Marqeta shifts focus from debit to credit and BNPL, posting profit amid global card issuing growth.

Marqeta reported a 33% year-over-year increase in total processing volume to $112 billion, driven by growth in credit, buy now pay later (BNPL), and lending products beyond its traditional debit card offerings. CEO Mike Milotich highlighted a shift in demand toward integrated card programs that combine debit, credit, BNPL, and secured credit on a single platform, especially as multinational fintechs expand globally. The company achieved GAAP profitability with $8 million net income in Q1, supported by nearly 60% growth in lending and BNPL volumes. Marqeta expects continued growth despite macroeconomic concerns, as it diversifies its customer base and explores innovations like stablecoin-linked cards.