0001628280-25-023249 | 10-Q | XBRL Viewer

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Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 4,393
2026	5,857
2027	5,857
2028	5,857
Thereafter	6,346
Total expected future amortization expense for intangible assets	$ 28,310	$ 29,774

Income Tax	3 Months Ended
Income Tax	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Tax	Income Tax The Company recorded an income tax provision of $0.2 million and $0.1 million for the three months ended March 31, 2025 and 2024, respectively. The income tax provision for both respective periods was primarily attributable to income tax expense in profitable foreign jurisdictions. The Company is subject to income tax audits in the U.S. and foreign jurisdictions. We record liabilities related to uncertain tax positions and believe that we have provided adequate reserves for income tax uncertainties in all open tax years.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit In connection with the Oakland lease, the Company is required to provide the landlord a letter of credit in the amount of $1.5 million. The Company has secured this letter of credit by depositing $1.5 million with the issuing financial institution, which deposit is classified as Restricted cash in the Condensed Consolidated Balance Sheets. 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 March 31, 2025 and December 31, 2024, 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 the financials are available to be issued. As additional information becomes available, the Company reassesses the probability of the loss contingency and the potential liability, and may revise the estimate. On December 9, 2024, a putative securities class action lawsuit, captioned Wai v. Marqeta, Inc., et al., Case No. 24-cv-08874 (N.D. Cal.), was filed in federal court in the Northern District of California (“Court”) against the Company, its former Chief Executive Officer, and its Chief Financial Officer (“Defendants”) alleging violations of federal securities laws. The lawsuit asserts that Defendants made false or misleading statements relating to the Company’s performance or revenue and gross profit expectations in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On December 10, 2024, a second putative securities class action lawsuit, captioned Ford v. Marqeta, Inc., et al., Case No. 24-cv-08892 (N.D. Cal.), was filed in the same Court against the same Defendants alleging violations of the same federal securities laws. The second lawsuit asserts similar theories of liability as the first lawsuit. Both lawsuits (collectively, the “Securities Actions”) seek to recover damages on behalf of shareholders who acquired shares of the Company’s common stock during their respective putative class periods. The Securities Actions have been consolidated into one consolidated securities litigation captioned In re Marqeta, Inc. Securities Litigation, Case No. 24-08874-YGR (N.D. Cal) and the Court has appointed a lead plaintiff and lead plaintiff’s counsel in the matter. On April 10, 2025, the lead plaintiff filed a consolidated amended complaint, which alleges a putative class period of between February 28, 2024 and November 4, 2024. The Company and the other Defendants intend to file a motion to dismiss the consolidated amended complaint by May 15, 2025. Given the inherent uncertainty of litigation, the Company cannot reasonably estimate the likelihood of an unfavorable outcome or the amount or range of any potential loss. Settlement of Payment Transactions Generally, customers deposit a certain amount of pre-funding into accounts maintained at Issuing Banks to settle their payment transactions. Such pre-funding amounts may only be used to settle customers’ payment transactions and are not considered assets of the Company. As such, the funds held in customers’ accounts at Issuing Banks are not reflected on the Company’s Condensed Consolidated Balance Sheets. If a customer does not have sufficient funds to settle a transaction, the Company is liable to the Issuing Bank to settle the transaction and would therefore incur losses if such amounts cannot be subsequently recovered from the customer. The Company did not incur losses of this nature during the three months ended March 31, 2025 and 2024, respectively. Indemnifications In the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, Card Networks, Issuing Banks, vendors, lessors, and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. With respect to Issuing Banks, the Company has received requests for indemnification from time to time and may indemnify an Issuing Bank for losses such 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.

Concentration Risks and Significant Customers	3 Months Ended
Concentration Risks and Significant Customers	Mar. 31, 2025
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, and accounts receivable. Cash on deposit with financial institutions may exceed federally insured limits. As of March 31, 2025 and December 31, 2024, short-term investments were $157.5 million and $179.4 million, respectively, 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. treasury securities, which amounted to $147.4 million, or 94% of the short-term investment balance at March 31, 2025 and $168.9 million, or 94% of the short-term investment balance at December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, 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 March 31, 2025 and 2024, 67% and 74% 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. A significant portion of the Company's revenue is derived from one customer. For the three months ended March 31, 2025 and 2024, this customer accounted for 45% and 49% of the Company’s net revenue, respectively. As of March 31, 2025, one customer accounted for 14%, of the Company’s accounts receivable balance. As of December 31, 2024, two separate customers accounted for 13% and 10% of the Company’s accounts receivable balance.

Stock Incentive Plans - Schedule of Unrecognized Compensation Costs by Award (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs, amount	$ 6,000
Unrecognized compensation cost, period for recognition (in years)	1 year 3 months 18 days
Restricted Stock Units and Performance Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs, amount	$ 197,600
Unrecognized compensation cost, period for recognition (in years)	2 years 2 months 12 days

Business Overview and Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Accounting Policies [Abstract]
Accumulated deficit	$ (806,168)	$ (797,908)
Cash and cash equivalents	830,897	$ 923,016	$ 970,357
Short-term investments	$ 157,500

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Short-term Investments - Unrealized Gain (Loss) on Short-Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 157,159	$ 178,948
Unrealized Gain	381	461
Unrealized (Loss)	0	0
Short-term investments	157,540	179,409
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	147,099	168,504
Unrealized Gain	329	396
Unrealized (Loss)	0	0
Short-term investments	147,428	168,900
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,060	10,444
Unrealized Gain	52	65
Unrealized (Loss)	0	0
Short-term investments	$ 10,112	$ 10,509

- Definition

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

+ References

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-Topic 320
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+ Details

Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets resulting from the Company’s business combination consisted of the following as of the dates presented:


	March 31, 2025		December 31, 2024
Developed technology	$	41,000	$	41,000
Accumulated amortization	(12,690)		(11,226)
Intangible assets, net	$	28,310	$	29,774

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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



Remainder of 2025	4,393
2026	5,857
2027	5,857
2028	5,857
Thereafter	6,346
Total expected future amortization expense for intangible assets	$	28,310

Intangible Assets, net

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

Intangible assets resulting from the Company’s business combination consisted of the following as of the dates presented:


	March 31, 2025		December 31, 2024
Developed technology	$	41,000	$	41,000
Accumulated amortization	(12,690)		(11,226)
Intangible assets, net	$	28,310	$	29,774

The amortization period for developed technology intangible assets is 7 years. Amortization expense for intangible assets was $1.5 million and $1.5 million for the three months ended March 31, 2025 and 2024, respectively.

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



Remainder of 2025	4,393
2026	5,857
2027	5,857
2028	5,857
Thereafter	6,346
Total expected future amortization expense for intangible assets	$	28,310

Short-term Investments - Narrative (Details)	3 Months Ended
Short-term Investments - Narrative (Details)	Mar. 31, 2025 USD ($) investment
Investments [Abstract]
Number of marketable securities in unrealized loss positions \| investment	0
Realized gains or losses reclassified out of accumulated other comprehensive loss \| $	$ 0

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Net revenue	$ 139,073	$ 117,968
Platform services revenue, net
Disaggregation of Revenue [Line Items]
Net revenue	131,867	113,935
Other services revenue
Disaggregation of Revenue [Line Items]
Net revenue	$ 7,206	$ 4,033

- 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.

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+ Details

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

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

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

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


	Three Months Ended March 31,
	2025				2024 (1)
	Class A		Class B		Class A		Class B
Numerator
Net loss attributable to common stockholders, basic	$	(7,711)	$	(549)	$	(32,280)	$	(3,780)
Net loss attributable to common stockholders, diluted	$	(7,711)	$	(549)	$	(32,280)	$	(3,780)
Denominator
Weighted-average shares used in computing basic net loss share attributable to common stockholders	467,927		33,295		463,694		54,294
Effect of dilutive potential shares of common stock	—		—		—		—
Weighted-average shares used in computing diluted net loss per share attributable to common stockholders	467,927		33,295		463,694		54,294

Net loss per share attributable to common stockholders, basic	$	(0.02)	$	(0.02)	$	(0.07)	$	(0.07)
Net loss per share attributable to common stockholders, diluted	$	(0.02)	$	(0.02)	$	(0.07)	$	(0.07)

(1) The prior period Net loss per share for Class A and Class B common stock has been presented separately to conform with current period presentation, which had no impact on the Company’s previously reported basic or diluted net loss per share.

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

The following potentially dilutive securities were excluded from the computation of diluted net loss per share during the three months ended March 31, 2025 and 2024 because including them would have had an anti-dilutive effect as the Company was in a loss position during the period:


	As of March 31, 2025		As of March 31, 2024
	Class A	Class B	Class A	Class B
Warrants to purchase Class B common stock	—	1,900	—	1,900
Stock options, restricted stock, and employee stock purchase plan	48,609	5,169	55,075	28,201
Total	48,609	7,069	55,075	30,101

Cover page - shares	3 Months Ended
Cover page - shares	Mar. 31, 2025	Apr. 30, 2025
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-40465
Entity Registrant Name	Marqeta, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-4306690
Entity Address, Address Line One	180 Grand Avenue
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Oakland
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94612
City Area Code	510
Local Phone Number	671-5437
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	MQ
Security Exchange Name	NASDAQ
Entity 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 CIK	0001522540
Current Fiscal YE Date	--12-31
Document Fiscal Year Focus	2025
Amendment Flag	false
Document Fiscal Period Focus	Q1
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		434,975,915
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		33,293,141

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized during the period	$ 4.6	$ 2.6

Revenue

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table provides information about disaggregated revenue from customers:


	Three Months Ended March 31,
	2025		2024
Platform services revenue, net	$	131,867	$	113,935
Other services revenue	7,206		4,033
Total net revenue	$	139,073	$	117,968

Contract Balances

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


Contract balance	Balance sheet line reference	March 31, 2025		December 31, 2024
Contract assets - current	Prepaid expenses and other current assets	$	1,670	$	1,605
Contract assets - non-current	Other assets	9,454		10,981
Total contract assets		$	11,124	$	12,586
Deferred revenue - current	Accrued expenses and other current liabilities	$	10,457	$	13,593
Deferred revenue - non-current	Other liabilities	4,808		4,779
Total deferred revenue		$	15,265	$	18,372

Net revenue recognized during the three months ended March 31, 2025 and 2024 that was included in the deferred revenue balances at the beginning of the respective periods was $4.6 million and $2.6 million, respectively.

Remaining Performance Obligations

The Company has performance obligations associated with commitments in customer contracts for future stand-ready obligations to process transactions throughout the contractual term. As of March 31, 2025, the aggregate amount of the transaction price allocated to our remaining performance obligations was $47.5 million. The Company expects to recognize approximately 63% within two years and the remaining 37% over the next three to five years.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 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
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-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
-Subparagraph (b)(2)
-Publisher FASB
-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

Short-term Investments - Stated Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Amortized Cost
Due within one year	$ 115,227	$ 112,750
Due after one year through four years	41,932	66,198
Amortized Cost	157,159	178,948
Estimated Fair Value
Due within one year	115,425	113,015
Due after one year through four years	42,115	66,394
Total	$ 157,540	$ 179,409

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Concentration Risks and Significant Customers (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($) bank	Mar. 31, 2024	Dec. 31, 2024 USD ($)
Concentration Risk [Line Items]
Short-term investments	$ 157,540		$ 179,409
Number of issuing bank payment settlement through transaction \| bank	1
Debt Securities, Available-For-Sale \| Credit Concentration Risk
Concentration Risk [Line Items]
Short-term investments	$ 147,400		$ 168,900
Debt Securities, Available-For-Sale \| Credit Concentration Risk \| Marketable Securities
Concentration Risk [Line Items]
Concentration risk, percentage	94.00%		94.00%
Accounts Receivable \| Credit Concentration Risk \| Customer 1
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%
Accounts Receivable \| Credit Concentration Risk \| Customer 2
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%
Accounts Receivable \| Credit Concentration Risk \| Customer 3
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%
Accounts Receivable \| Credit Concentration Risk \| Sutton Bank
Concentration Risk [Line Items]
Concentration risk, percentage	67.00%	74.00%
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Customer 1
Concentration Risk [Line Items]
Concentration risk, percentage	45.00%	49.00%

Certain Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property and Equipment, net

Property and Equipment, net

Property and equipment consisted of the following:


	March 31, 2025		December 31, 2024
Leasehold improvements	$	8,110	$	8,110
Computer equipment	9,589		9,415
Furniture and fixtures	2,525		2,525
Internally developed and purchased software	55,959		47,300
	76,183		67,350
Accumulated depreciation and amortization	(33,603)		(29,827)
Property and equipment, net	$	42,580	$	37,523

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2025		December 31, 2024
Accrued costs of revenue	$	88,322	$	85,745
Accrued compensation and benefits	14,610		45,754
Deferred revenue	10,457		13,593
Due to issuing banks	7,721		7,721
Accrued tax liabilities	6,681		5,434
Accrued professional services	1,870		3,567
Operating lease liabilities, current portion	4,367		4,627
Reserve for contract contingencies and processing errors	—		1,862
Other accrued liabilities	11,980		8,756
Accrued expenses and other current liabilities	$	146,008	$	177,059

Revenue - Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total contract assets	$ 11,124	$ 12,586
Deferred revenue - current	10,457	13,593
Total deferred revenue	15,265	18,372
Prepaid expenses and other current assets
Disaggregation of Revenue [Line Items]
Contract assets - current	1,670	1,605
Other assets
Disaggregation of Revenue [Line Items]
Contract assets - non-current	9,454	10,981
Accrued expenses and other current liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - current	10,457	13,593
Other liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - non-current	$ 4,808	$ 4,779

Business Combination - Narrative (Details) - TransactPay Business € in Millions	Dec. 23, 2024 EUR (€)
Business Combination, Separately Recognized Transactions [Line Items]
Contingent consideration liability	€ 5.0
Payments to Acquire Businesses, Gross	€ 45.0

Stock Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense Recognized in the Period

The following table presents the share-based compensation expense by award type recognized within the following line items in the Condensed Consolidated Statement of Operations and Comprehensive Loss and Condensed Consolidated Balance Sheet in the periods presented:


	Three Months Ended March 31,
	2025		2024
Restricted stock units	$	23,536	$	24,163
Stock options	2,274		6,611
Performance restricted stock units	(81)		240
Employee Stock Purchase Plan	186		299

Share-based compensation recorded within Compensation and benefits	25,915		31,313
Executive chairman long-term performance award	—		13,121
Property and equipment (capitalized internal-use software)	2,522		2,080
Total share-based compensation expense (benefit)	$	28,437	$	46,514

Schedule of Stock Options Activity Under the Plans

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


	Number of Units	Weighted- average grant date fair value per share
Balance as of December 31, 2024	33,806	$	5.96
Granted	17,761	$	4.06
Vested	(4,249)	$	6.63
Canceled and forfeited	(5,064)	$	6.11
Balance as of March 31, 2025	42,254	$	5.08

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


	Number of Options	Weighted- Average Exercise Price per Share		Weighted - Average remaining Contractual Life (Years)	Aggregate Intrinsic Value (1)
Balance as of December 31, 2024	14,962	$	9.19	5.82	$	5,819
Granted	—	—
Exercised	(380)	3.83
Canceled and forfeited	(3,065)	15.99
Balance as of March 31, 2025	11,517	7.55		5.27	$	6,652
Exercisable as of March 31, 2025 (2)	9,830	$	9.53	5.28	$	6,623
Vested as of March 31, 2025	10,017	$	7.55	4.92	$	6,652

(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.

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	447,683,000	470,824,000
Common stock, shares, outstanding (in shares)	447,683,000	470,824,000
Class B
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	33,295,000	33,472,000
Common stock, shares, outstanding (in shares)	33,295,000	33,472,000

Stockholders’ Equity Transactions- Share Repurchase Program (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	May 06, 2024
Class of Warrant or Right [Line Items]
Repurchase of early exercised stock options	$ 112,316,000	$ 32,830,000
2024 Share Repurchase Program
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount			$ 200,000,000
Repurchase of early exercised stock options (in shares)	19,200,000
Repurchase of early exercised stock options	$ 80,500,000
Shares repurchased, average price per share (in dollars per share)	$ 4.20
Stock repurchase, transaction costs	$ 1,100,000
2025 Share Repurchase Program
Class of Warrant or Right [Line Items]
Shares repurchased, average price per share (in dollars per share)	$ 4.28
Repurchase of early exercised stock options (in shares)	7,100,000
Stock repurchased during period, amount	$ 30,300,000
Stock repurchase, transaction costs	500,000
Stock repurchase program, remaining authorized repurchase amount	$ 269,700,000
2023 Share Repurchase Program
Class of Warrant or Right [Line Items]
Repurchase of early exercised stock options (in shares)		5,200,000
Repurchase of early exercised stock options		$ 32,800,000
Shares repurchased, average price per share (in dollars per share)		$ 6.27

Short-term Investments

3 Months Ended

Mar. 31, 2025

Investments [Abstract]

Short-term Investments

The Company's short-term investments are accounted for as securities available-for-sale and are classified within Current assets in the Condensed Consolidated Balance Sheets as the Company may sell these securities at any time for use in its operations, even prior to maturity.

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


	March 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	147,099	$	329	$	—	$	147,428


Asset-backed securities	10,060		52		—		10,112


Total short-term investments	$	157,159	$	381	$	—	$	157,540


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


Asset-backed securities	10,444		65		—		10,509

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

The Company did not have any short-term investments in unrealized loss positions as of March 31, 2025 and December 31, 2024. Generally, the Company does not intend to sell any short-term investments that have unrealized losses, nor anticipates that it is 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 months ended March 31, 2025 and 2024, respectively. The Company determined there were no material credit or non-credit related impairments as of March 31, 2025.

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


	March 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	115,227	$	115,425	$	112,750	$	113,015
Due after one year through four years	41,932		42,115		66,198		66,394
Total	$	157,159	$	157,540	$	178,948	$	179,409

Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets
Short-term investments	$ 157,540	$ 179,409
Fair Value, Measurements, Recurring
Assets
Total assets measured at fair value	849,292	938,838
Level 1 \| Fair Value, Measurements, Recurring
Assets
Total assets measured at fair value	751,073	841,284
Level 2 \| Fair Value, Measurements, Recurring
Assets
Total assets measured at fair value	98,219	97,554
Level 3 \| Fair Value, Measurements, Recurring
Assets
Total assets measured at fair value	0	0
Money market funds \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	377,756	458,195
Money market funds \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	377,756	458,195
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
U.S. treasury bills \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	225,889	214,189
U.S. treasury bills \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	225,889	214,189
U.S. treasury bills \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
U.S. treasury bills \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
Commercial paper \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	1,438	8,028
Commercial paper \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
Commercial paper \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	1,438	8,028
Commercial paper \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
Corporate debt securities \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	67,848	53,238
Corporate debt securities \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
Corporate debt securities \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	67,848	53,238
Corporate debt securities \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
Certificate of deposits \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	18,821	25,779
Certificate of deposits \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
Certificate of deposits \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	18,821	25,779
Certificate of deposits \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
U.S. treasury securities \| Fair Value, Measurements, Recurring
Assets
Short-term investments	147,428	168,900
U.S. treasury securities \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	147,428	168,900
U.S. treasury securities \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
U.S. treasury securities \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
Asset-backed securities \| Fair Value, Measurements, Recurring
Assets
Short-term investments	10,112	10,509
Asset-backed securities \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
Asset-backed securities \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	10,112	10,509
Asset-backed securities \| Level 3 \| Fair Value, Measurements, Recurring
Assets
Short-term investments	$ 0	$ 0

Stock Incentive Plans - Schedule of Stock Option Activity Under Stock Incentive Plan (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Balance at the beginning of the period (in shares)	14,962,000
Granted (in shares)	0
Exercised (in shares)	(380,000)
Canceled and forfeited (in shares)	(3,065,000)
Balance at the end of the period (in shares)	11,517,000	14,962,000
Exercisable, Number of Options (in shares)	9,830,000
Vested, Number of Options (in shares)	10,017,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Balance at the beginning of the period (in dollars per share)	$ 9.19
Granted (in dollars per share)	0
Exercised (in dollars per share)	3.83
Canceled and forfeited (in dollars per share)	15.99
Balance at the end of the period (in dollars per share)	7.55	$ 9.19
Exercisable, Weighted-Average Exercise Price, Per Share (in dollars per share)	9.53
Vested, Weighted-Average Exercise Price per Share (in dollars per share)	$ 7.55
Option Activity, Additional Disclosures
Options outstanding, Weighted Average Remaining Contractual Life (in years)	5 years 3 months 7 days	5 years 9 months 25 days
Exercisable, Weighted Average Remaining Contractual Life (in years)	5 years 3 months 10 days
Options Vested, Weighted Average Remaining Contractual Life (in years)	4 years 11 months 1 day
Options outstanding, Aggregate Intrinsic Value (in USD)	$ 6,652	$ 5,819
Exercisable, Aggregate Intrinsic Value (in USD)	6,623
Options Vested, Aggregate Intrinsic Value (in USD)	$ 6,652

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net loss	$ (8,260)	$ (36,060)

- 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
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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+ Details

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, 2023		520,343,000
Balance at the beginning of the period at Dec. 31, 2023	$ 1,243,395	$ 52	$ 2,067,776	$ 762	$ (825,195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		98,000
Issuance of common stock upon exercise of options	49		49
Issuance of common stock net settlement of restricted stock units (in shares)		2,806,000
Issuance of common stock upon net settlement of restricted stock units	(10,917)		(10,917)
Vesting of common stock warrants	2,100		2,100
Share-based compensation	33,393		33,393
Executive chairman long-term performance award	13,121		13,121
Repurchase and retirement of common stock, including excise tax (in shares)		(5,238,000)
Repurchase and retirement of common stock, including excise tax	(32,830)		(32,830)
Change in accumulated other comprehensive income (loss)	(1,586)			(1,586)
Net loss	(36,060)				(36,060)
Balance at the end of the period (in shares) at Mar. 31, 2024		518,009,000
Balance at the end of the period at Mar. 31, 2024	1,210,665	$ 52	2,072,692	(824)	(861,255)
Balance at the beginning of the period (in shares) at Dec. 31, 2024		504,296,000
Balance at the beginning of the period at Dec. 31, 2024	1,085,018	$ 50	1,883,190	(314)	(797,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		380,000
Issuance of common stock upon exercise of options	1,444		1,444
Issuance of common stock net settlement of restricted stock units (in shares)		2,527,000
Issuance of common stock upon net settlement of restricted stock units	(7,101)		(7,101)
Share-based compensation	28,437		28,437
Repurchase and retirement of common stock, including excise tax (in shares)		(26,225,000)
Repurchase and retirement of common stock, including excise tax	(112,316)	$ (2)	(112,314)
Change in accumulated other comprehensive income (loss)	38			38
Net loss	(8,260)				(8,260)
Balance at the end of the period (in shares) at Mar. 31, 2025		480,978,000
Balance at the end of the period at Mar. 31, 2025	$ 987,260	$ 48	$ 1,793,656	$ (276)	$ (806,168)

Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization period	7 years
Amortization expense	$ 1.5	$ 1.5

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
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, 2024 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, 2024, which was filed with the SEC on February 26, 2025. 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 months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or for any other future annual or interim period.
Reclassifications	Reclassifications Prior period amounts related to our Executive Chairman Long-Term Performance Award have been reclassified to conform to the current period presentation.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make various estimates and assumptions relating to reported amounts of assets and liabilities, disclosure of contingent liabilities, and reported amounts of revenue and expenses. Significant estimates and assumptions include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with customers, the reserve for contract contingencies and processing errors and valuation of income taxes. Actual results could differ materially from these estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is evaluating the effect of adopting the new disclosure requirements. In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures” (“ASU 2024-03”). ASU 2024-03 is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The amendments in this ASU are effective for the Company in fiscal 2027 on a retrospective basis, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on its disclosures.

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Net revenue	$ 139,073	$ 117,968
Costs of revenue	40,394	33,807
Gross profit	98,679	84,161
Share-based compensation recorded within Compensation and benefits	25,915	31,313
Professional services	5,695	3,870
Technology	14,811	13,118
Occupancy	917	1,094
Depreciation and amortization	5,331	3,537
Marketing and advertising	469	378
Other operating expenses	3,944	3,905
Executive chairman long-term performance award		13,121
Loss from operations	(18,538)	(49,852)
Income tax expense	235	134
Net loss	(8,260)	(36,060)
Reportable Segment
Segment Reporting Information [Line Items]
Net revenue	139,073	117,968
Costs of revenue	40,394	33,807
Gross profit	98,679	84,161
Employee compensation and benefits	60,135	63,677
Share-based compensation recorded within Compensation and benefits	25,915	31,313
Professional services	5,695	3,870
Technology	14,811	13,118
Occupancy	917	1,094
Depreciation and amortization	5,331	3,537
Marketing and advertising	469	378
Other operating expenses	3,944	3,905
Executive chairman long-term performance award	0	13,121
Loss from operations	(18,538)	(49,852)
Interest income	10,487	14,170
Other income (expense)	26	(244)
Income tax expense	235	134
Net loss	$ (8,260)	$ (36,060)

Net (Loss) Income Per Share Attributable to Common Stockholders - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average shares used in computing basic net (loss) income per share attributable to common stockholders (in shares)	501,222,000	517,987,000
Weighted-average shares used in computing diluted net (loss) income per share attributable to common stockholders (in shares)	501,222,000	517,987,000
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (0.02)	$ (0.07)
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (0.02)	$ (0.07)
Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders, basic	$ (7,711)	$ (32,280)
Net loss attributable to common stockholders, diluted	$ (7,711)	$ (32,280)
Weighted-average shares used in computing basic net (loss) income per share attributable to common stockholders (in shares)	467,927,000	463,694,000
Effect of dilutive potential shares of common stock (in shares)	0	0
Weighted-average shares used in computing diluted net (loss) income per share attributable to common stockholders (in shares)	467,927,000	463,694,000
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (0.02)	$ (0.07)
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (0.02)	$ (0.07)
Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders, basic	$ (549)	$ (3,780)
Net loss attributable to common stockholders, diluted	$ (549)	$ (3,780)
Weighted-average shares used in computing basic net (loss) income per share attributable to common stockholders (in shares)	33,295,000	54,294,000
Effect of dilutive potential shares of common stock (in shares)	0	0
Weighted-average shares used in computing diluted net (loss) income per share attributable to common stockholders (in shares)	33,295,000	54,294,000
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (0.02)	$ (0.07)
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (0.02)	$ (0.07)

Business Combination	3 Months Ended
Business Combination	Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combination	Business Combinations TransactPay On December 23, 2024, the Company entered into an agreement with Neptune International Ltd, an exempted company limited by shares incorporated under the laws of Bermuda, to purchase its TransactPay business for approximately €45.0 million in cash, and an additional amount up to €5.0 million for contingent consideration tied to performance-based goals. TransactPay provides BIN Sponsorship, E-Money Licensing, and Virtual Account services in the UK and Europe. The transaction is expected to close by the end of the third quarter of 2025 and is subject to the regulatory transfer of the E-Money Institution license and other customary closing conditions.

Short-term Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments [Abstract]

Schedule of Short-term Investments

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


	March 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	147,099	$	329	$	—	$	147,428


Asset-backed securities	10,060		52		—		10,112


Total short-term investments	$	157,159	$	381	$	—	$	157,540


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


Asset-backed securities	10,444		65		—		10,509

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

Schedule of Available-for-Sale Securities Reconciliation

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


	March 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	115,227	$	115,425	$	112,750	$	113,015
Due after one year through four years	41,932		42,115		66,198		66,394
Total	$	157,159	$	157,540	$	178,948	$	179,409

Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Disaggregation of Revenue

The following table provides information about disaggregated revenue from customers:


	Three Months Ended March 31,
	2025		2024
Platform services revenue, net	$	131,867	$	113,935
Other services revenue	7,206		4,033
Total net revenue	$	139,073	$	117,968

Schedule of Contract Balances

Contract Balances

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


Contract balance	Balance sheet line reference	March 31, 2025		December 31, 2024
Contract assets - current	Prepaid expenses and other current assets	$	1,670	$	1,605
Contract assets - non-current	Other assets	9,454		10,981
Total contract assets		$	11,124	$	12,586
Deferred revenue - current	Accrued expenses and other current liabilities	$	10,457	$	13,593
Deferred revenue - non-current	Other liabilities	4,808		4,779
Total deferred revenue		$	15,265	$	18,372

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

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


	March 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	377,756	$	—	$	—	$	377,756
U.S. treasury bills	225,889		—		—		225,889
Commercial paper	—		1,438		—		1,438
Corporate debt securities	—		67,848		—		67,848
Certificates of deposit	—		18,821		—		18,821
Short-term investments
U.S. treasury securities	147,428		—		—		147,428


Asset-backed securities	—		10,112		—		10,112


Total assets measured at fair value	$	751,073	$	98,219	$	—	$	849,292


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


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


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

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

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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

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

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

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Developed technology	$ 41,000	$ 41,000
Accumulated amortization	(12,690)	(11,226)
Total expected future amortization expense for intangible assets	$ 28,310	$ 29,774

Stock Incentive Plans - Restricted Stock Units and Performance Stock Units (Details) - Restricted Stock Units and Performance Stock Units	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Number of Units
Balance at beginning of the period (in shares) \| shares	33,806,000
Granted (in shares) \| shares	17,761,000
Vested (in shares) \| shares	(4,249,000)
Canceled and forfeited (in shares) \| shares	(5,064,000)
Balance at the end of the period (in shares) \| shares	42,254,000
Weighted- average grant date fair value per share
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 5.96
Grant (in dollars per share) \| $ / shares	4.06
Vested (in dollars per share) \| $ / shares	6.63
Canceled and forfeited (in dollars per share) \| $ / shares	6.11
Balance at the end of the period (in dollars per share) \| $ / shares	$ 5.08

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (8,260)	$ (36,060)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	5,331	3,537
Share-based compensation expense	25,915	31,313
Executive chairman long-term performance award	0	13,121
Non-cash operating leases expense	535	674
Accretion of discount on short-term investments	(396)	(978)
Other	364	181
Changes in operating assets and liabilities:
Accounts receivable	1,312	(4,271)
Settlements receivable	1,795	(6,589)
Network incentives receivable	1,836	(416)
Prepaid expenses and other assets	(2,543)	538
Accounts payable	1,023	115
Revenue share payable	16,016	16,219
Accrued expenses and other liabilities	(31,837)	(16,020)
Operating lease liabilities	(1,104)	(938)
Net cash provided by operating activities	9,987	426
Cash flows from investing activities:
Purchases of property and equipment	(1,266)	(1,191)
Capitalization of internal-use software	(6,059)	(5,307)
Maturities of short-term investments	22,186	40,000
Net cash provided by investing activities	14,861	33,502
Cash flows from financing activities:
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options	1,444	49
Taxes paid related to net share settlement of restricted stock units	(7,101)	(10,917)
Repurchase of common stock	(111,310)	(33,675)
Net cash used in financing activities	(116,967)	(44,543)
Net decrease in cash, cash equivalents, and restricted cash	(92,119)	(10,615)
Cash, cash equivalents, and restricted cash- Beginning of period	931,516	989,472
Cash, cash equivalents, and restricted cash - End of period	839,397	978,857
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	830,897	970,357
Restricted cash	8,500	8,500
Total cash, cash equivalents, and restricted cash	839,397	978,857
Supplemental disclosures of non-cash investing and financing activities:
Purchase of property and equipment accrued and not yet paid	1,142	2,982
Share-based compensation capitalized to internal-use software	2,522	2,080
Repurchase of common stock, including excise tax, accrued and not yet paid	$ 1,006	$ 146

Net (Loss) Income Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net (Loss) Income Per Share Attributable to Common Stockholders

Net Loss Per Share Attributable to Common Stockholders

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

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


	Three Months Ended March 31,
	2025				2024 (1)
	Class A		Class B		Class A		Class B
Numerator
Net loss attributable to common stockholders, basic	$	(7,711)	$	(549)	$	(32,280)	$	(3,780)
Net loss attributable to common stockholders, diluted	$	(7,711)	$	(549)	$	(32,280)	$	(3,780)
Denominator
Weighted-average shares used in computing basic net loss share attributable to common stockholders	467,927		33,295		463,694		54,294
Effect of dilutive potential shares of common stock	—		—		—		—
Weighted-average shares used in computing diluted net loss per share attributable to common stockholders	467,927		33,295		463,694		54,294

Net loss per share attributable to common stockholders, basic	$	(0.02)	$	(0.02)	$	(0.07)	$	(0.07)
Net loss per share attributable to common stockholders, diluted	$	(0.02)	$	(0.02)	$	(0.07)	$	(0.07)

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 income or 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.


	As of March 31, 2025		As of March 31, 2024
	Class A	Class B	Class A	Class B
Warrants to purchase Class B common stock	—	1,900	—	1,900
Stock options, restricted stock, and employee stock purchase plan	48,609	5,169	55,075	28,201
Total	48,609	7,069	55,075	30,101

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 830,897	$ 923,016
Restricted cash	8,500	8,500
Short-term investments	157,540	179,409
Accounts receivable, net	28,429	29,988
Settlements receivable, net	14,408	16,203
Network incentives receivable	64,940	66,776
Prepaid expenses and other current assets	29,943	25,405
Total current assets	1,134,657	1,249,297
Operating lease right-of-use assets, net	2,177	2,712
Property and equipment, net	42,580	37,523
Intangible assets, net	28,310	29,774
Goodwill	123,523	123,523
Other assets	18,380	20,375
Total assets	1,349,627	1,463,204
Current liabilities:
Accounts payable	1,550	527
Revenue share payable	209,415	193,399
Accrued expenses and other current liabilities	146,008	177,059
Total current liabilities	356,973	370,985
Operating lease liabilities, net of current portion	26	870
Other liabilities	5,368	6,331
Total liabilities	362,367	378,186
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000 and 100,000 shares authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	0	0
Common stock, $0.0001 par value: 1,500,000 and 1,500,000 Class A shares authorized, 447,683 and 470,824 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively. 600,000 and 600,000 Class B shares authorized, 33,295 and 33,472 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	48	50
Additional paid-in capital	1,793,656	1,883,190
Accumulated other comprehensive loss	(276)	(314)
Accumulated deficit	(806,168)	(797,908)
Total stockholders’ equity	987,260	1,085,018
Total liabilities and stockholders’ equity	$ 1,349,627	$ 1,463,204

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Three Months Ended March 31,
	2025		2024
Net revenue	$	139,073	$	117,968
Cost of revenue	40,394		33,807
Gross profit	98,679		84,161
Significant expenses:
Employee compensation and benefits	60,135		63,677
Share based compensation	25,915		31,313
Technology	14,811		13,118
Professional services	5,695		3,870
Occupancy and equipment	917		1,094
Depreciation and amortization	5,331		3,537
Marketing and advertising	469		378
Other operating expenses	3,944		3,905
Executive Chairman Long-Term Performance Award	—		13,121
Loss from operations	(18,538)		(49,852)
Interest income	10,487		14,170
Other income (expense)	26		(244)
Income tax expense	235		134
Segment and consolidated net loss1	$	(8,260)	$	(36,060)

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

Certain Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued costs of revenue	$ 88,322	$ 85,745
Accrued compensation and benefits	14,610	45,754
Deferred revenue	10,457	13,593
Due to issuing banks	7,721	7,721
Accrued tax liabilities	6,681	5,434
Accrued professional services	1,870	3,567
Operating lease liabilities, current portion	4,367	4,627
Reserve for contract contingencies and processing errors	0	1,862
Other accrued liabilities	11,980	8,756
Accrued expenses and other current liabilities	$ 146,008	$ 177,059
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities

Business Overview and Basis of Presentation	3 Months Ended
Business Overview and Basis of Presentation	Mar. 31, 2025
Accounting Policies [Abstract]
Business Overview and Basis of Presentation	Business Overview and Basis of Presentation Marqeta, Inc. (“the Company”) was incorporated in the state of Delaware in 2010 and creates digital payment technology for innovation leaders. The Company's modern card issuing platform empowers its customers to create customized and innovative payment card programs, giving them the configurability and flexibility to build better payment experiences. The Company provides all of its customers issuer processor services and for most of its customers it also acts as a card program manager. The Company primarily earns revenue from processing card transactions for its customers. Basis of Presentation The accompanying 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, 2024 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, 2024, which was filed with the SEC on February 26, 2025. 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 months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or for any other future annual or interim period. Reclassifications Prior period amounts related to our Executive Chairman Long-Term Performance Award have been reclassified to conform to the current period presentation. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make various estimates and assumptions relating to reported amounts of assets and liabilities, disclosure of contingent liabilities, and reported amounts of revenue and expenses. Significant estimates and assumptions include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with customers, the reserve for contract contingencies and processing errors and valuation of income taxes. Actual results could differ materially from these estimates. Business Risks and Uncertainties The Company has incurred net losses each quarter since its inception with the exception of the quarter ended June 30, 2024. The Company had an accumulated deficit of $806.2 million as of March 31, 2025. 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 continued development of the existing platform infrastructure. The Company believes that its cash and cash equivalents of $830.9 million and short-term investments of $157.5 million as of March 31, 2025 are sufficient to fund its operations through at least the next twelve months from the issuance of these financial statements.

Stock Incentive Plans - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	$ 25,915	$ 31,313
Share-based compensation recorded within Compensation and benefits	0	13,121
Property and equipment (capitalized internal-use software)	2,522	2,080
Total share-based compensation expense (benefit)	28,437	46,514
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	23,536	24,163
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	2,274	6,611
Performance restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	(81)	240
Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	$ 186	$ 299

Revenue - Revenue Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 47.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	63.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	37.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	5 years

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities at Fair Value

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


	March 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	377,756	$	—	$	—	$	377,756
U.S. treasury bills	225,889		—		—		225,889
Commercial paper	—		1,438		—		1,438
Corporate debt securities	—		67,848		—		67,848
Certificates of deposit	—		18,821		—		18,821
Short-term investments
U.S. treasury securities	147,428		—		—		147,428


Asset-backed securities	—		10,112		—		10,112


Total assets measured at fair value	$	751,073	$	98,219	$	—	$	849,292


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


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


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

Stockholders’ Equity Transactions	3 Months Ended
Stockholders’ Equity Transactions	Mar. 31, 2025
Equity [Abstract]
Stockholders’ Equity Transactions	Stockholders’ Equity Transactions Share Repurchase Programs On May 6, 2024, the Company’s Board of Directors authorized a share repurchase program of up to $200 million of the Company’s Class A common stock (the “2024 Share Repurchase Program”). Under the 2024 Share Repurchase Program, the Company 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 2024 Share Repurchase Program has no set expiration date. On February 25, 2025, the Company’s Board of Directors authorized an additional share repurchase program of up to $300 million of the Company’s Class A common stock (the “2025 Share Repurchase Program”). Under the 2025 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions, or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases are based on general business and market conditions, and other factors, including legal requirements. The 2025 Share Repurchase Program has no set expiration date. During the three months ended March 31, 2025, the Company repurchased approximately 19.2 million shares for $80.5 million under the 2024 Share Repurchase Program, for an average price of $4.20. The total price of the shares repurchased and the related transaction costs and excise taxes of $1.1 million during the three months ended March 31, 2025 are reflected as a reduction to common stock and Additional paid-in capital on the Company’s Condensed Consolidated Balance Sheets. Repurchases under the 2024 Share Repurchase Program were completed as of March 31, 2025. During the three months ended March 31, 2025, the Company repurchased approximately 7.1 million shares for $30.3 million under the 2025 Share Repurchase Program, for an average price of $4.28. The total price of the shares repurchased and the related transaction costs and excise taxes of $0.5 million during the three months ended March 31, 2025 are reflected as a reduction to Common stock and Additional paid-in capital on the Company’s Condensed Consolidated Balance Sheets. As of March 31, 2025, $269.7 million remained available for future share repurchases under the 2025 Share Repurchase Program. During the three months ended March 31, 2024, the Company repurchased and subsequently retired 5.2 million shares for $32.8 million under the share repurchase program authorized in May 2023 (the “2023 Share Repurchase Program”), for an average price of $6.27. Repurchases under the 2023 Share Repurchase Program were completed as of March 31, 2024.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-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
-SubTopic 10
-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
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-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
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

Stock Incentive Plans

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plans


	Three Months Ended March 31,
	2025		2024
Restricted stock units	$	23,536	$	24,163
Stock options	2,274		6,611
Performance restricted stock units	(81)		240
Employee Stock Purchase Plan	186		299

Share-based compensation recorded within Compensation and benefits	25,915		31,313
Executive chairman long-term performance award	—		13,121
Property and equipment (capitalized internal-use software)	2,522		2,080
Total share-based compensation expense (benefit)	$	28,437	$	46,514

Restricted Stock Units and Performance Share Units

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


	Number of Units	Weighted- average grant date fair value per share
Balance as of December 31, 2024	33,806	$	5.96
Granted	17,761	$	4.06
Vested	(4,249)	$	6.63
Canceled and forfeited	(5,064)	$	6.11
Balance as of March 31, 2025	42,254	$	5.08

As of March 31, 2025, unrecognized compensation costs related to unvested RSUs and PSUs was $197.6 million. These costs are expected to be recognized over a weighted-average period of 2.2 years.

Stock Options

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


	Number of Options	Weighted- Average Exercise Price per Share		Weighted - Average remaining Contractual Life (Years)	Aggregate Intrinsic Value (1)
Balance as of December 31, 2024	14,962	$	9.19	5.82	$	5,819
Granted	—	—
Exercised	(380)	3.83
Canceled and forfeited	(3,065)	15.99
Balance as of March 31, 2025	11,517	7.55		5.27	$	6,652
Exercisable as of March 31, 2025 (2)	9,830	$	9.53	5.28	$	6,623
Vested as of March 31, 2025	10,017	$	7.55	4.92	$	6,652

(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 March 31, 2025, aggregate unrecognized compensation costs related to unvested outstanding stock options was $6.0 million. These costs are expected to be recognized over a weighted-average period of 1.3 years.

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Net revenue	$ 139,073	$ 117,968
Costs of revenue	40,394	33,807
Gross profit	98,679	84,161
Operating expenses:
Compensation and benefits	86,050	94,990
Technology	14,811	13,118
Professional services	5,695	3,870
Occupancy	917	1,094
Depreciation and amortization	5,331	3,537
Marketing and advertising	469	378
Other operating expenses	3,944	3,905
Executive chairman long-term performance award	0	13,121
Total operating expenses	117,217	134,013
Loss from operations	(18,538)	(49,852)
Other income, net	10,513	13,926
Loss before income tax expense	(8,025)	(35,926)
Income tax expense	235	134
Net loss	(8,260)	(36,060)
Other comprehensive income (loss), net of taxes:
Change in foreign currency translation adjustment	126	(112)
Net change in unrealized loss on short-term investments	(88)	(1,474)
Net other comprehensive income (loss)	38	(1,586)
Comprehensive loss	$ (8,222)	$ (37,646)
Net loss per share attributable to Class A and Class B common stockholders
Basic (in dollars per share)	$ (0.02)	$ (0.07)
Diluted (in dollars per share)	$ (0.02)	$ (0.07)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders
Basic (in shares)	501,222,000	517,987,000
Diluted (in shares)	501,222,000	517,987,000

Certain Balance Sheet Components - Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 76,183		$ 67,350
Accumulated depreciation and amortization	(33,603)		(29,827)
Operating lease right-of-use assets, net	42,580		37,523
Depreciation and amortization	5,331	$ 3,537
Capitalized internal-use software costs	8,600	7,500
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,110		8,110
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,589		9,415
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,525		2,525
Internally developed and purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	55,959		$ 47,300
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 3,900	$ 2,100

Net (Loss) Income Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	48,609,000	55,075,000
Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	7,069,000	30,101,000
Employee Stock Option \| Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	48,609,000	55,075,000
Employee Stock Option \| Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	5,169,000	28,201,000
Warrants to Purchase Class B Common Stock [Member] \| Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	0
Warrants to Purchase Class B Common Stock [Member] \| Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,900,000	1,900,000

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2025	Mar. 31, 2024
Revenue Benchmark \| Geographic Concentration Risk \| Non-US
Segment Reporting Information [Line Items]
Concentration risk, percentage	11.00%	8.00%

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 235	$ 134

- Definition

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

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+ Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Significant Accounting Policies There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is evaluating the effect of adopting the new disclosure requirements. In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures” (“ASU 2024-03”). ASU 2024-03 is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The amendments in this ASU are effective for the Company in fiscal 2027 on a retrospective basis, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on its disclosures.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Certain Balance Sheet Components

Property and Equipment, net

Property and equipment consisted of the following:


	March 31, 2025		December 31, 2024
Leasehold improvements	$	8,110	$	8,110
Computer equipment	9,589		9,415
Furniture and fixtures	2,525		2,525
Internally developed and purchased software	55,959		47,300
	76,183		67,350
Accumulated depreciation and amortization	(33,603)		(29,827)
Property and equipment, net	$	42,580	$	37,523

Depreciation and amortization expense related to property and equipment was $3.9 million and $2.1 million for the three months ended March 31, 2025 and 2024, respectively.

The Company capitalized $8.6 million and $7.5 million as internal-use software development costs during the three months ended March 31, 2025, and 2024, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2025		December 31, 2024
Accrued costs of revenue	$	88,322	$	85,745
Accrued compensation and benefits	14,610		45,754
Deferred revenue	10,457		13,593
Due to issuing banks	7,721		7,721
Accrued tax liabilities	6,681		5,434
Accrued professional services	1,870		3,567
Operating lease liabilities, current portion	4,367		4,627
Reserve for contract contingencies and processing errors	—		1,862
Other accrued liabilities	11,980		8,756
Accrued expenses and other current liabilities	$	146,008	$	177,059

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

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

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

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


	Three Months Ended March 31,
	2025		2024
Net revenue	$	139,073	$	117,968
Cost of revenue	40,394		33,807
Gross profit	98,679		84,161
Significant expenses:
Employee compensation and benefits	60,135		63,677
Share based compensation	25,915		31,313
Technology	14,811		13,118
Professional services	5,695		3,870
Occupancy and equipment	917		1,094
Depreciation and amortization	5,331		3,537
Marketing and advertising	469		378
Other operating expenses	3,944		3,905
Executive Chairman Long-Term Performance Award	—		13,121
Loss from operations	(18,538)		(49,852)
Interest income	10,487		14,170
Other income (expense)	26		(244)
Income tax expense	235		134
Segment and consolidated net loss1	$	(8,260)	$	(36,060)

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

For the three months ended March 31, 2025 and 2024, net revenue outside of the United States, based on the billing address of the customer, was 11% and 8%, respectively.

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

- Definition

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

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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
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

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