Marqeta at Barclays Forum: Strategic Shift to Embedded Finance

On Tuesday, 20 May 2025, Marqeta (NASDAQ:MQ) participated in Barclays 15th Annual Emerging Payments and FinTech Forum. The conference highlighted Marqeta’s strategic transition toward embedded finance, expansion into the credit market, and growth in Europe. Todd Pollock, Chief Revenue Officer, discussed both opportunities and challenges, emphasizing the company’s unique market position and strategic investments.

Key Takeaways

• Marqeta is shifting focus from fintech startups to established businesses incorporating financial services.
• Credit offerings, including Buy Now, Pay Later (BNPL), are a significant growth area.
• European market expansion is a priority, with $3 billion in Total Payment Volume achieved.
• Marqeta differentiates itself through scale, reliability, and comprehensive service offerings.
• Regulatory changes are leading to more standard business models and fewer unconventional approaches.

Financial Results

Marqeta’s diversification efforts are evident as Block’s revenue contribution decreased by one percentage point to 45% of total revenue. The company is experiencing faster-than-average growth in financial services and BNPL, signifying successful revenue distribution across a broader customer base.

Operational Updates

Marqeta’s strategic shift involves moving upmarket, targeting larger enterprises with established customer bases. The company is also focusing on expanding its program management capabilities, particularly in Europe, where it has acquired TransactPay to secure an electronic money license for BIN sponsorship.

Future Outlook

Pollock expressed optimism about Marqeta’s future, highlighting the company’s unique position in the market due to its scale and capabilities. The European market is experiencing rapid growth, reminiscent of the early days of fintech in the US. Marqeta plans to move upmarket in Europe, focusing on program management and BIN sponsorship.

Q&A Highlights

During the Q&A session, Pollock addressed the competitive landscape, noting that many early-stage partners face scalability and capability limitations. Marqeta’s ability to handle migrations seamlessly and offer a packaged solution gives it a competitive advantage. He also emphasized the cautious approach to expanding credit offerings, given the inherent fraud risks.

Readers are encouraged to refer to the full transcript for a detailed understanding of Marqeta’s strategic initiatives and market positioning.

Full transcript - Barclays 15th Annual Emerging Payments and FinTech Forum:

Unidentified speaker, Interviewer: Alright. Fantastic. Welcome back, everyone. Very happy, very pleased to welcome Todd Pollock, Chief Revenue Officer of Marketa, back again to the conference. Todd, thank you so much for coming back.

Todd Pollock, Chief Revenue Officer, Marketa: Thanks for having

Unidentified speaker, Interviewer: me. Why don’t we jump in with a relatively high level question, which is just is embedded finance. You guys have used the term investors here at a lot. You know, define it for us. What does it what does it mean to you?

What’s what’s the sort of opportunity of embedded finance? Yeah.

Todd Pollock, Chief Revenue Officer, Marketa: I think if you if you look back maybe five, ten years ago, Marquette’s business was essentially dealing with fintech customers. And these were all startups, venture backed, and they had to build their own audiences. And that means, you know, not only do you have to be skilled at financial services, program management, and really understand the payments ecosystem, but you really have to start from scratch in terms of building your cardholders. And that takes time, energy, and a lot of sophistication and a little bit of lightning. So that the hit rate with those customers is, you know, probably not what you would want it to be from a likelihood of quality and scaling of the program.

And you see actually recently, there’s news of, you know, some of these companies that started, like, five or ten years ago that we’re doing competitive business with Marketa or against Marketa, announcing that something like 50% of their customers are not succeeding and are going on there. So if you think about embedded finance, the transition is really about finding businesses that were serviced by those fintech startups. And those companies are now saying, I wanna take those services in house and do it myself as part of my platform and a service that I provide. So an example would be, you know, Ramp is a big winner in fintech. Right?

They came out. They have an expense management program. That’s not embedded finance. Right? But, you know, FiniPay, which is a customer that we work with, is a platform for attorneys that provide all kinds of services.

And what they’re saying is, we wanna issue cards and expense management similar to ramp as a competitor, but it’s embedded in their experience and their platform. So they can do reconciliation. They can do all kinds of things that a ramp can’t do that become ancillary to their business. And so the other big difference, I would say, is a fintech is highly highly reliant on processing, and that becomes the the main profit center of their business. In embedded finance, really what you have is it’s an ancillary products, line, and it’s not typically seen as the primary driver of the business.

It can either be a breakeven proposition that winds up kinda increasing either engagement, loyalty for the core assets of the company. And so there’s this massive shift away from my entire business is predicated on processing and making money through interchange or whatever it might be to, you know, I am using this as a means to drive my core growth of my platform business or whatever you’re doing. And so we think that that is where the future is. We are preparing for that, etcetera.

Unidentified speaker, Interviewer: So for those clients, it’s not just about an ancillary revenue stream. It’s also about engagement and deepening the relationship with their customers, etcetera.

Todd Pollock, Chief Revenue Officer, Marketa: Correct. You it is very common to hear someone say, look, as long as we break even on this program, we see this as being a a huge opportunity. And an example would be, you know, think of like an embedded, a player that does streaming services or whatever it might be. They might have a card program not because they believe it’s gonna be wildly profitable, but because they’re a lot like Amazon. And they know that by having a card on file, they’re going to increase the loyalty, the amount of purchases that happen on the platform, etcetera.

And so, you know, a streaming provider is not in the payments business, but they might look at it as a way to deepen your likelihood to rent movies from them, etcetera. Mhmm. That makes a

Unidentified speaker, Interviewer: ton of sense. Block continues to be your largest customer, but this waiting has been declining. The non block revenues are growing faster. Maybe you can help us kind of dive into the non, the drivers of non block growth a little bit. Yes.

What’s what’s what’s beneath the hood of that sort of shift you’re seeing here?

Todd Pollock, Chief Revenue Officer, Marketa: So we love block. Yeah. They continue to grow. But, you know, if you kinda look at the shape of our business, you know, I think we announced this quarter or q one, you know, a percentage point decline in their overall contribution. I think it’s now at 45%.

If you go back, you know, a year ago, it’s four points, less four percentage points less than it was. So, that’s a result of the success of leaning into other growth areas of the business, specifically financial services is growing over a %. BNPL is growing a little bit faster than our average growth. And then you’ve got companies in Europe. We now have $3,000,000,000 TPV volume customers in Europe.

So we’re our programs are scaling. And I think it’s just a testament to the fact that the business has been successfully, I guess, distributing its revenue over more customers.

Unidentified speaker, Interviewer: I guess, also speaks to the the size of the maybe the secular opportunity of embedded payments. More broadly speaking, obviously, just, you know, with with one customer more more broadly speaking that you’re there’s there’s opportunity out there that you guys are able to address and that secular shift may be compel you know, driving higher growth, basically.

Todd Pollock, Chief Revenue Officer, Marketa: I think there’s three opportunities really for Marketa. Right? One is we have this incredible existing customer base where we continue to see them add programs, add geographies, and that is a huge driver of growth for our business. I think the second thing is, you know, we were big winners in first wave of Fintech 01/2001. So, you know, you have companies like a DoorDash or an Uber who continue to grow at significant rates.

And that’s so their core programs are growing, so we get organic growth off of our existing book of business. And I think we’ve been very successful in the marketplace, acquiring new programs, given that our platform happens to be one of the few modern players that are operating not only at scale with reliability program management capabilities, but also capability. And those are kind of the two pieces that really matter to folks as they start to evaluate who they wanna work with. Speaking

Unidentified speaker, Interviewer: of, one point o, I heard some echoes of of Fintech one point o and that you aim to deal with Bitpanda that you announced this this quarter. And I remember, you know, crypto was a kind of a a sleeve or an opportunity that when it was, you know, when that ecosystem was expanding, you guys were sort of right there. It kinda feels like we might be seeing a bit of a redux of that. So maybe tell us a little bit about that particular partnership. And and maybe if you can drift into whether, you know, what the sort of crypto pipeline might look like at this point, generally speaking.

Todd Pollock, Chief Revenue Officer, Marketa: So, you know, it’s old as new. Crypto, I think everybody thought was the second coming when it first started. And it with all new industries, it takes longer than people thinks for these things to catch on. I think, you know, with Bitfana specifically, one of the things that’s really, really nice for us, number one, it’s one of the first programs in Europe that we’ve stood up. It’s a flip.

So immediate revenue. Right? There was an existing card portfolio there that we migrated over. And not only that, but the entire sales cycle, to actual, live program launch with cards active in market was a quarter. So really, really fast.

So that was really great. And specifically, that is now, I think, one of three programs in Europe that we are program managing. So program management is brand new for us in Europe. We’ve been doing it in The United States for years, but we hadn’t had the capability in Europe. And so we’re really, really excited about that opportunity.

I can’t speak to future pipeline, but, you know, we’ve been doing, as you said, this for a while. Crypto has been something that, we’ve been trampling in fiat currency, I think, since the beginning. So it’s not a new use case for us. It’s just, I think in Europe, it’s really exciting to see this taking off. The idea that it’s a flip, the fact that we did very quickly in one quarter, and then also the idea that, you know, this is gonna be a managed by program, program management for us.

So all exciting firsts.

Unidentified speaker, Interviewer: I think the other another deal that you talked about in the quarter per pay was also a migration, if I’m not if I’m not mistaken. So I guess, maybe touch on on that on that deal, the significance of it, but then also sort of maybe comment on, you know, these are these are a couple of migrations you’re announcing, you know. What does that say about market share about your guys, you know, ability to maybe take share in the marketplace?

Todd Pollock, Chief Revenue Officer, Marketa: Yeah. Think it’s a great question. And it kinda goes back to if you think about this market five years ago, lots of competitors and people are making decisions with less than perfect information. Meaning, you’re not it’s not clear who the winner is gonna be in the marketplace. So Marquette is competing against lots of folks.

People make decisions in the early days, again, based on imperfect information. And what we are now seeing is people bumping up against the limitations of those initial partners that they may have selected. And that could be anything from they didn’t get the scale, so they couldn’t invest in new capabilities. They couldn’t invest in the scalability of the platform. This is a pretty common occurrence now.

And so Purpay is a perfect example of a company that made a decision, to choose a partner in the early days. And then that company, while seemingly looked like it would be one of the winners, ultimately did not succeed. And as a result, they had latency issues. They weren’t investing in the platform, so they weren’t looking for a partner. You know, they came to Marketa.

And now for us, the muscle is how do we make sure that we make these very seamless transitions because migrations are complex. And so we announced the capability where we now have kind of a packaged offering around migrations to make it simple, fast, easy so we could do more of them because we do anticipate that there will be more. And we’re starting to see more and more companies both from the legacy side and some of the modern smaller players, really start to come to us and ask, you know, can you can you look at our program? And is this something that you could stand up within the next six months?

Unidentified speaker, Interviewer: Mhmm. Interesting. So there’s a little bit of a shaking out in the industry in terms of who’s made it across the finish line and who hasn’t, basically.

Todd Pollock, Chief Revenue Officer, Marketa: Yeah. And and this one’s interesting specifically because it’s credit. Right? It’s consumer credit. So, you know, for us, we made a big investment in power, a couple years ago in acquiring those capabilities for program management for true credit and consumer.

So for us, it’s a big milestone too. It’ll be our second consumer program that will stand up this year in credit. We have two commercial programs that will stand up in credit. So, you know, we’re we’re on our way. Yeah.

Unidentified speaker, Interviewer: Maybe talk a little bit more about credit, about that offering. It seems to represent a pretty big opportunity. Now you guys have, to your point, have made made the investments and seems like the deals are starting to get signed. So maybe talk a bit more broadly about that opportunity, how it fits into the the broader opportunity set.

Todd Pollock, Chief Revenue Officer, Marketa: Yeah. And the way I think about, great companies or great companies that I’ve ever worked at is that regardless of the economic cycle of where you are, you have the opportunity to sell something that is meaningful to your customer. And if this was only a debit business, meaning Marketo was only in the banking and money movement or debit business, you’re limited to who’s willing to do business in that particular area. And as I mentioned, the big percentage of customers that we work with, our growth comes from them expanding into either new geographies or additional concepts to their program. Most banks make money from lending.

And at the end of the day, it’s really important that we are there to provide those services to these companies. And what we are seeing is with our our existing customer base, most eventually, who started on the banking and money movement side, wanna consider some form of lending. Whether that’s the NPL or true lending revolving credit. These are things that have become a big percentage of opportunities that we’re looking at. And, you know, we’re being very, very cautious and thoughtful purposefully because as you know, lending is a fraud business, and you obviously wanna be very thoughtful about who you work with and what you take on and how much and how fast, certainly in the early days.

So we see lots of opportunity in the market. I think we’re well positioned, and I think we’re being very prudent about how we go about it. So

Unidentified speaker, Interviewer: And so you’re you’re you’re seeing customers who are basically saying, look, our our our our model is evolving in a certain direction where we need to basically pair credit with with debit. And that’s that’s so basically, that’s sort of driving you guys to provide the full the full suite. Yeah. The way I

Todd Pollock, Chief Revenue Officer, Marketa: think about Marketa is we wanna be there for you for the entire life cycle of the company or so for your servicing of the prospective end cardholder. So a great example is Flex. Flex is something we announced. It’s it’s interesting theoretically. I don’t wanna say it’s a big driver of the business.

It’s not yet. But I think it’s interesting theoretically. And what it does is it says, you know, look, you are a debit card holder. But for your transactions, you wanna be able to, let’s say, borrow money, but you are not credit worthy. Full true revolving credit worthy.

So I’m going to BNPL enable your card. And so what we do is we take our existing BNPL partners, Klarna, Affirm, etcetera. And then we take the issuer and we say, we will give you these capabilities on the debit card. So this person who needs access to capital for whatever reason, and can’t get through revolving credit either because their FICO score is too low or what it might be, then file client, whatever it is, those people get access to the NPL directly on the existing card they have. The only company that can do that today is really Marketa because we own both sides of the equation, and we can match the issuers with the BNPL providers.

And we have a unique insight into how those people spend. So it’s it’s a very interesting opportunity, but I I don’t wanna oversell it and say it’s something that’s a massive growth area for us. But it just shows you how the market is involved. Could be someday. Could be.

Could be. You know, it’s a bridge between true debit and true credit. And so what you want is a spectrum. Right? And that way, depending on who your end user is, you have lots of options of how you might service them.

Unidentified speaker, Interviewer: Mhmm. So in terms of the competitive that competitive environment, you know, you talked about some competitors who may be falling away in terms of them not having gone gotten successfully from point a to point b. But when you do have an RFP type process, you know, how would you characterize the competitive environment among those folks who who would still do have some sort of chops to compete?

Todd Pollock, Chief Revenue Officer, Marketa: Yeah. So look, one of the nice things about where we where we sit currently as a business is that we have both achieved a certain scale and reliability that few others in the industry have achieved. Certainly of the modern players, there’s almost none that have achieved the size and scale of our processing business. And then you have legacy players who are bigger, and they’re reliable and scalable to a tenth degree of like, they’re much bigger than us. So they are seen as incredibly reliable, but they’re also incredibly inflexible.

And then on the other side, you have modern players who have lots of capabilities and look really great when you look at their front end capabilities, their APIs, but they’re not tested and proven on the scale side. So most of the RFPs we’re in were competing against either players who have a lot of scale and reliability and program management or they have capabilities, but not both. And Marketa tends to sit right in the sweet spot in the middle there where we’ve achieved this unique, status. We are seen as reliable improvement. We are doing program management at scale.

We have big customers in debit and in credit. We have all the BNPL providers. So we’re we have a unique set of experiences going from very small to very large programs and everything you learn over managing those programs as well. So we are truly differentiated when we go out into the market because those smaller players don’t have programs with a million cardholders. So it’s you’re really not competing.

So again, it comes down to capabilities and reliability and scale. And it’s much harder to build scale than it is to build capability. So, you know, Marquette’s opportunity is to build capability at a rate that makes people excited about. We’re not only a leader in the market from a you can trust us on program management, you’re a reliable competitor. You can take our business and do flips, for example, from legacy processors who are rigid, can’t do the things that Marketa can do.

And then you have these capabilities with very small players that are becoming less and less relevant, especially for embedded finance players who don’t wanna take risks anymore on small companies. So for us, we’re truly a differentiated player when we show up in the market. And

Unidentified speaker, Interviewer: talk to us about that kind of customer life cycle or journey with you guys. Where do you where do you start? Is there a big opportunity to kind of further penetrate the business? Is is that an algorithm that or part of the kind of growth algorithm that’s important? You know, where does it begin versus where it, you know, not ends, but where it ends up?

Todd Pollock, Chief Revenue Officer, Marketa: Yeah. So this is a pretty typical and we’re very fortunate in this, I would say. You know, if you have a successful program, if you get for through that first ramp, if you will, which is getting to escape velocity, You have a program that’s self sustaining. There’s enough users or cardholders to make it interesting enough to someone at that business that they’re gonna support it, and they’re gonna look at it as this is a future growth opportunity for this company. If you get to that scale, what happens next is what other capabilities can I add that will drive deeper engagement, that will increase the revenue of the program, that will get users to pay more attention to my card and get to the top of the wallet?

So one of the things that happens over time, and we see this pretty classically, is first, it’s new geographies. I wanna take the concept that’s working, and I wanna move overseas. And that’s the first thing you see. And then the second is, okay. Well, now that I’ve done that, I wanna add capabilities.

And so, you know, if you’re a BNPL player, I want my own I started with virtual cards. Now I want my own card. I wanna own the cardholder. I don’t wanna rely on the merchant. I wanna do it myself.

That’s like a good example. And I wanna do it in multiple geographies. And then it’s, you know, if you’re a platform like Ramp, you are I have all these capabilities, but now I wanna be in more countries. And so what we see is the companies that are successful tend to grow. And they grow on either multiple dimensions or single dimensions.

So what you’re really after is programs that you believe are going to get to scale. And so one of the nice things about working in Marketa, at least for me, is I get to pick and choose what I do and do not want to do. And not everybody is in that particular space yet. So, you know, for us, when we talk to a prospect, we’re evaluating them as much as they’re evaluating us because we have resources. Have to make investments in them in the early stages of the program.

One of the really great things that’s happened over the last two and a half years is I would say we’ve talked a lot about moving up market. That is a very conscious decision. We are prepared now to work with programs that are only committed to actually getting to scale.

Unidentified speaker, Interviewer: That was my next question about moving up market. Talk about that strategy and what the opportunity is and how you get there.

Todd Pollock, Chief Revenue Officer, Marketa: Yeah. For me, it’s, like a homecoming. So my whole background is enterprise sales. And I was used to doing business with Fortune 100 companies in the c suite, talking to CEOs, convincing them to do things that they didn’t wanna do. And Marketa is now at a place where we’ve invested significantly in hiring an enterprise sales force, adapting our products so that they’re prepared for the enterprise.

And what that means is everything from the ability to build an app, a white labeled app, so that the company doesn’t have to actually embed directly into their website. The bigger the company is, the less likely the buyer is going to control the website experience. So you have to have the ability for this person to launch without having to touch that core asset. So we’ve invested in the UX toolkit, which we launched and announced, I think, last quarter. And then the other is the migration piece.

Right? We’re investing in that for that exact reason. As you move up market, most of these people have programs. They’re on legacy processors that are rigid, can’t have certain capabilities. So we want them to have the ability to move quickly.

One of the nice things about moving up market is the likelihood that those companies will get to scale. They have existing user bases. They have marketing engines. Right? They have huge investments behind their marketing.

They have strong brands. Consumers are usually or their business users are usually already high high loyalty affinity. So none of that has to be built. So I for me, moving up market is a testament to we have achieved a level of success where we don’t have to play in the I’m gonna make bets on a hundred companies this year and 10 of them are gonna get to scale.

Unidentified speaker, Interviewer: Do you have all of the kind of organizational type capabilities that you need to kind of pursue that that move up market?

Todd Pollock, Chief Revenue Officer, Marketa: So I would say for the last two and a half years, that has been the focus. To try and develop into a true enterprise class sales organization. And I would say you’re always building and you’re always in your journey. But I’m incredibly pleased with the progress we’ve made and we we don’t have any brands to announce. But the strategy I would say is not only taking root, but it seems to be bearing fruit.

Unidentified speaker, Interviewer: That’s great. Earlier in our conversation, you called out some of the recent signings that you had which were in Europe. Talk about Europe. How’s how’s that going?

Todd Pollock, Chief Revenue Officer, Marketa: How does it differ from The US? Yeah. Europe is fascinating. It’s almost like it was it’s five years ago in Europe even though there are way more sophisticated payments ecosystem. So primarily when I got to Marquette two and a half years ago, the European business was all fintech startups.

Neo banks, right, trading platforms, etcetera, crypto. And that has continued. Whereas in The US, we’ve somewhat moved beyond that. But the growth in Europe is massive. You’re talking about a % beyond kind of like where we were a year ago.

So TPV volume there is massive and growing really, really fast. We’re enjoying these very, very successful fintech startups that it’s the core of their business. Marketa is powering their entire business model, and we’re successful, which is great. I think now we’re anticipating the future, which is we have to move up market there as well. But the move up market is not quite where we are here in The US.

It’s not embedded finance all the way. It’s really more about program management capabilities. Right? And those are things we didn’t have in Europe 2 And A Half Years ago. So incredibly proud of the ability now to manage programs at scale.

We announced TransactPay, which is an acquisition we made so that we could have an electronic money license for our customers. So we’re no longer reliant on third parties, for BIN sponsorship, which is a major improvement for us in Europe and something that table stakes if you’re going to move up market. So while I would say we are like, Europe is slightly behind The US, It’s in that really interesting fast phase of growth, where you’ve got these really, really, and talented fintech leaders, who are fundamentally changing the fabric of the market there. And they’re competing with historically very traditional banks, and I would say money trading partners or trading platforms.

Unidentified speaker, Interviewer: Is it more so than are the is the opportunity there more sort of on the fintech side of things? Or is there also an embedded finance opportunity in Europe or, you know Yeah.

Todd Pollock, Chief Revenue Officer, Marketa: If it wasn’t clear, it’s it’s there’s a progression. It’s we’re going from this very, very fast fintech growing business to now program management. And, you know, the next phase of growth being we have to be able to be a BIN sponsor for our customers and not rely on third parties to do that for us or rely on the partners themselves to do it. It was almost out of necessity. In Europe, you know, we we had a lot of customers who were their own BIN sponsors or would go out and find, you know, a provider or BIN sponsor for them.

And that’s not something Marketo would provide. And that forces you into a box. You can’t compete with everybody when you’re like that. Thus, the very, very savvy fintech strategy. Right?

Let’s go after very, very savvy fintechs who know how to do this stuff themselves. I think the the next phase of growth in Europe is moving into the we can be your pin sponsor, and we have program management capabilities. Embedded finance is probably another two years off. That’s what

Unidentified speaker, Interviewer: I would say. I And what about the overall, the kind of regulatory environment? This isn’t necessarily European focused comment, but we’ve certainly seen a lot of changes in the regulatory environment here in The US, I I believe, It was the headlines would suggest. And so I’m just curious if that has had any bearing on on your your own business. Meaning, comparing what was maybe a year ago to what’s today that that that time frame.

Todd Pollock, Chief Revenue Officer, Marketa: Here’s what I will say. I think you see fewer wild ideas in the market. I mean, we used to people would come down and they’d have, you know, pair of brain schemes that you they were very, very clever on paper. Someone found, you know, an inefficiency in the market that they could exploit. And all they need is a rule change.

Or all they need is something that, you know, never existed before if you could just build this for me. And Marquette, at one point, was very happy to chase that. I think you see fewer and fewer of those ideas coming through to Marquetta. And that’s not because of Marquetta. I just but naturally, I think the environment has changed.

And somewhat for the better because I do think that those particular ideas have a lower hit rate, meaning less likelihood to succeed. And you find yourself doing a lot of things and you learn a lot, but you don’t necessarily get the return on investment. I think now what you see is the use cases are very, standard with a slight, competitive advantage that the brand thinks it has. Or it has a dynamic that exists with its customer base that it believes it can exploit through a very common use case. So there’s maybe five things that we see over and over and over again now that are the same use case that people want with a slightly different flavor.

But you don’t see these massive, like, disruptive things anymore.

Unidentified speaker, Interviewer: And, you know, a question I meant to ask you on on the European side in terms of the sort of economic model in Europe. I know there’s a kind of a regulated interchange environment over there. How does the program economics kind of differ over there in US versus versus Europe then?

Todd Pollock, Chief Revenue Officer, Marketa: Yeah. In some respects, it’s funny. I used to say startups are, startups that are lean and have fewer resources tend to be wildly successful because they have to force to manage within the confines of what’s possible. Right? Like, I worked at Google.

The problem that Google has with innovation is that it has too much almost too many resources, too much money. And so everything is like they wanna create a business overnight. That’s a wild success. It’s not really the way objective success happens. And so one of the nice things about the European environment being that interchange is lacking is that these companies are finding ancillary ways to make payments business, drive their core business.

And that’s what I was talking about before. You know, we have a customer, we’ve talked about them before, a trading platform that’s giving away, you know, one and a half percent cash back on a debit program in Europe. How can they make that possible? Well, it’s based on their ability to monetize their trading activity on their platform. And so their users are subscription folks.

They actually sign up. They pay a regular monthly fee to have access to the trading platform. And so this business, interchange aside, is viewed as has nothing to do with the card program being profitable as a standalone business. It is about driving the core asset and the core functionality of the of the platform. And that is you see that much more in Europe because there’s this scarcity of revenue on the card program.

So they have to be more creative in what they do. Interesting. So we can probably learn some things from that.

Unidentified speaker, Interviewer: I think we probably can. Fantastic. We’re out of time. Great pleasure to talk

Todd Pollock, Chief Revenue Officer, Marketa: to you.

Unidentified speaker, Interviewer: Yeah. You too. Much for Thank you. Back to the conference. Appreciate it.

Thank you.

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