqeta, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-4306690
Entity Address, Address Line One	180 Grand Avenue
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Oakland
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94612
City Area Code	888
Local Phone Number	462-7738
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	MQ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001522540
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Amendment Flag	false
Document Fiscal Period Focus	Q2
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		475,928,000
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		54,671,318

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	479,526,954	486,530,334
Common stock, shares, outstanding (in shares)	479,526,954	486,530,334
Class B Common Stock
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	54,689,722	54,833,765
Common stock, shares, outstanding (in shares)	54,689,722	54,833,765

Restructuring (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Liability

The following table summarizes the Company’s restructuring liability that is included in Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheet:


Balance as of December 31, 2022	$	—
Restructuring charges	14,167
Cash payments	(4,600)
Balance as of June 30, 2023	$	9,567

Commitments and Contingencies - Narrative (Details) ft² in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)
Guarantor Obligations
Area of real estate property \| ft²	63		63
Purchase commitment	$ 213.0		$ 213.0
Purchase commitment period (in years)			5 years
Company matching contribution, percent			50.00%
Employer matching contribution, percent of employees' gross pay			6.00%
Employer contribution amount	1.5	$ 1.3	$ 3.7	$ 3.4
Cloud Computing Service Agreement
Guarantor Obligations
Purchase commitment	197.7		197.7
Letter of Credit
Guarantor Obligations
Letters of credit, amount	1.5		1.5
Letter of Credit \| Restricted Cash
Guarantor Obligations
Deposit assets	$ 1.5		$ 1.5

Stock Incentive Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 44,165	$ 35,148	$ 90,164	$ 72,153
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	25,179	15,078	49,970	30,423
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	5,309	6,160	12,793	13,818
Executive Chairman Long-Term Performance Award \| Chief Executive Officer
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	13,267	13,267	26,388	26,388
Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 410	$ 643	$ 1,013	$ 1,524

Income Tax	6 Months Ended
Income Tax	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax	Income Tax The Company calculates its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusts the provision for discrete tax items recorded in the period. The Company recorded income tax expense of $0.1 million and an income tax benefit $0.2 million for three months ended June 30, 2023 and 2022, respectively. The Company recorded an income tax benefit of $6.8 million and $0.6 million for the six months ended June 30, 2023 and 2022, respectively. The income tax benefit for the six months ended June 30, 2023 was primarily attributed to a $7.2 million partial valuation allowance release due to the acquisition of Power Finance Inc. (see Note 13 “Business Combination” for additional information), offset by $0.4 million of income tax expenses resulting from profitable foreign operations. The income tax benefit for the six months ended June 30, 2022 was primarily attributable to stock-based compensation deductions for certain foreign jurisdictions. On August 16, 2022, the Inflation Reduction Act of 2022 (Inflation Reduction Act) was enacted in the United States. The Inflation Reduction Act imposes a 1% excise tax on the fair market value of stock repurchases made by covered corporations after December 31, 2022. The total taxable value of shares repurchased is reduced by the fair market value of any newly issued shares during the taxable year. The amount of excise tax accrued for repurchases made by the Company during the three and six months ended June 30, 2023, was immaterial. The remaining corporate tax changes included in the Inflation Reduction Act are not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements.

- 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
-Topic 946
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+ Details